Supporters of Pakistan's former military ruler Pervez Musharraf celebrate his homecoming outside the airport in Karachi.
Supporters of Pakistan's former military ruler Pervez Musharraf celebrate his homecoming outside the airport in Karachi.

Musharraf says he's not scared of death threats



KARACHI, Pakistan // Former president Pervez Musharraf returned to Pakistan yesterday after more than four years in exile, seeking a possible political comeback in defiance of judicial probes and death threats from Taliban militants.

The journey from Dubai to the southern port city of Karachi was intended as the first step in his goal of rebuilding his image after years on the political margins. But the former military strongman was met by no more than a couple of thousand people at the airport- a small turnout by the standards of Pakistani politics and a testament to how much his support in the country has fallen since he was pushed from power in 2008.

"We have just landed at Karachi and there are a lot of people here", Mr Musharraf's media aide, Khurram Haris, told The National by phone a few minutes after the plane arrived.

"We are still going through the airport and it is very busy."

Mr Musharraf struck a defiant tone when he spoke to his supporters outside the airport, saying he had proved those people wrong who said he would never return after he failed to follow through on previous promises. He also said he was not cowed by a threat by the Pakistani Taliban to kill him.

"I'm not scared. I'm only afraid of God," he told his supporters. "For the sake of my country, wherever I need to go, I will go."

Since the former general stepped down in the face of mounting discontent, Pakistan's civilian leadership has struggled with a sinking economy, resilient Islamic extremist factions and tensions with Washington over drone strikes and the May 2011 raid that killed Osama bin Laden.

Mr Musharraf, who seized power in 1999, represents a polarising force that could further complicate Pakistan's attempt to hold parliamentary elections in May and stage its first transition from one civilian government to another.

He is viewed as an enemy by many Islamic militants and others for his decision to side with the United States in the response to the September 11 terrorist attacks. On Saturday, the Pakistani Taliban vowed to mobilise death squads to send Mr Musharraf "to hell" if he returns.

Mr Musharraf's supporters, including elements of the military and members of Pakistan's influential expatriate communities, consider him a strong leader whose voice - even just in parliament - could help stabilise the country.

He faces legal charges, including some originating from the investigation of the 2007 assassination of former prime minister Benazir Bhutto, who also spent time in self-imposed exile in Dubai before returning.

The flight from Dubai came after several failed promises to return in recent years. Mr Musharraf announced in early March that he would lead his party, the All Pakistan Muslim League, in the May elections.

Mr Musharraf met briefly with reporters in Dubai before heading to the airport.

He mingled with supporters aboard the plane on the way to Karachi, as some of them chanted slogans for his party, and tweeted "Finally I am coming home. Pakistan First!" as the plane approached Karachi.

There were moments of tension among his supporters when security forces whisked him away in a convoy of about a dozen vehicles, raising concerns he was being detained. It turned out he was simply being shifted to a different terminal, and his supporters had to wait more than two hours before he came out to address them.

The former president plans to spend a few days at a hotel in Karachi, where he and his team will hash out their plan for the upcoming election, said spokeswoman Saima Ali Dada. He will then travel to Islamabad. Meanwhile, his legal team will meet to decide the best way to respond to the charges against him.

"He is hoping for the best," said Ms Dada.

Mr Musharraf was forced out of office in 2008 amid growing discontent over his rule and the threat of impeachment by the country's two most powerful political parties. He has since lived in Dubai and London.

His decision to return was given a boost last week when a Pakistani court granted him pre-emptive bail - essentially preventing his immediate arrest - in three cases in which he is implicated. Besides Bhutto's death, he also faces charges related to the killing of Akbar Bugti, a Baluch nationalist leader, in August 2006 after a standoff with the Pakistani military, and is accused of illegally removing judges including the chief justice of the supreme court.

Mr Musharraf now has 10 days to appear in court. He has dismissed the various charges as baseless.

Mr Musharraf on Saturday received death threats in a video message posted online by Adnan Rasheed, a militant who was among 385 inmates freed when Taliban fighters stormed a Pakistani jail last April, and who has tried before to assassinate the former president.

"The mujahideen of Islam have prepared a death squad to send Pervez Musharraf to hell," Rasheed said in the video. "We warn you to surrender yourself to us. Otherwise we will hit you from where you will never reckon."

Mr Musharraf had been expected to address a gathering yesterday near the mausoleum of Pakistan's founding father Mohammed Ali Jinnah in Karachi. But police decided to cancel his permit because of a "very serious threat," said Tahir Naveed, the deputy inspector general of Karachi police. He said Mr Musharraf would be provided with an armoured vehicle to protect him.

Militants tried to kill Mr Musharraf twice in December 2003 in Rawalpindi, where the Pakistani military is headquartered. First they placed a bomb intended to go off when his convoy passed by. When that did not work, suicide attackers tried to ram his motorcade with explosives-laden vehicles. The president was unhurt but 16 others died.

* With reporting from Nadeem Hanif in Dubai

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Tuesday fixtures:

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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