Newly arrived Rohingya refugee and mother of eight Shalida Begum, 25, sits in a school room as the wait to be transferred to a camp in Cox's Bazar, Bangladesh, October 2, 2017. Begum said she travelled with her family through the forests of Myanmar for forty days after her house was burned by soldiers.
Newly arrived Rohingya refugee and mother of eight Shalida Begum, 25, sits in a school room as the wait to be transferred to a camp in Cox's Bazar, Bangladesh, October 2, 2017. Begum said she travelled with her family through the forests of Myanmar for forty days after her house was burned by soldiers.
Newly arrived Rohingya refugee and mother of eight Shalida Begum, 25, sits in a school room as the wait to be transferred to a camp in Cox's Bazar, Bangladesh, October 2, 2017. Begum said she travelled with her family through the forests of Myanmar for forty days after her house was burned by soldiers.
Newly arrived Rohingya refugee and mother of eight Shalida Begum, 25, sits in a school room as the wait to be transferred to a camp in Cox's Bazar, Bangladesh, October 2, 2017. Begum said she travelle

Myanmar makes proposal to take back Rohingya refugees


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Dhaka // Myanmar proposed on Monday to take back the hundreds of thousands of Rohingya who have fled across the border after a military crackdown, Bangladesh said.

More than half a million Rohingya have arrived in Bangladesh over the last five weeks after militant attacks on police checkposts there sparked violent reprisals, with entire villages burned to the ground.

Most are now living in desperate conditions in overcrowded camps in impoverished Bangladesh, which has repeatedly urged Myanmar to repatriate them.

On Monday Bangladesh's foreign minister AH Mahmood Ali held talks in Dhaka with a representative of Myanmar's civilian leader Aung San Suu Kyi and said the two countries had agreed to set up a working group to coordinate the repatriation of the Rohingya.

"The talks were held in a friendly atmosphere and Myanmar has made a proposal to take back the Rohingya refugees," the minister said after meeting Myanmar's minister of the office of state counselor Kyaw Tint Swe in Dhaka.

"The two sides have agreed to a proposal to set up a joint working group to coordinate the repatriation process."

Ms Suu Kyi, who has been severely criticised for her failure to curb the military crackdown on the Rohingya, said in a speech last month that Myanmar would take back "verified" refugees.

This would be done according to the criteria set between the two countries in 1993, when tens of thousands of Rohingya were repatriated, she said.

The Bangladesh minister gave no timeframe for repatriation and did not say whether Myanmar would also take back the 300,000 Rohingya refugees who fled to Bangladesh during earlier violence.

He said the refugees would be verified by the joint working group, with the United Nations not involved.

"Bangladesh has proposed a bilateral agreement [with Myanmar] to help implement the repatriation," he said.

There was no immediate comment from Ms Suu Kyi's representative, who arrived in Bangladesh early Monday and was expected to leave later in the day.

The Rohingya, a Muslim minority, do not qualify for Myanmar citizenship even though many have lived there for generations.

The army insists they are interlopers from across the border in Bangladesh.

With the latest influx, there are now more than 800,000 refugees living near Bangladesh's border with Myanmar.

The desperate conditions in the overcrowded camps have sparked concerns that epidemics, including cholera, could spread.

It remains unclear where the Rohingya would go if they were returned to Myanmar -- many of their villages have been burned down in a military operation which the United Nations has called a "textbook case of ethnic cleansing".

In a speech to the UN General Assembly last month, Bangladesh's Prime Minister Sheikh Hasina proposed creating UN-supervised safe zones inside Myanmar to protect them.

Ms Hasina accused Myanmar authorities of laying landmines on the border to prevent the Rohingya from returning and said the UN must take immediate measures to find a solution to the crisis.

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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.”

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

UAE currency: the story behind the money in your pockets
if you go

The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow. 
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes). 

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