Pakistan begins to speed up processing of Nato supplies at border crossing



PESHAWAR, PAKISTAN // Pakistan is doubling the capacity for Nato lorries at a key border crossing to speed up processing for an expected influx of supplies for troops in Afghanistan, officials said today.

Customs officials at the Torkham border crossing in the country's troubled north-west said that work had begun to expand dedicated parking for Nato containers.

Islamabad agreed to reopen overland routes to Nato convoys last week after a seven-month blockade sparked by a US air raid on a border post that killed 24 Pakistani soldiers.

"After expansion the parking capacity for Nato trucks will be doubled," Obaidullah Khan, a customs official at Torkham, the closest border crossing to Kabul said.

"Prior to the closure the terminal had a parking capacity of 250 vehicles and now we are expanding it to 500."

Mr Khan said work was also under way on two special rooms for customs officers dealing with paperwork for Nato vehicles to speed up their transit into Afghanistan.

Security at the crossing is being boosted, Mr Khan said, to foil Taliban militants who have vowed to attack Nato lorries and kill their crews.

Four checkpoints have been set up around the Torkham terminal and the number of security personnel will be raised from the previous level of 550.

"No Nato supply vehicle will be allowed to pass a night at Torkham, even if we need to work for extra time," Mr Khan said.

Meraj Khan, an administrative official at Torkham confirmed the details.

Nato, meanwhile, has confirming that the six troops killed in roadside bombing in Afghanistan yesterday were Americans.

Brig Gen Gunter Katz, a spokesman for the US-led coalition, disclosed their nationalities at a briefing today. He said he could not provide other details about the incident because it is still under investigation. The Taliban have claimed responsibility for the bombing.

The service members' deaths were the latest caused by bombs planted by insurgents along roads, paths or mountain tracks.

A surge in Afghan and coalition forces during the past two years has routed Taliban fighters from many of their strongholds in the south, but the insurgents have stepped up their attacks this summer to take back key areas.

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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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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
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Number of employees: 4
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi

Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)

Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)

Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)

Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).

Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)

Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)

Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)

Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)

Pinky Food Restaurant in Tanker Mai for tilapia

Tasty Zone for Nepalese-style noodles (Dh15)

Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)

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