Pakistan version of Sesame Street out for the count


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KABUL // The US has terminated funding for a US$20 million (Dh73.4) project to develop a Pakistani version of Sesame Street, the US Embassy said yesterday.

The decision came as a Pakistani newspaper reported allegations of corruption by the local puppet theatre working on the initiative.

The organisation in question is the Rafi Peer Theater Workshop, a group in the city of Lahore that jointly developed the show with Sesame Workshop, the creator of the American series.

The show, which includes Elmo and a host of new Pakistani characters, first aired in December and was supposed to run for at least three seasons. The US hoped it would improve education in a country where one-third of primary school-age children are not in class. It was also meant to increase tolerance at a time when the influence of radical views is growing.

US Embassy spokesman Robert Raines said the US Agency for International Development terminated funding for the programme, but declined to provide further details.

The Pakistan Today newspaper reported yesterday that the cause was "severe" financial irregularities at Rafi Peer, citing unnamed sources close to the project. Officials at Rafi Peer allegedly used the US money to pay off old debts and awarded lucrative contracts to relatives, the sources claimed.

Faizaan Peerzada, the chief operating officer of Rafi Peer and one of several family members who run the organisation, denied the corruption allegations. He said the US ended its participation after providing $10m because of the lack of additional available funds.

"Rafi Peer is proud of its association with the project and of the quality of children's educational television programming created within Pakistan as a result," the group said in a statement.

If the corruption allegations prove true, it would be an embarrassment for the multibillion-dollar US aid programme in Pakistan, which some analysts have criticised for lacking focus and not achieving results.

Rafi Peer plans to seek alternative sources of funding to continue producing the local version of Sesame Street, which is called Sim Sim Hamara, or Our Sim Sim.

The show is led by a vivacious 6-year-old girl named Rani who loves cricket and traditional Pakistani music. Her sidekick, Munna, is a 5-year-old boy obsessed with numbers and banging away on Pakistani bongo drums, or tabla. Other new characters include Baily, a kindly donkey who loves to sing, and Haseen O Jameel, a vain crocodile who lives at the bottom of a well.

The action centres around a mock-up of a Pakistani town, complete with houses, a school and Baaji's dhaba, a small shop and restaurant found in many places in the country. The town also includes a large Banyan tree, known as the wisdom tree in South Asia, in the shade of which the children often play.

Each episode is based around a word and a number, like the US version, and tackles general themes such as friendship, respect and valuing diversity. This last theme is particularly important in Pakistan, where Islamist extremists often target minority religious sects and others who disagree with their views.

The American version of Sesame Street first aired in 1969, and the US government has worked with the company since then to produce shows in about 20 foreign countries, including Muslim nations Bangladesh and Indonesia.

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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Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

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Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

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Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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