Patraeus holds Islamabad meetings


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ISLAMABAD // The new commander of US forces in the Middle East and Central Asia, Gen David Petraeus, was holding talks in Islamabad today with Pakistani officials and military top brass, the US embassy here said. Gen Petraeus - newly tasked with responsibility for US troops in Iraq and Afghanistan - arrived in the Pakistani capital last night with the assistant secretary of state Richard Boucher, a spokesman said.

"They're having meetings with Pakistani officials and military leaders," he said. "This was a regular scheduled visit. This is something that has been on the books for quite some time." No further details were released for security reasons, he added. The Dawn newspaper said both men were scheduled to meet the defence minister Chaudhry Ahmad Mukhtar and the chief of general staff Gen Ashfaq Khayani and were likely to drop in on the president Asif Ali Zardari.

The News daily added that the pair will also travel to Peshawar, the capital of the troubled North-West Frontier Province, to meet local commanders before leaving for Afghanistan. The 55-year-old Central Command (Centcom) chief, a counter insurgency specialist widely credited for progress in the US-led Iraq conflict, is making his first visit to Pakistan, amid concern at spiralling violence here. Pakistan is one of Washington's key allies in the so-called "war on terror".

But relations between the two countries have been strained by a series of suspected US missile strikes against Taliban and al Qa'eda insurgents hiding in Pakistan's lawless border areas. Last Wednesday, the Pakistan foreign ministry called in US Ambassador Anne Patterson to register its opposition to the continued strikes. But just two days later, two separate strikes killed 32 mainly al Qa'eda operatives, according to Pakistani security sources.

All the strikes have been blamed on US-led coalition forces or Central Intelligence Agency-operated drones based in neighbouring Afghanistan, where US troops are engaged in escalating fighting with Taliban and other militants. *AFP

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From: Giza Governorate, Egypt

Family: A daughter, two sons and wife

Favourite tree: Ghaf

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Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”

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Rating: 2/5

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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.”

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

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JERSEY INFO

Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
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