Indian policemen take position as they chase away Kashmiri Muslim protesters during an anti-election protest.
Indian policemen take position as they chase away Kashmiri Muslim protesters during an anti-election protest.
Indian policemen take position as they chase away Kashmiri Muslim protesters during an anti-election protest.
Indian policemen take position as they chase away Kashmiri Muslim protesters during an anti-election protest.

Police clash with Kashmir protesters


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Police fired tear gas and clashed with protesters today in Indian Kashmir, where tens of thousands of soldiers were deployed for the seventh and final leg of multi-stage state elections. At least 20 people were injured in the violence between the security forces and anti-poll demonstrators in the Kashmiri summer capital Srinagar, where voter turnout was low in line with a boycott call by Muslim separatist groups.

Around 30,000 troops were deployed on the streets of the city, which has long been the hub of a 20-year insurgency against Indian rule in the Muslim-majority region. Another 20,000 soldiers patrolled the districts of Jammu and Samba, where balloting was also taking place. "I fail to understand if the Indians are holding elections or going to war," Mohammed Hafiz, 60, of Srinagar.

Indian Kashmir has been under federal rule since July following the collapse of the state government over a land row that triggered a revival of anti-India demonstrations. "We are for freedom from India. We will never take part in Indian-held elections," said engineering graduate Idrees Shangloo, one of many who stayed away from the polling booths. Despite the boycott call by separatists and armed rebels, who argue that the polls confirm India's hold over the disputed region, voter turnout in the first six rounds stood at more than 50 per cent.

The elections had to be held in multiple stages to ensure security in the Himalayan region, where at least 47,000 have been killed in violence linked to the insurgency. Mehraj-u-Din, who did cast his ballot in Srinagar, said he was motivated by local issues. "I have voted for a candidate who can develop our area," he said. Kashmir is divided into Indian and Pakistani-controlled zones and has been the trigger for two wars between the South Asian rivals since independence from Britain in 1947.

The elections come at the end of a year in which huge pro-independence demonstrations in Indian Kashmir left more than 50 Muslim protesters dead, many killed when government troops fired to disperse protests. Anti-India sentiment runs deep in Srinagar, where authorities have imposed strict security clampdowns and curfews since the protests began. Scattered anti-election protests were held overnight and former chief minister Farooq Abdullah and his politician son Umar Abdullah escaped unhurt when protesters pelted their motorcade with stones, police said.

Shops and businesses were shut and the streets were empty, even after voting ended. Security was also tight in Jammu after police said they had foiled a major suicide attack with the arrest of three Islamist militants, including one alleged Pakistani soldier. A senior Pakistani military official said the man was an army deserter who left his post in 2006. Police said the militants had confessed under interrogation to planning to drive a lorry laden with explosives into a "vital installation".

The Mumbai attacks in which 172 people were killed ? including nine militant gunmen ? have been blamed by India on the Lashkar-i-Taiba militant group, which is fighting Indian rule in Kashmir. *AFP

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Rating: 3/5

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ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

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