A Rohingya Muslim man looks out from inside a police vehicle, after he and others attended a court hearing on charges of illegally travelling without proper documents, in Pathein, Ayeyarwady, Myanmar December 20, 2019. Reuters
A Rohingya Muslim man looks out from inside a police vehicle, after he and others attended a court hearing on charges of illegally travelling without proper documents, in Pathein, Ayeyarwady, Myanmar December 20, 2019. Reuters
A Rohingya Muslim man looks out from inside a police vehicle, after he and others attended a court hearing on charges of illegally travelling without proper documents, in Pathein, Ayeyarwady, Myanmar December 20, 2019. Reuters
A Rohingya Muslim man looks out from inside a police vehicle, after he and others attended a court hearing on charges of illegally travelling without proper documents, in Pathein, Ayeyarwady, Myanmar

UN condemns human rights abuses against Myanmar's Rohingya


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The UN General Assembly approved a resolution on Friday strongly condemning human rights abuses against Myanmar's Rohingya Muslims and other minorities, including arbitrary arrests, torture, rape and deaths in detention.

The 193-member world body voted 134-9 with 28 abstentions in favour of the resolution which also calls on Myanmar's government to take urgent measures to combat incitement of hatred against the Rohingya and other minorities in Rakhine, Kachin and Shan states.

General Assembly resolutions are not legally binding but they do reflect world opinion.

Buddhist-majority Myanmar has long considered the Rohingya to be "Bengalis" from Bangladesh even though their families have lived in the country for generations. Nearly all have been denied citizenship since 1982, effectively rendering them stateless, and they are also denied freedom of movement and other basic rights.

The long-simmering Rohingya crisis exploded on August 25, 2017, when Myanmar's military launched what it called a clearance campaign in Rakhine in response to an attack by a Rohingya insurgent group. The campaign led to the mass Rohingya exodus to Bangladesh and to accusations that security forces committed mass rapes and killings and burned thousands of homes.

Myanmar's UN ambassador, Hau Do Suan called the resolution "another classic example of double-standards (and) selective and discriminatory application of human rights norms"" designed "to exert unwanted political pressure on Myanmar."

He said the resolution did not attempt to find a solution to the complex situation in Rakhine state and refused to recognise government efforts to address the challenges.

The resolution, the ambassador said, "will sow seeds of distrust and will create further polarization of different communities in the region."

The resolution expresses alarm at the continuing influx of Rohingya Muslims to neighboring Bangladesh over the last four decades, now numbering 1.1 million including 744,000 who arrived since August 2017, "in the aftermath of atrocities committed by the security and armed forces of Myanmar."

The assembly also expressed alarm at an independent international fact-finding mission's findings "of gross human rights violations and abuses suffered by Rohingya Muslims and other minorities" by the security forces, which the mission said "undoubtedly amount to the gravest crimes under international law."

The resolution called for an immediate cessation of fighting and hostilities.

It reiterated "deep distress at reports that unarmed individuals in Rakhine state have been and continue to be subjected to the excessive use of forces and violations of international human rights law, international humanitarian law by the military and security and armed forces."

And it called for Myanmar's forces to protect all people, and for urgent steps to ensure justice for all rights violations.

The resolution also urged the government "to expedite efforts to eliminate statelessness and the systematic and institutionalised discrimination" against the Rohingya and other minorities, to dismantle camps for Rohingyas and others displaced in Rakhine, and "to create the conditions necessary for the safe, voluntary, dignified and sustainable return of all refugees, including Rohingya Muslim refugees."

It noted that the Rohingya have twice refused to return to Myanmar from Bangladesh because of the absence of these conditions.

The condemnation comes days after an official from Aung San Suu Kyi's political party was killed in Rakhine state after planning a show of support for the leader's defence of Myanmar against genocide allegations at The Hague.

The National League for Democracy's Ye Thein, party chairman in Buthidaung township, had been held for weeks by the Arakan Army, insurgents fighting for more autonomy for ethnic Rakhine Buddhists.

The rebels said he was killed in military attacks on Christmas day but the claim could not be verified and NLD spokesman Myo Nyunt said the group bore responsibility.

Ye Thein was detained on December 11 ahead of demonstrations backing Suu Kyi's high-profile opening statements at the UN's top court the same day.

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The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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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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