Rohingya refugees queue up for blankets at a camp in Bangladesh. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
Rohingya refugees queue up for blankets at a camp in Bangladesh. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
Rohingya refugees queue up for blankets at a camp in Bangladesh. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
Rohingya refugees queue up for blankets at a camp in Bangladesh. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY

Britain didn’t do enough to rally world behind Rohingya: MPs


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Britain did not do enough to turn international outrage over the treatment of the Rohingya minority in Myanmar into effective action as more than 600,000 people fled from state violence to neighbouring Bangladesh, a report by MPs said Monday.

The violence against the Rohingya amounted to ethnic cleansing and possibly genocide but Britain failed to raise enough alarm about the atrocities to galvanise action against the Myanmar military authorities, according to the report ‘Violence in Rakhine State and the UK’s response’.

The all-party group of MPs said that that Britain should pursue sanctions against senior military figures and businesses in Myanmar if there was no substantial improvement in the treatment of the Rohingya.

The UK traditionally leads the response on Myanmar at the UN Security Council but international action was inadequate and the “UK bears some responsibility”, according to MPs on the parliamentary foreign affairs select committee.

They said the position of Myanmar leader Aung San Suu Kyi had been compromised but she remained the best, and possibly only, leadership hope for the future.

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“Atrocity crimes require a coordinated international response,” said Tom Tugendhat, the head of the committee. “But it has been over three months since the violence began and the [UK] government has been too slow properly to call the violence what it is.”

The UK did not conduct its own legal analysis of the situation or deliver enough “tough and unwelcome messages” to Myanmar’s government about the treatment of the Muslim minority group.

“This was not befitting its [the UK’s] leading international role and it should immediately investigate and conduct its own assessment of the situation,” according to the report.

The report’s conclusions were similar to the findings of the UN’s top human rights body last week, which said Myanmar’s security forces had “very likely” committed crimes against humanity since a security crack down which began in August.

The UK government disputed the findings of the MPs’ report, saying that it had recognised the violence as ethnic cleansing and had swiftly condemned it.

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Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

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Size: 25 employees 

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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.”