NEW DELHI // Prime minister Nawaz Sharif will become the first Pakistani leader to attend the inauguration of an Indian premier when he travels to New Delhi for Narendra Modi’s swearing-in ceremony on Monday.
Mr Modi, who rode to victory on a wave of popular support in the recent election, invited the leaders of seven South Asian countries to his inauguration. Unexpectedly, the invitation included Pakistan, with which already strained bilateral relations have been particularly tense since the 2008 terrorist attacks on Mumbai by militants who were trained in Pakistan.
Last year, the two countries exchanged fire across the Line of Control in Kashmir, which is claimed by both Pakistan and India. The skirmishes hampered efforts by the former Indian government, under prime minister Manmohan Singh, to repair ties.
Mr Sharif last year invited Mr Singh to his own inauguration, but he declined the offer.
However, it is hoped that Mr Sharif’s upcoming visit will pave the way for improved diplomatic relations. “There will be a bilateral meeting on the sidelines between prime minister Nawaz Sharif and Mr Modi,” Mohyuddin Wani, Mr Sharif’s office’s joint secretary, told Reuters yesterday. “Mr Sharif will also be calling on the Indian president.”
Mr Modi’s Bharatiya Janata Party (BJP) has traditionally taken a hardline stance against Pakistan — another reason that Mr Modi’s decision to invite Mr Sharif comes as a surprise.
“It’s very good news that Nawaz Sharif has accepted Mr Modi’s invitation,” Prakash Javadekar, a BJP spokesperson, said. “It will mark a new beginning in our ties.”
The news was cautiously welcomed by the BJP’s rivals.
“I hope that this will mark a new beginning in ties between our two countries,” Omar Abdullah, the chief minister of Jammu & Kashmir, said on Twitter. “The people of J & K will be watching closely.”
Srinath Raghavan, a senior fellow at the Centre for Policy Research, a think tank in New Delhi, called the invitation a good first step.
“The new government is just about coming in place. So this is a good way to become personally acquainted with all the leaders in the neighbourhood, including Mr Sharif. Only after that will they be able to start making assessments on foreign policy and so on,” Mr Raghavan said.
He pointed out that Mr Modi had not made any significant statements in the area of foreign policy during his campaign, preferring to focus on domestic concerns instead.
“I feel the BJP government will basically reiterate what they’ve been saying all along, which is that the Pakistan government should stop aiding terrorists, after which India will be willing to move forward in the dialogue process,” Mr Raghavan said.
“These are substantive issues, and it’ll take a little time to start working on them. But this is a good first move to make.”
ssubramanian@thenational.ae
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Islamophobia definition
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It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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.”
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
