Kosovo's Prime Minister Albin Kurti said the country's new rules for arrivals from Serbia were similar to those imposed by Belgrade. Reuters
Kosovo's Prime Minister Albin Kurti said the country's new rules for arrivals from Serbia were similar to those imposed by Belgrade. Reuters
Kosovo's Prime Minister Albin Kurti said the country's new rules for arrivals from Serbia were similar to those imposed by Belgrade. Reuters
Kosovo's Prime Minister Albin Kurti said the country's new rules for arrivals from Serbia were similar to those imposed by Belgrade. Reuters

Kosovo defers new rules for entry from Serbia


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Kosovo's government on Sunday postponed for a month the implementation of new border rules that led to tensions in the country's north, where ethnic Serbs blocked roads and gunmen shot at police.

Police closed two border crossings with Serbia on Sunday after the shooting by unidentified attackers. No one was injured

Kosovo proclaimed independence from Serbia in 2008 but ethnic Serbs who make up the majority in the northern region do not recognise the authority of the government in Pristina.

They remain politically loyal to Serbia, which provides financial support.

The latest tensions came after Pristina said that from August 1, people entering Kosovo with Serbian identification documents would have to replace them with a temporary document during their stay in the country.

The government also said ethnic Serbs who have vehicle registration plates issued by Serbia would have to change them for Kosovo plates within two months.

Kosovo's Prime Minister Albin Kurti said on Sunday that it was a reciprocal move since Belgrade requires the same from Kosovo citizens entering Serbia.

But, after meeting with US ambassador to Kosovo Jeffrey Hovenier, who told reporters he sought from Pristina that implementation of the new regime be postponed for 30 days, the government pledged to do so.

The government said in a statement it would postpone the implementation of the two decisions until September 1, seeking that “all barricades are removed and full freedom of movement is established” on Monday.

EU foreign policy chief Josep Borrell hailed the decision and said he expected “all roadblocks to be removed immediately”.

On Sunday evening, hundreds of ethnic Serbs parked lorries, tankers and other heavy vehicles on roads towards the Jarinje and Brnjak crossings with Serbia, blocking traffic.

Large crowds of Serbs gathered around the barricades.

“The atmosphere has been brought to a boil,” Serbian President Aleksandar Vucic said on Sunday, warning that “Serbia will win” if Serbs are attacked.

Mr Kurti accused him of igniting “unrest”.

Nato-led peacekeepers from the Kosovo Force mission said the security situation in Kosovo's north as tense.

Tensions in the region were raised in September when hundreds of ethnic Serbs staged daily protests and blocked the traffic at the two border crossings.

Their anger was triggered by Pristina's decision to require drivers with Serbian registration plates to put on temporary ones when entering Kosovo.

Those entering from Kosovo have to do the same in Serbia.

EU-led talks between Kosovo and Serbia since 2011 have failed to achieve any normalisation of ties.

Kosovo is already recognised by about 100 nations, including the US and most EU countries, but Serbia refuses to do so.

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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.”

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

Updated: August 01, 2022, 6:44 AM