About 12,000 people marched to the EU Parliament in the eastern French city of Strasbourg in support of Iran’s anti-government protesters while the Eiffel Tower lit the night with the slogan “Woman, Life, Freedom”, which embodies the protest movement spilling beyond Iran.
Highlighting the demands of protesters, the Eiffel Tower display also displayed the message, “Stop executions in Iran”.
The messages paid tribute to Mahsa Amini, whose death in September triggered demonstrations in Iran, along with arrests and executions.
Paris posthumously declared Ms Amini an honorary citizen in October, and Paris City Hall has said that the Eiffel Tower displays were a homage to her and to “those who are bravely fighting for their freedom as the [Iranian] regime is continuing executions of protesters”.
The Strasbourg march, which was held on Monday, was organised by Iranians in Europe on the 44th anniversary of the day when Iran’s last Shah, Mohammad Reza Pahlavi, ailing and under growing pressure, left the country for good.
The following month, the monarchy collapsed under the fervour of the Islamic revolution that gave Iran its theocracy. Some of the demonstrators on Monday carried photos of the shah.
Mahsa Amini protests in Iran and around the world — in pictures
Local media cited police as saying some 12,000 people took part.
“Your silence is violence,” one banner read, reflecting the demand of Iranian protesters abroad to support their message and ensure Tehran hears it.
Protesters want the EU to take a firmer stance against Tehran, declaring the Iran's Islamic Revolutionary Guard Corps (IRGC) a terrorist organisation.
The European parliament’s plenary session is to debate the EU’s response this week to the protests and executions in Iran.
A non-binding resolution is to be voted on Thursday, which protesters and others see as a chance to put the Revolutionary Guard on the EU’s terrorist list.
Alternative Mahsa Amini protests — in pictures
A letter last week, by more than 100 Members of the European Parliament, to Josep Borrell, the EU’s High Representative for Foreign Affairs, called on the bloc to designate the IRGC “in its entirety as a terrorist organisation.”
The IRGC was designated a foreign terrorist organisation by the US in 2019.
Dutch Foreign Minister Wopke Hoekstra said on Monday — after a meeting with his German counterpart Annalena Baerbock in The Hague — that they both had summoned Iran’s ambassadors in their respective countries to protest executions of protesters and British-Iranian former defence ministry official Ali Reza Akbari.
Thousands defy Iranian police to mourn Mahsa Amini — in pictures
Mr Hoekstra said the ministers support moves “to go further with EU sanctions against those responsible, all those responsible for these grave human rights violations in Iran”.
Iran has been rocked by protests since the September 16 death of Ms Amini, 22, in the custody of Iran's morality police.
The protests have since become one of the most serious challenges to Iran’s leaders.
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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