Al Jazeera English's acting managing director, Giles Trendle (far right), is pictured with (from right to left) the executive director of global communication, Abdulla Al Najjar, journalist Baher Mohamed, and Al Jazeera Media Network's acting director general, Mostefa Souag, at the the English-language channel's newsroom in Doha. Faisal Al Tamimi / AFP
Al Jazeera English's acting managing director, Giles Trendle (far right), is pictured with (from right to left) the executive director of global communication, Abdulla Al Najjar, journalist Baher Mohamed, and Al Jazeera Media Network's acting director general, Mostefa Souag, at the the English-language channel's newsroom in Doha. Faisal Al Tamimi / AFP
Al Jazeera English's acting managing director, Giles Trendle (far right), is pictured with (from right to left) the executive director of global communication, Abdulla Al Najjar, journalist Baher Mohamed, and Al Jazeera Media Network's acting director general, Mostefa Souag, at the the English-language channel's newsroom in Doha. Faisal Al Tamimi / AFP
Al Jazeera English's acting managing director, Giles Trendle (far right), is pictured with (from right to left) the executive director of global communication, Abdulla Al Najjar, journalist Baher Moha

How Al Jazeera panel in London went off-script for the network


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The body language of Giles Trendle, the acting managing editor of Al Jazeera English, told a story radically different from the bullish account he was giving of the news network's journalism and global impact.

His shoulders were slumped, his eyes fixed at the floor and he had the air of a man waiting for the gallows. Trendle was part of a panel discussion in London on the Qatar-bankrolled network, which Doha has been ordered to close by the UAE, Saudi Arabia, Bahrain and Egypt.

The reason for Trendle's body language was that the discussion had gone off-script. Al Jazeera was under assault from an audience of journalists and media watchers. The sharpest attacks were coming from former employees, who criticised its editorial policies and personnel management.

If that wasn't enough to make Trendle wish for the sanctuary of the newsroom, the sounds of a street demonstration against the network were also filtering through the windows of the second-floor room.

Read more:

Dubai security chief blasts Al Jazeera at summit to combat 'fake news'

> BBC correspondent pulls out of Jazeera debate over neutrality

Al Jazeera debate descends into chaos as protesters demand network is taken off the air

It was all supposed to be different. The event at the Frontline Club, a gathering place for journalists, was themed as an opportunity to defend free media. The panel chosen by the club had no overly hostile members, with Trendle sat alongside Wadah Khanfar, former director general of the Al Jazeera Media Network and David Hearst, who runs another news outlet ordered to be closed by the four countries boycotting Qatar.

This perception was reinforced by the fact that just days before the event the original chair of the panel discussion, the well-regarded security correspondent of the BBC, Frank Gardner, had pulled out, citing concerns from his employer over the neutrality of the debate.

From the opening addresses by each of the panelists, it appeared those concerns were vindicated. Hearst, the editor of online news organisation Middle East Eye, defended Al Jazeera (and himself against claims that he took Qatari money), while Dr Marc Jones from the Institute of Arab and Islamic Studies at Exeter University provided an academic view of the issue that included little criticism of Al Jazeera.

Meanwhile, the two Al Jazeera men — for this was an exclusively male panel, with Saudi video journalist Safar Al Ahmad the only woman on the platform as chair — were adamant in their claims that despite funding from Qatar there had never been attempts by the government to impose editorial influence.

It all went wrong for Trendle when the audience was allowed to ask questions. The opening salvos were delivered by Anita McNaught, a former special correspondent for Al Jazeera who resigned in 2014 after six years of being based in Istanbul and reporting on Turkey and beyond, and William Horsley, a former BBC journalist who now heads an organisation championing media freedom.

McNaught passionately asked why Qatar had allowed the most respected English-language international news channel in the world to be destroyed by letting a Muslim Brotherhood agenda creep into its Middle East coverage. She cited specific points that were met with a laugh from Khanfar, prompting a furious riposte from McNaught. “Don’t laugh Wadah!,” she scolded.

Then there was the intervention from Horsley, the international director of the Centre for Freedom of the Media. He demanded to know why Al Jazeera was not honouring promises of compensation made to journalists who were arrested and imprisoned in Egypt, and whose careers have been ruined as a result.

Perhaps the most telling and awkward moment for Trendle came when a former AJE staffer who had worked in Doha talked about disgruntlement on the ground there, and spoke of an exodus of talent from the network: “There are a lot of leaving dos in Doha by staff that have been there for years,” they said.

The audience member then baldly posed the question: Are you going to use the current crisis as an excuse to close the English language network?

“I think [it] will survive,” was the best Trendle could muster.

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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.”

UAE currency: the story behind the money in your pockets
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MATCH INFO

Final: England v South Africa, Saturday, 1pm