Heavy police presence in Riyadh as Saudi capital stays quiet



RIYADH AND QATIF, Saudi Arabia // A heavy police presence, including checkpoints on main thoroughfares and helicopters hovering over key sites, blanketed the Saudi capital yesterday in anticipation of possible anti-government demonstrations, which failed to materialise.

The appeals for Saudis to show their dissatisfaction with the government in a so-called "Day of Rage", delivered principally on Facebook,went unheeded.

There were no reports of protests elsewhere in the country except in Awwamiya and Uum al Hamam, two small towns outside the Shiite majority city of Qatif in the oil rich-Eastern Province, according to a Shiite community leader. There also was a demonstration in the eastern town of Hofuf, Dow Jones reported.

The ministry of interior spokesman General Mansour al Turki said: "The Saudi people have answered [and shown] their relationship to the [protest] calls going on in cyberspace."

As is usual on Friday mornings, the streets of Riyadh were empty. But traffic policemen manned checkpoints at many key intersections and scores of policemen were stationed outside Al Rajhi Mosque, and two courthouses, sites where demonstrators had been asked to stage protests.

The appeals for street actions were apparently inspired by recent events in Egypt and Tunisia, where massive and sustained demonstrations by thousands of citizens ultimately brought down two Arab leaders.

These revolutions, along with a wave of protests in other countries such as Yemen and the ongoing uprising in Libya, appeared to generate greater interest in the Facebook appeals for Saudi protests than they would have drawn at other times.

A London-based Saudi dissident, Sa'd al Faqih, had also called on his personal television channel for protests, Saudis said.

Many Saudis said they had dismissed the Facebook calls because they were being made by unknown persons who did not have a clear platform for their political activity.

Besides, protests are illegal in Saudi Arabia. The ministry of interior reminded Saudis of the law in a firmly worded statement last Saturday, and added that those who violated that ban "will be subject to the full force of the relevant regulations".

Also, the country's senior clerics issued a warning on Sunday that anti-government demonstrations were religiously unlawful. The Senior Council of Ulema, whose members are appointed by the government, said that "demonstrations were forbidden in this country. The correct way in Sharia [law] of realising common interest is by advising, which is what the Prophet Mohammed established. Reform and advice should not be via demonstrations and ways that provoke strife and division."

There was also a heavy police presence yesterday in the Shiite-majority town of Qatif in the kingdom's Eastern Province. Police cars cruised the narrow street in central Qatif every few minutes and military troops idled beside armoured personnel carriers.

At least five buses of troops were parked along a one-kilometre stretch of the city, and cars were checked by the military as worshippers left after midday prayers. All these forces outnumbered civilians on the streets.

Shiite residents of Qatif and neighbouring towns have held small protests regularly over the past three weeks demanding the release of Shiites detained for long periods without charges and protesting against discrimination that they say makes them second-class citizens.

On Thursday, a protest in Qatif ended in violence leaving one policeman and two protesters injured, according to General al Turki. The protesters' injuries came from bullets, he added.

He said policemen monitoring the protest had fired upwards into the air in order to disperse the demonstrators after some of them began beating a policeman who had been spotted "documenting armed fire from the group". He said that the incident is under investigation.

In Riyadh, the ministry of information organised a bus tour for journalists to several sites named by protest organisers as places to demonstrate, including Al Rajhi Mosque and part of Olaya Street, a major city centre boulevard.

At another site, as reporters were photographing police guarding a courthouse building, a man approached reporters and began denouncing the ruling royal family, saying he wanted to be part of a demonstration but that the large police presence had prevented people from arriving.

"I need freedom, I need democracy … the whole country is a prison," said the man, Khalid Muhammad al Jahani, 40, an Arabic teacher.

Mr al Jahani said he fully expected to be arrested but did not care. Ministry of information officials and police did not interrupt Mr al Jahani's conversation with reporters, and he drove off later in what several witnesses said was an expensive sports car.

cmurphy@thenational.ae

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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.”

THE SPECS – Honda CR-V Touring AWD

Engine: 2.4-litre 4-cylinder

Power: 184hp at 6,400rpm

Torque: 244Nm at 3,900rpm

Transmission: Continuously Variable Transmission (CVT)

0-100kmh in 9.4 seconds

Top speed: 202kmh

Fuel consumption: 6.8L/100km

Price: From Dh122,900

SPECS

Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

COMPANY PROFILE

Company name: Bedu

Started: 2021

Founders: Khaled Al Huraimel, Matti Zinder, Amin Al Zarouni

Based: Dubai, UAE

Industry: AI, metaverse, Web3 and blockchain

Funding: Currently in pre-seed round to raise $5 million to $7 million

Investors: Privately funded

COMPANY PROFILE

Name: Telr
Based: Dubai, UAE
Launch year: 2014
Number of employees: 65
Sector: FinTech and payments
Funding: nearly $30 million so far

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Inside Out 2

Director: Kelsey Mann

Starring: Amy Poehler, Maya Hawke, Ayo Edebiri

Rating: 4.5/5