An Algerian demonstrator waves a national flag as he takes part in a protest in the capital Algiers on July 2, 2019. AFP
An Algerian demonstrator waves a national flag as he takes part in a protest in the capital Algiers on July 2, 2019. AFP
An Algerian demonstrator waves a national flag as he takes part in a protest in the capital Algiers on July 2, 2019. AFP
An Algerian demonstrator waves a national flag as he takes part in a protest in the capital Algiers on July 2, 2019. AFP

President of Algerian parliament quits amid ongoing protest


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The president of Algeria’s Parliament quit on Tuesday after months of protests calling for him to go ever since president Abdelaziz Bouteflika stood down earlier this year.

Moad Bouchareb was seen by many protesters as one of the central pillars of “le pouvoir”, or the power – the nickname for the shadowy group of men from the security agencies, ruling National Liberation Front and business who have run the country for years. Demonstrators called for him to quit as they seek fresh leadership after the ailing 82-year old Mr Bouteflika agreed to step down in the face of months of protests on April 2.

Mr Bouchareb’s duties were handed to deputy Speaker of the National Assembly Abdul Razzak Tarbash for the next 15 days.

Ever since Mr Bouteflika suffered a stroke in 2013, he has largely been absent from public life and rarely heard. Many on the streets accused those around him of running the country in his stead, entrenching nepotism and corruption as the economy stagnated with low oil prices after 2014.

Moad Bouchareb at the National People's Assembly in Algiers on October 24, 2018. Reuters, file
Moad Bouchareb at the National People's Assembly in Algiers on October 24, 2018. Reuters, file

The wave of protests that force Mr Boutfelika to first rule out running for a fifth term in office then to step down have amplified calls for sweeping change and new leadership.

Protesters have also called for interim President Abdelkader Bensalah and Prime Minister Noureddine Bedoui to step down.

Since Mr Bouteflika left office, a number of important figures – including the country’s richest man, Issad Rebrab – have been brought in for questioning or arrested on corruption charges as the interim government begins to take action against years of waste and stagnation.

However, authorities have postponed a presidential election, previously planned for July 4, because of a lack of candidates, with no new date set for the vote.

Despite rising temperatures and an increasing police presence, protests have continued in Algeria. On Friday, some 100 police vans – many more than usual – rolled into the centre of the capital ahead of the march. Ahmed, a 54-year-old protester, said he had never seen such a heavy police presence.
"They want to scare us, but they're wrong – fear is behind us," he said. The vehicles remained in place throughout the rally.

Police particularly targeted protesters carrying the Berber flag, after army chief and key power broker Ahmed Gaid Salah banned all flags other than the national colours at rallies.

Algeria's Berber minority has long suffered marginalisation.

After arresting one man carrying the flag, police fired tear gas to cover their retreat, provoking anger among the protesters, who were quickly calmed by volunteers determined to ensure demonstrations remain peaceful.

The rally in Algiers – and some 31 of the country's 48 regions – dispersed without major incidents in the late afternoon, the official APS news agency said.

Demonstrations were planned for Friday night in six sub-Saharan regions of Algeria.

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The Programme

Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson

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Skoda Superb Specs

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Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

 

Company%20profile
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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.”

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.