Mourners pray at the funeral of Fadel Salman Matrouk in Manama yesterday. Mr Matrook was killed on Tuesday as police tried to stop a funeral march for another Bahraini who was killed in anti-government protests on Monday.
Mourners pray at the funeral of Fadel Salman Matrouk in Manama yesterday. Mr Matrook was killed on Tuesday as police tried to stop a funeral march for another Bahraini who was killed in anti-government protests on Monday.
Mourners pray at the funeral of Fadel Salman Matrouk in Manama yesterday. Mr Matrook was killed on Tuesday as police tried to stop a funeral march for another Bahraini who was killed in anti-government protests on Monday.
Mourners pray at the funeral of Fadel Salman Matrouk in Manama yesterday. Mr Matrook was killed on Tuesday as police tried to stop a funeral march for another Bahraini who was killed in anti-governmen

Protests in Bahrain continue for third day


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MANAMA // Protests continued for a third day in Bahrain as demonstrators thronged the streets of the capital demanding political reforms.

Thousands took part in the funeral of Fadel Salman Matrouk, a demonstrator killed on Tuesday in clashes with police. They converged on Pearl Square in Manama city centre, where crowds had begun gathering the night before demanding more jobs, better housing and the freeing of political prisoners, as well as an end to what they said is discrimination against Shiites.

"We're not afraid of anyone, and we're not leaving until they meet our demands," said Ali al Ameer, 20. A bandage covered a wound on his right hand, inflicted, he said, by birdshot fired by police during protests the previous day.

Security forces kept their distance, as police helicopters flew overhead, seeking to avoid any further confrontation with the demonstrators.

Bahrain's foreign ministry said those suspected of blame for the deaths of two protesters killed on Monday and Tuesday had been arrested, "steps which make clear that the Kingdom of Bahrain does not condone the use of excessive force at any time".

Foreign minister Khaled bin Ahmed al Khalifa noted in a statement issued by the ministry "that the protests could happen in any free, democratic country".

Meanwhile Sheikh Khalid bin Ali al Khalifa, Bahrain's justice minister, told reporters at a press conference that the government is prepared to discuss changes to the constitution, but only if the debate is held in parliament.

"If you want any changes, it should be done within a constitutional process," the minister said.

In a telephone conversation with King Hamad, Sheikh Khalifa bin Zayed, President of the UAE and Ruler of Abu Dhabi, expressed his wishes for "continued security and stability for Bahrain and more progress and prosperity for its people," WAM, the state news agency, reported.

At Pearl Square, protesters collected donations, set up a media centre and first-aid tent, and generally prepared for a long protest.

"We don't want the protesters to leave, whatever they need is available here," said Abu Ammar, 52, who helped distribute sandwiches and fruit juices for lunch.

While many political agendas were evident in the square, they all shared a common focus on reform and an end to discrimination. Protesters also demanded the release of political prisoners.

From a makeshift stage, Sheikh Ali Salman, the leader of Bahrain's largest opposition party, the Al Wefaq National Islamic Society, called for a constitutional monarchy with an elected prime minister.

"We are not looking for a religious government like Iran's, but we demand a civil government" that represents Shiites and Sunnis, he told reporters at a news conference.

Al Wefaq, which has 18 seats in the 40-member parliament, announced it is boycotting the chamber to protest the violence against demonstrators.

"There are different targets, but all in one direction," said Mustafa Abdullah, a 29-year-old engineer. Nuha Hassan, a 37-year-old office manager, added: "I want the best for my three kids."

Social networking websites were abuzz with calls to press ahead with the protests along with insults from presumed government backers dismissing the demonstrators as traitors and agents of Iran.

In a rare speech broadcast on state television on Tuesday evening, Bahrain's king apologised for the deaths on Monday and Tuesday and promised an investigation.

"With regret, there were two deaths among our dear sons," he said, adding that, "reform is a continuous process that will not stop".

In a speech on Tuesday, the US president Barack Obama urged its country's friends in the Middle East to heed the demands of protesters. "We have sent a strong message to our allies in the region saying let's look at Egypt's example, as opposed to Iran's example," Mr Obama said.

COMPANY PROFILE
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 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

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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.”