A student demonstrator was killed Thursday in eastern Sudan, a local official and relatives told AFP, amid mounting protests over the rising price of bread.
"The situation in Al Qadarif is out of control and the student Moayed Ahmad Mahmoud was killed," said Mubarak A Nur, a lawmaker in the city 550 kilometres from the capital Khartoum.
Mahmoud was a university student, he said.
Mr Al Nur called on authorities "not to use force against demonstrators, who are asked to peacefully exercise their right" to protest.
A government decision to raise the price of bread this week from one Sudanese pound to three (from about 7 fils to 23) sparked protests across the country on Wednesday.
Angry protesters on Thursday set fire to the headquarters of President Omar Al Bashir's National Congress Party (NCP) in two locations, witnesses said.
Demonstrators in Al Qadarif "threw stones at banks [in the city centre] and smashed cars," resident Tayeb Omar Bashir told AFP by phone.
They then "moved to the ruling party headquarters near the market it torched it completely", he added.
Demonstrators then moved towards the police station where they called for "freedom" and chanted "the people want the fall of the regime".
Protests in Dongola, 500 kilometres north of Khartoum, "started with university students who were joined by others when they reached the city centre", an eyewitness told AFP by phone.
"They attacked the headquarters of the NCP and set it ablaze," the witness said.
In the city of Atbara, around 400 kilometres east of Khartoum, police fired tear gas to disperse protesters just hours after authorities imposed a curfew on the city because demonstrators had torched its NCP headquarters.
"Some 1,500 demonstrators tried to enter the city of Atbara from [a suburb] calling for the fall of the regime," an eyewitness said.
"Riot police intercepted them and fired tear gas at them," the witness added.
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Read more:
Sudan declares state of emergency amid protests
Arab and African states discuss forming a Red Sea security council
Exclusive: Sudan looks to become an oil exporter by 2023
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The bread shortage has hit Sudan's cities for the past three weeks, including the capital.
In the past year, the cost of some commodities has more than doubled in Sudan, where inflation is running at close to 70 per cent and the pound has plunged in value.
Sporadic protests broke out in January this year over the rising cost of food, but they were soon brought under control with the arrest of opposition leaders and activists.
Sudan had significant oil reserves until South Sudan gained independence in 2011, and the north-south split saw the country lose three quarters of its reserves.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
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.”
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
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Pakistan T20 series squad
Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin
UAE currency: the story behind the money in your pockets