Bachir Ben Barka, son of on of the late Moroccan opposition figure Mehdi Ben Barka, at his home in Belfort, France. A portrait of his father is visible in the background on the right.
Bachir Ben Barka, son of on of the late Moroccan opposition figure Mehdi Ben Barka, at his home in Belfort, France. A portrait of his father is visible in the background on the right.

The man buried by diplomacy



RABAT // One afternoon 44 years ago this month, the exiled Moroccan opposition leader Mehdi Ben Barka was invited into an unmarked car outside the Brasserie Lipp, in Paris, and has never been heard from since. Two weeks ago France issued international arrest warrants via Interpol for four senior Moroccan security officials wanted in connection with Ben Barka's 1965 kidnapping by French agents, only to suspend them a day later.

For decades, the stop-and-go investigation of L'Affaire Ben Barka has complicated France's relations with its former colony, Morocco, a key trading partner and Arab ally. Ben Barka's family say the countries stalled for political reasons, while his old allies struggle to keep alive his fading memory. "The decision was the most cynical that we've seen in 44 years," said Ben Barka's son, Bachir, who lives today in the French town of Belfort, near the German border. "Reasons of state are preventing the justice ministry from doing its work."

French justice ministry officials have denied that the warrants' suspension was politically motivated, citing a request by Interpol for more information. Morocco has not responded officially and its communication minister, Khalid Naciri, said he could not comment on the warrants. Morocco's justice ministry could not be reached for comment. Born in Rabat, the Moroccan capital, Ben Barka served as a teacher to Crown Prince Hassan before founding the socialist National Union of Popular Forces party. By 1963, his former pupil had become King Hassan II, a stern ruler whose crackdown on Morocco's leftist opposition compelled Ben Barka to flee the country.

Several restless years introduced him to left-wing superstars including Che Guevera and Malcolm X. Settled in Switzerland, Ben Barka was organising an international conference when a false invitation to make a documentary film lured him to Paris on October 29 1965. The abduction infuriated French president Charles de Gaulle, who claimed ignorance of the alleged involvement of French secret agents, and galvanised a generation of young Moroccans into political activism.

"The students were outraged," said Abdelhamid Amine, vice president of the Moroccan Association of Human Rights (AMDH), who arrived in Paris in autumn of 1965 to study agronomy. "Personally, the kidnap was the start of my politicisation as a member of the Moroccan left." In 1967, two French agents were imprisoned for Ben Barka's abduction. However, French investigators believed that the scheme's mastermind was the Moroccan interior minister, Mohamed Oufkir, who avoided trial until allegedly killing himself in 1972 after a failed coup.

With Ben Barka widely presumed murdered, speculation has shifted to the fate of his body, which has never been found. One story has Ben Barka buried on an island in the Seine. Another tells that his body was taken to Morocco and dissolved in acid. According to a third, it was encased in cement and buried near Paris - save the head, carried back to Morocco by Oufkir in a suitcase. This month Georges Fleury, a writer and former French navy commando told France's Le Journal du Dimanche newspaper that he had police documents indicating that Ben Barka's body may have been incinerated near Paris.

Morocco turned a corner in 1999 with the death of Hassan II and the accession of his reform-minded son, King Mohamed VI, who established a truth commission to look into alleged human rights abuses during his father's reign. A new report including information about Ben Barka is slated for release in the coming weeks, said Ahmed Herzenni, president of the Consultative Council on Human Rights, a royal advisory body that oversees the truth commission.

Meanwhile, France's investigation has oozed along. The warrants suspended from going international this month first appeared as French warrants in 2007, targeting officials including the head of Morocco's gendarmerie, Hosni Benslimane. "These are all very senior people," said Michael Willis, professor of Moroccan and Mediterranean Studies at Oxford University's Centre for Middle East Studies. "This could create friction if the French decide to push it."

For Bachir Ben Barka, France should do so. Given the officials' high positions in Morocco's security services, "they must have been privy to part of the truth we're seeking," he said. In Morocco, Ben Barka remains an emblematic figure evoked by political allies and human rights activists such as Abdelhamid Amine of the AMDH, who mark each 29 October with a national human rights day. "He symbolised something that Moroccans dream of, which is hope," said Ahmed Benchemsi, director of the leading magazines TelQuel and Nichane. However, were it not for the mystique of Ben Barka's unsolved disappearance, "we would have forgotten him long ago."

That process was on display recently at a café in Agdal, an upscale Rabat neighbourhood popular with students at the nearby Mohamed V University. "I don't think we'll ever know what happened to Ben Barka," said Amina Ghallab, 44, a nurse sharing a coffee with her daughter, Kaoutar Ibn Rezzour, 24, an economics student. "For my generation it's still important - not for my daughter, though." Miss Rezzour's priorities are simple: a diploma, then a job. "Ben Barka? I know the name, but the affair doesn't have bearing on my life. It happened long ago."

jthorne@thenational.ae

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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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.”

Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

The Super Mario Bros Movie

Directors: Aaron Horvath and Michael Jelenic
Stars: Chris Pratt, Anya Taylor-Joy, Charlie Day, Jack Black, Seth Rogen and Keegan-Michael Key
Rating: 1/5

UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

The biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

'Ashkal'

Director: Youssef Chebbi

Stars: Fatma Oussaifi and Mohamed Houcine Grayaa

Rating: 4/5

Signs of heat stroke
  • The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
  • Body temperature above 39°C
  • Hot, dry and red or damp skin can indicate heatstroke
  • A faster pulse than usual
  • Dizziness, nausea and headaches are also signs of overheating
  • In extreme cases, victims can lose consciousness and require immediate medical attention
How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

LIVERPOOL TOP SCORERS

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Mohamed Salah 129
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Our legal consultant

Name: Hassan Mohsen Elhais

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

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.