South Africa’s government announced a state funeral for Nelson Mandela, the country’s first black president, who had for months been fighting a recurring lung infection. Dylan Martinez / Reuters
South Africa’s government announced a state funeral for Nelson Mandela, the country’s first black president, who had for months been fighting a recurring lung infection. Dylan Martinez / Reuters
South Africa’s government announced a state funeral for Nelson Mandela, the country’s first black president, who had for months been fighting a recurring lung infection. Dylan Martinez / Reuters
South Africa’s government announced a state funeral for Nelson Mandela, the country’s first black president, who had for months been fighting a recurring lung infection. Dylan Martinez / Reuters

South Africa’s Nelson Mandela dies aged 95


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Nelson Mandela, the father of democratic South Africa and the towering international symbol of racial tolerance, has died at the age of 95.

In a solemn address to the nation, South Africa’s president, Jacob Zuma, said Mandela had died peacefully in the company of his family on Thursday night.

“Our nation has lost its greatest son. Our people have lost a father. This is the moment of our deepest sorrow,” he said.

“His tireless struggle for freedom earned him the respect of the world.”

South Africa’s government announced a state funeral for the country’s first black president who had for months been fighting a recurring lung infection, a consequence of the 27 years he spent in apartheid jails.

In a collective outpouring of emotion not seen since Mandela ushered in a new era of democracy in 1994, South Africans mourned the death of their first black president, whose tireless fight for freedom and equality helped force an end to white minority rule.

It was a day long expected and feared by South Africans of all races whom over the last year had closely monitored their ailing former president’s health.

South Africans gathered outside Mandela’s former Vilakazi Street home in Johannesburg overnight where many danced and sang to celebrate Mandela’s remarkable life.

Mr Zuma’s party, the ruling African National Congress (ANC), for which Mandela served as president, acknowledged Mandela’s selfless efforts to overthrow the tyranny of white minority rule.

“Our nation has lost a colossus, an epitome of humility, equality, justice, peace and the hope of millions; here and abroad,” the ANC said.

“Madiba loved South Africa. We recall the strength of his fist punching the air as he stepped out of prison after 27 years; and his sternness during the negotiations for the freedom of our beloved country. We celebrate his ever-present smile, the cheerful Madiba jive, his love for children and great respect for the women of this country.”

Former Archbishop of Cape Town, Desmond Tutu, said Mandela’s legacy would ensure stability in the country.

“To suggest that South Africa might go up in flames - as some have predicted - is to discredit South Africans and Madiba’s legacy,” he said.

The Democratic Alliance, the official opposition party to the ANC, also paid tribute to the father of a free South Africa.

“Today the rainbow nation lost its father,”it said. “Today, we are a nation united in grief.”

Known affectionately by his clan name of Madiba, he had been admitted to hospital with lung infections several times since December last year and South Africans braced themselves for the worst on Wednesday when his daughter admitted that he was on his deathbed.

Mandela’s condition deteriorated earlier this year when on June 8, just days before the 37th anniversary of the Soweto uprising that had revitalised the struggle against apartheid, he was admitted to hospital.

Dozens of peaceful protesters were killed on June 16, 1976, which changed the shape of resistance to apartheid. By then South Africa’s racist white regime had successfully undermined the ANC by jailing Mandela along with dozens of his colleagues.

The country marked that anniversary in a sombre mood, with many South Africans expressing their gratitude to Mandela on the day.

Although Mandela and the ANC leadership had been isolated in prison by 1976, the uprising thrust the anti-apartheid movement back into the spotlight. By the 1980s, Mandela had entered secret talks with the apartheid regime, which together with unrest on the streets, a faltering apartheid economy and mounting international pressure eventually created the conditions for a negotiated settlement, for which he won the Nobel Peace prize in 1993.

It was Madiba who led the ANC to South Africa’s first free elections in 1994 and he was swept into power with 63 per cent of the vote.

Fears of a race-based war were defused by Mandela’s moral gravitas both before the poll and during term as president. His efforts towards non-racialism made him a hero across the race divide and his message of peace, tolerance, forgiveness and reconciliation won him adoration the world over.

Mandela served just one term as South Africa’s president, leaving office in 1999, a fact often bemoaned by many South Africans. But on a continent where leaders often spend indefinite terms in office, Mandela was adamant that he step aside – to set an example both to South Africa and the continent.

rferraris@thenational.ae

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE currency: the story behind the money in your pockets
Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

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500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.