ISLAMABAD // A top Pakistani policeman renowned for his tough stance on criminals and militants was killed by a Taliban car bomb in Karachi on Thursday.
The Taliban described Superintendent Chaudhry Aslam’s death as a “huge victory”. The prime minister, Nawaz Sharif, condemned the bombing.
Three other officers were killed alongside Aslam, said the senior police officer Raja Umar Khattab, after a car packed with explosives rammed his vehicle.
The chain-smoking Aslam, dubbed “Pakistan’s toughest cop” by Pakistani media and a celebrated figure in a country where citizens decry authorities’ failure to crack down on criminals and militants, has been targeted by the Taliban before.
In 2011, the militant group rammed his house with a huge car bomb, killing eight people but leaving his family unscathed.
“I will not be cowed. I will teach a lesson to generations of militants,” he said at the time, adding that he had already survived eight other attempts on his life.
Shahid Hayat, the Karachi police chief, praised Aslam’s courage, adding: “We have given hundreds of lives in the line of duty to save this city.”
Police regularly pick up a dozen bodies a day in Karachi, home to 18 million people and one of the world’s most violent cities. About 200 policemen were killed there in 2013.
In recent years, the Taliban have expanded its influence in the city, especially in areas dominated by ethnic Pashtuns fleeing fighting along the Afghan-Pakistan border.
Last year, Aslam helped conduct a bloody but ultimately failed operation to arrest a man wanted for 63 murders in one of Karachi’s most notorious slums. Five police and 20 civilians died, but the suspect was giving press interviews at his home shortly afterwards.
Aslam, whose bathroom was filled with rocket propelled grenades, rejected criticism of his police force when he in an interview in 2012.
But human-rights advocates said police, frustrated by low conviction rates, were involved in extra-judicial executions, allegations also made by the Taliban.
“We were working for a long time to eliminate him as he killed and tortured many of our people in Karachi,” said the Taliban spokesman Sajjad Mohmand from Mohmand Agency in the tribal areas.
“We trained this [suicide bomber] especially to eliminate him. It’s a huge success for our people.”
He said the Taliban would continue to target other officers on a hit list.
Karachi police said Aslam’s unit had killed three suspected Taliban on Thursday morning.
Aslam often complained about the lack of funding, training and equipment for Pakistan’s police, contributing to conviction rates of less than 10 per cent of those apprehended. Judges often throw out cases where evidence has not been properly gathered.
This year’s federal budget gave the military about US$6 billion (Dh22bn) and the police $686 million. Many officers do not have enough bullets for their weapons, have no training in evidence gathering and do not earn enough to support their families.
* Reuters
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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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.”
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