Hundreds of protesters gathered outside the US State Department in Washington on Thursday to demand an end to the humanitarian crisis in Ethiopia’s Tigray region, where the UN has documented hundreds of cases of gender-based violence and other human rights abuses.
The protest at the agency took place on the same day an Ethiopian governmental delegation was due to arrive.
Other Tigray demonstrations were held across the US this week in New York, Colorado and Florida, among others.
The Ethiopian government under Prime Minister Abiy Ahmed, with the help of Eritrean troops and allied militias, launched a military offensive against the Tigray People's Liberation Front in November.
Since then, more than two million civilians have been internally displaced and 5.2 million people in Tigray are in urgent need of food aid.
Mahlet Woldemariam, who left work to join Thursday's protest, said she wanted to bring attention to the worsening situation in the region.
“There’s a genocide ongoing, friends and family are at the brink of death because of weaponised starvation, women are being raped,” she said.
Ms Woldermariam told The National that the Ethiopian government, aided by militias, had looted and ransacked her uncles' farms in Tigray in a campaign of weaponised starvation.
The UN now estimates 350,000 people in Tigray are facing famine, including 30,000-plus children that are now considered malnourished.
Human rights organisations such as Oxfam, Doctors Without Borders and Amnesty International have reported aid restrictions as well as attacks on medical facilities and food sources in the region.
These organisations have also reported incidents of sexual violence, extrajudicial killings and massacres.
Thursday's protest was attended by members of the Ethiopian Orthodox Church, who said Christians in the region have suffered greatly during the conflict.
Kiflemariam Gebreselassie, an Orthodox priest, told The National he was protesting against attacks that have occurred on priests in Tigray.
Abune Mathias, patriarch of the Ethiopian Orthodox Church, said last month he believes a "genocide" is happening in the region.
Michael McCaul, the top Republican congressman on the House Foreign Affairs Committee, on Wednesday also raised the question as to whether conditions in Tigray amounted to a genocide.
In its latest report on the region, the UN Office for the Co-ordination of Humanitarian Affairs on Thursday stated that “the security and access situation in Tigray remains complex and extremely fluid, with active hostilities impeding people’s access to aid and the movement of aid workers".
The UN agency said “more than 500 cases of gender-based violence, including rape" were reported in May, with “about 70" cases perpetrated against girls under 18.
The US and EU have been pressuring Mr Abiy's government to remove all aid restrictions, ensure the withdrawal of Eritrean forces and enforce a ceasefire.
At the State Department, the US special envoy for the Horn of Africa, Jeffrey Feltman, met the Ethiopian delegation, which included Special Adviser to the Prime Minister Mamo Mehretu and Tekeda Alemu, the former state minister of foreign affairs.
Mr Abiy has yet to follow through with his commitment from last February to ensure the withdrawal of Eritrean forces from Tigray.
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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.”
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars