A protester stands behind a barricade holding a handgun as people continue to occupy space and protest against racial inequality in the aftermath of the death in Minneapolis police custody of George Floyd, in Seattle, Washington, U.S. June 26, 2020. REUTERS/Lindsey Wasson
A protester stands behind a barricade holding a handgun as people continue to occupy space and protest against racial inequality in the aftermath of the death in Minneapolis police custody of George Floyd, in Seattle, Washington, U.S. June 26, 2020. REUTERS/Lindsey Wasson
A protester stands behind a barricade holding a handgun as people continue to occupy space and protest against racial inequality in the aftermath of the death in Minneapolis police custody of George Floyd, in Seattle, Washington, U.S. June 26, 2020. REUTERS/Lindsey Wasson
A protester stands behind a barricade holding a handgun as people continue to occupy space and protest against racial inequality in the aftermath of the death in Minneapolis police custody of George F

US protests: Demonstrators resist as crews arrive at Seattle protest zone


Nicky Harley
  • English
  • Arabic

Crews arrived with heavy equipment on Friday at an occupied protest zone in Seattle, ready to dismantle barriers set up more than a week ago by demonstrators.

However the work was halted when some protesters resisted by climbing on top of the makeshift structures.

Stefanie Formas, a spokeswoman for Mayor Jenny Durkan, said the city's goal is to improve access to the area for residents.

She said city officials would discuss plans later in the day with protest organisers.

The collective of protesters, activists, educators and volunteers in the Capitol Hill Organised Protest was formed after clashes with police who tear-gassed people protesting the police killing of George Floyd in Minneapolis.

Ms Durkan has expressed support for the protest, calling it “a peaceful expression of our community’s collective grief and their desire to build a better world.”

But following several shootings in the area, Ms Durkan said the city would wind down the protest zone, at first by encouraging demonstrators to leave.

In addition, she said police would return to a nearby precinct that was abandoned following clashes with demonstrators.

The work crews intended to remove the barricades, not protesters, Sam Zimbabwe, city transportation director, told local journalist Omari Salisbury, who has been live-streaming the protest.

Workers were preserving artwork that had been painted on the wooden barricades, he said, adding that the department would work to return it to the people who created it.

“We're not trying to have conflict,” Mr Zimbabwe said.

A number of protesters remained camped in tents outside the East Precinct.

The city has not given a timeline for officers' return to the building except to say it would be in the near future.

Protesters have called for cutting the police budget 50 per cent and spending the savings on community health and other programs.

The mayor has proposed a vastly more modest cut of $20 million to help balance the city's budget through the end of this year.

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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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- Abdullah Ishnaneh, Partner, BSA Law 

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