Wednesday's attack took place in Gebeit at a military graduation ceremony, Sudan's army said. Photo: Sudanese Armed Forces
Wednesday's attack took place in Gebeit at a military graduation ceremony, Sudan's army said. Photo: Sudanese Armed Forces
Wednesday's attack took place in Gebeit at a military graduation ceremony, Sudan's army said. Photo: Sudanese Armed Forces
Wednesday's attack took place in Gebeit at a military graduation ceremony, Sudan's army said. Photo: Sudanese Armed Forces

Sudan drone attack kills five at army event attended by Al Burhan


Kamal Tabikha
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The Sudanese military said at least five people were killed on Wednesday after two drones struck a base in eastern Sudan at the end of a graduation ceremony attended by army chief Gen Abdel Fattah Al Burhan.

The attack took place in Gebeit towards the end of the graduation ceremony and Gen Al Burhan was there at the time of the attack, witnesses told The National.

Photos of the event shared by the Sudanese Armed Forces on X showed Gen Al Burhan congratulating the graduates.

Five people were killed and others injured, the army said.

On Wednesday evening, Gen Al Burhan attended a funeral for two of the officers killed, according to the Transitional Sovereignty Council, Sudan's current ruling body.

He is head of the military-led council that has governed the country since the 2021 Sudanese takeover.

The incident is the latest in a series of violent clashes in Sudan, which has been embroiled in a civil war since April 2023.

Gen Abdel Fattah Al Burhan shakes a graduate's hand at the ceremony in Gebeit shortly before Wednesday's attack. Photo: Sudanese Armed Forces
Gen Abdel Fattah Al Burhan shakes a graduate's hand at the ceremony in Gebeit shortly before Wednesday's attack. Photo: Sudanese Armed Forces

But it is the first such attack in Sudan's Red Sea province, home to many government ministries and foreign embassies, which has also served as an alternative capital since the war between the Sudanese Armed Forces and the Rapid Support Forces began.

The RSF is a powerful paramilitary group that now controls most of the capital, Khartoum.

After the strike, Gen Al Burhan vowed to continue fighting against militia, saying the army would not lay down its weapons until the country was "cleansed" of all rebels and mercenaries, a TSC statement said.

The war has had devastating consequences for Sudan, with thousands killed, millions displaced and widespread destruction of infrastructure and property.

The international community has called for an end to the violence and for both sides to join a new round of US-brokered talks which is expected to be held in Switzerland later this month. But so far, lasting peace has eluded the country's warring factions.

Gen Al Burhan said that any peace negotiations must put the dignity and sovereignty of the Sudanese people first, and that the military would not negotiate with any party that did not recognise the government's authority.

The civil war has also had a devastating effect on the country's economy, with inflation soaring, and food and fuel shortages widespread.

The UN has estimated that more than 3 million people in Sudan are in need of humanitarian assistance, with many more displaced or affected by the fighting.

Al Shafie Ahmed contributed to this report from Kampala, Uganda.

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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Updated: August 01, 2024, 6:57 AM