A Somali soldier on patrol in Bosaso harbour in Somalia. A car bombing in the city was aimed at advancing Qatar's interests in the country against the UAE. AFP
A Somali soldier on patrol in Bosaso harbour in Somalia. A car bombing in the city was aimed at advancing Qatar's interests in the country against the UAE. AFP

Qatar’s disturbing ties to Somalia car bomb



New evidence concerning a car bombing in Bosaso, Somalia, which took place in May, suggests that the attack was aimed at deepening Qatar’s footprint in the country and undermining the commercial interests of the UAE. Even more concerning is the fact that the attack was claimed by an ISIS affiliate, raising questions about Qatar’s ties with this dangerous organisation.

In a recent article, the New York Times revealed it had obtained the recording of a phone conversation, just one week after the deadly attack, in which businessman Khalifa Al Muhanadi assured Qatar's ambassador to Somalia that "our friends were behind the last bombings". It appears that their aim was to scare away the UAE company managing Bosaso port, so that a Qatar corporation could take its place. And this is not the first terror attack intended to drive Emirati companies out of Somalia. In February, an attack that was claimed by Al Shabab killed the manager of an Emirati company running the port. Not only did these attacks cost innocent people their lives, violence and insecurity will further strangle the economy of one of the world's poorest countries.

The extent of Doha’s involvement in these attacks – and the nature of its relation to the groups who claimed them – remains unknown and must be seriously investigated. But the recent revelations are hardly surprising. For years, Doha has offered support to terror groups that have destabilised the whole region, prompting Saudi Arabia, the UAE, Egypt and other Gulf nations to impose a blockade on Qatar in 2017. Despite the pressure, Doha has yet to change its ways.

In April, two French journalists published a book titled Qatar Papers – How the Emirate Finances Islam in France and Europe, which revealed that Qatar has been financing Muslim Brotherhood-affiliated groups all over Europe. The small nation is home to the Muslim Brotherhood's spiritual leader, Yusuf Al Qaradawi, allowing him to spread his dangerous ideology with impunity. The group is considered a terrorist organisation by countries including the UAE, Saudi Arabia and Egypt. Doha is also home to many of the Taliban's senior leaders. That particular militant group has wreaked havoc in Pakistan and in Afghanistan, where it has waged war against the internationally recognised government. The Bosaso attacks prove that Qatar and its actions are still deserving of serious scrutiny.

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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