A woman visits her son at the Civil Hospital in Ahmedabad.
A woman visits her son at the Civil Hospital in Ahmedabad.

India on alert after serial blasts



NEW DELHI // Indian leaders appealed for calm and placed the country on high alert today after a series of explosions killed at least 45 people in Ahmedabad, the capital of western Gujarat state, where deadly Muslim-Hindu riots left hundreds dead six years ago. Sixteen bombs ripped though markets, bus stops and hospitals on Saturday evening in the city, injuring another 160 people. It was the second bombing in as many days and has raised fears of the renewed sectarian violence that has plagued India since its independence from Britain in 1947. Cities across India were placed on high alert and security was intensified at airports, railway stations and markets, local television channels reported. Bomb squads defused three bombs today, while authorities in Surat, a city about 255km south of Ahmedabad, found a car carrying detonators and a liquid police suspect may be ammonium nitrate, a chemical often used in explosive devices, the city's police chief, RMS Barar, said, according to reports. A group calling itself the Indian Mujahideen claimed responsibility for the Ahmedabad bombings in an email sent to about 20 media organisations a few minutes before the first devices were detonated. "Await 5 minutes for the revenge of Gujarat," the subject line of the email said. "In the name of Allah the Indian Mujahideen strike again! Do whatever you can, within 5 minutes from now, feel the terror of death!" The group did not did not mention Friday's attack in Bangalore, the capital of Karnataka stake, in which two people were killed and it was not clear if the two events were connected. The Indian Mujahideen was unknown before November last year when it said it was behind a series of court bombings which killed 13 people in the northern Indian state of Uttar Pradesh. In May, the group also claimed responsibility for eight synchronised blasts that killed at least 61 in the historic city of Jaipur in Rajasthan state. Gujarat, Rajasthan and Karnataka are all governed by the Hindu nationalist Bharatiya Janata Party (BJP), which rose to prominence by campaigning for the destruction of the Babri Mosque in 1992. Gujarat hit the headlines in 2002 when Narendra Modi, the state's chief minister and senior BJP figure, was accused of doing little to stop rioting that saw 2,000 people, mostly Muslims, killed and up to 150,000 displaced. There is a long history of communal violence in India, whose population of 1.1 billion is about 80 per cent Hindu and 13 per cent Muslim. "The land of Mahatma Gandhi has been bloodied by terrorists whom we shall not spare," Mr Modi told journalists. "Terrorists are waging a war against India. We should be prepared for a long battle against terrorism." Pratibha Patil, the president, expressed her "grief and sorrow" and also appealed to the people of Ahmedabad to "maintain peace and harmony" in a statement released on her website. Security experts said they believed the Indian Mujahideen was likely to be a front organisation for other Islamic groups with links to Pakistan, India's nuclear armed rival with whom it has fought three wars. Last week, Shivshankar Menon, India's foreign secretary, said the peace process with Pakistan was "under threat" after New Delhi blamed "elements within Pakistan" for a suicide attack on the Indian Embassy in Kabul earlier this month. Kanchan Lakshman, a Pakistan and Kashmir specialist at the Delhi-based Institute for Conflict Management, said the bombings bore the hallmarks of professionals. "It would take up to two years to carry out an attack such as this," he said. Police and officials said the first spate of bombs were hidden in Tiffin boxes - small metal lunch containers - strapped to the back of bikes and detonated with timers in Ahmedabad's crowded old city. A second batch was timed to go off about 20 minutes later outside two hospitals struggling to deal with the injured, they said. All the devices were packed with nuts, bolts and metal ball bearings and one may have been attached to a gas canister, they said. Two doctors were also killed in the blast, they said, and local television channels showed victims writhing in pain and covered in blood on hospital floors. As many as 3,000 army personnel were brought in to patrol Ahmedabad today and the state government also ordered the closure of all shops, cinemas and markets and told people to stay at home. Police in Ahmedabad rounded up about 30 people in connection with the attacks, while authorities in Mumbai raided an apartment after tracing the email back to the city, television channel CNN-IBN reported. @email:hgardner@thenational.ae

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Day 3, Abu Dhabi Test: At a glance

Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.

Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.

The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.

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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.”

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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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
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.