Pakistani Shi'ite supporters of Imamia Students Organization (ISO) chant slogans and carry signs during a protest rally against U.S. President Donald Trump, while marching towards the U.S. consulate in Karachi. REUTERS/Akhtar Soomro
Pakistani Shi'ite supporters of Imamia Students Organization (ISO) chant slogans and carry signs during a protest rally against U.S. President Donald Trump, while marching towards the U.S. consulate iShow more

Pakistan protest against Trump halts US visit



Pakistan postponed a visit by a U.S. acting Assistant Secretary of State, officials said, as small protests broke out against President Donald Trump’s accusations that Islamabad was prolonging the war in Afghanistan.

The visit of Alice Wells, acting assistant Secretary of State for South and Asian Affairs, scheduled for Monday, would have been the first high-profile visit by a U.S. official since Trump’s Afghan policy speech on August 21.

“At the request of the Government of Pakistan, Acting Assistant Secretary Wells’ trip has been postponed until a mutually convenient time,” a U.S. Embassy spokesperson told Reuters in Islamabad on Sunday.

Pakistan’s foreign ministry released a statement with similar wording.

Neither side gave a reason for the postponement, but U.S. officials working in Pakistan have been on high-alert since Monday’s speech.

Trump accused Pakistan of harboring “agents of chaos” and providing safe havens to militant groups waging an insurgency against a U.S.-backed government in Kabul.

Pakistani officials responded by saying the U.S. should not “scapegoat” Pakistan and accused the American military of failing to eliminate militant sanctuaries inside Afghanistan.

In the southern metropolis of Karachi, police fired teargas at protesters from a religious student group as they began moving toward the U.S. consulate building.

Between 100 and 150 protesters carrying placards bearing pictures of President Trump and chanting anti-U.S. slogans were kept at bay by police and not allowed within 3 km (2 miles) of the consulate.

On Friday, banned Islamist organization Jamaat-ud-Dawa, held responsible by Washington and New Delhi for a series of coordinated attacks in the Indian city of Mumbai in 2008, staged nationwide protests but also failed to draw large numbers.

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.”

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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