Colombian presidential candidate Ivan Duque speaks to the press at a polling station in Bogota during the first round of the presidential election in Colombia. Luis Acosta / AFP
Colombian presidential candidate Ivan Duque speaks to the press at a polling station in Bogota during the first round of the presidential election in Colombia. Luis Acosta / AFP

Next Colombian president should not take fragile peace for granted



In 2016 a landmark peace agreement between Farc, a violent leftist militia, and the Colombian government saw more than 10,000 fighters surrender their weapons and begin their transition to civilian life.

With that ended five decades of insurgency that killed more than 200,000 people and displaced seven million. Millions of Colombians rejoiced, as did international observers; Colombian president Juan Manuel Santos was rewarded with a Nobel peace prize.

And yet the Colombian presidential elections this week – the first since the peace deal was signed – have thrown its future into peril. The conservative front-runner Ivan Duque has vowed to cripple the deal by removing amnesty for Farc members. He faces a run-off next month with former M-19 guerrilla Gustavo Petro, who would preserve the agreement.

The election results reflect the severe polarisation of a country still recovering from a brutal conflict.

But more profoundly, they speak to the fragility of peace accords that can halt violence but cannot heal the wounds that conflict has inflicted. Blame and vengeance do not disappear when a peace deal is signed. Even in recent history's most successful reconciliations, such as the Good Friday agreement in Northern Ireland, hostile sentiment lingers on.

Bringing peace in conflict requires the perfect alignment of desire and incentive and hence agreements are imperilled by a change in leadership, on either side.

With its electorate united only in its distrust of establishment politicians, Colombia is set for political transition. Whoever is victorious in the second round on June 17 should to their best to ensure a lasting peace. Only then can the scars of a gruesome conflict begin to fade.

Colombia has made excellent progress in recent years. Terrorist attacks, kidnappings and homicides have declined substantially while sectors like mining, technology and agriculture have swelled. This month, the Organisation for Economic Co-operation and Development approved Colombia as a new member, while it will next week become a Nato global partner, the first Latin American country to do so.

Nevertheless, revenge killings of Farc commanders in traumatised rural communities reveal the fragility of the peace. From Basque separatists Eta in Spain to Farc fighters in Colombia, prolonged peace requires effective rehabilitation of rebels. In Colombia it might also necessitate reparations or the return of land stolen during the conflict.

Such conditions are difficult to achieve in a generation, let alone a couple of years. Earlier this year, Colombians revealed themselves unready to accept Farc as a serious political force when the group received just 0.5 per cent of the vote in parliamentary elections.

Yet peace is precious and could collapse altogether should Mr Duque win next month’s election and follow through on his threats.

Peace agreements are never perfect, but they are invaluable. Successive leaders should be wary of ditching hard-fought peace accords. They should choose dialogue over destruction.

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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How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
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How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

McLaren GT specs

Engine: 4-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 630Nm

Price: Dh875,000

On sale: now

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