Exuberant Zimbabweans greeted the swearing-in Friday of Emmerson Mnangagwa, the country's second leader since independence from white minority rule in 1980.
Mr Mnangagwa, fired earlier this month as vice president, will lead after the resignation of 93-year-old Robert Mugabe, who succumbed to pressure to quit from the military, the ruling party and massive demonstrations.
Mr Mnangagwa greeted tens of thousands in attendance with a raised fist, and he promised to devote himself to the well-being of the people.
A former justice and defense minister, Mr Mnangagwa was a key Mugabe confidant for decades until they fell out because of the presidential ambitions of Mugabe's wife, Grace. Despite his long association with the government that has presided over Zimbabwe's decline, including economic collapse and human rights abuses, Mr Mnangagwa has promised democracy and reached out to other countries for help.
Mr Mugabe was the world's oldest head of state when he quit Tuesday amid impeachment proceedings. In the end, he was isolated and showing few of the political skills that kept him in power for 37 years and made him a prominent but polarising figure on the world stage.
Mr Mugabe was not attending Friday's swearing-in, and ruling party officials have said he will remain in Zimbabwe with their promise that he is "safe" and his legacy as a "hero" will stand after his fight for an independent Zimbabwe.
Zimbabwe's state-run Herald newspaper reported that Mr Mnangagwa assured his predecessor and his family of their "maximum security." The report said the two men agreed Mr Mugabe would not attend Friday because he "needed time to rest".
Some people ahead of the inauguration began to dance in the stadium stands. Banners erected in read "Dawn of a new era" and "No to retribution," even as human rights activists began to report worrying details of attacks on close allies of the former first lady and their families. Mr Mnangagwa has warned against "vengeful retribution".
Tendai Lesayo held a small Zimbabwean flag as she sold drinks from a cooler outside the stadium. She said she would welcome a fresh start, saying "life now is impossible".
Elsewhere in the capital, long lines formed outside banks, a common sight in a nation struggling with cash shortages and other severe economic problems that the new president will have to confront.
"Right now, nothing has really changed for me. I still cannot get my money from the bank," said Amon Mutora, who had been in line since 6am.
"Attending the inauguration will not bring food for my family," said Kelvin Fungai, a 19-year-old selling bananas from a cart. Many young people are well-educated but jobless, reduced to street vending to survive. Others have left the country.
Elsewhere, there were signs of hope amid the uncertainty. Black market rates for cash have tumbled since Mr Mugabe left office. Before he stepped down, one had to deposit $170 into a black market dealer's bank account to get $100 cash. On Friday, $100 cash was selling for between $140 and $150.
As the inauguration crowds streamed by, Sharon Samuriwo sat on a ledge, watching. She said she hoped Mr Mnangagwa would learn from the errors of his predecessor, and she acknowledged that the path ahead for Zimbabwe is unknown.
Still, "after 37 years, we've got someone different".
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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