New president Emmerson Mnangagwa laid out a grand vision on Friday to revitalise Zimbabwe's ravaged economy and vowed to rule on behalf of all the country's citizens.
Sworn in days after the overthrow of Robert Mugabe, the 75-year-old former security chief promised to guarantee the rights of foreign investors and to re-engage with the West, and said elections would go ahead next year as scheduled.
In a 30-minute speech to tens of thousands of supporters in Harare's national stadium, Mr Mnangagwa extended an olive branch to opponents, apparently aiming to bridge the ethnic and political divides exploited by his predecessor during his 37 years in charge.
"I intend, nay, am required, to serve our country as the president of all citizens, regardless of colour, creed, religion, tribe or political affiliation," he said, in a speech that also hailed the voice of the people as the "voice of god".
Behind the rhetoric, some Zimbabweans wonder whether a man who loyally served Mr Mugabe for decades can bring change to a ruling establishment accused of systematic human rights abuses and disastrous economic policies.
Mr Mnangagwa made clear that the land reforms that sparked the violent seizure of thousands of white-owned farms after 2000 would not be reversed, but promised that those who lost property would receive compensation.
To some political opponents, the speech was a welcome change from the habitual belligerence of mr Mugabe and appeared to be drawing on mr Mnangagwa's knowledge and understanding of China as a model for running an economy.
"His model has been the Chinese," said David Coltart, a former education minister and MP from the opposition Movement for Democratic Change.
"He will drive to make Zimbabwe a more attractive investment location, and more efficient, but like China will not tolerate dissent. If you 'behave', you will be secure."
Those sceptical about the new president's commitment to change question Mr Mnangagwa's role in the so-called Gukurahundi massacres in Matabeleland in 1983, when an estimated 20,000 people were killed in a crackdown on Mr Mugabe's opponents by the North Korean-trained Fifth Brigade.
Mr Mnangagwa was in charge of internal security at the time, but has denied any part in the atrocities.
Many Zimbabweans, especially the ethnic Ndebele who bore the brunt of the Gukurahundi slaughter, will see his appeal on Friday to "let bygones be bygones" as an attempt to gloss over his nation's darkest chapter.
Some critics have alleged harsh treatment by soldiers of opponents of the military intervention last week - a de facto coup against mr Mugabe, 93, and his 52-year-old wife Grace.
Axed finance minister Ignatius Chombo was in hospital with injuries sustained from beatings during a week in military custody, his lawyer told Reuters. He was blindfolded throughout his time in detention, Lovemore Madhuku said.
"It was a very brutal and draconian way of dealing with opponents," he added.
Asked to comment, police spokeswoman Charity Charamba said she had no information about Mr Chombo.
Since his return to Zimbabwe this month after fleeing a Mugabe-led purge, Mr Mnangagwa has been preaching democracy, tolerance and respect for the rule of law.
Along with Mr Mugabe, Grace - mr Mnangagwa's sworn enemy - has been granted immunity from prosecution and had her safety guaranteed, part of a deal that led to Mr Mugabe's resignation on Tuesday, sources close to the negotiations said.
For decades mr Mnangagwa was a faithful aide to mr Mugabe, who was widely accused of repression of dissent and election-rigging and under whose rule one of Africa's once most prosperous economies was wrecked by hyperinflation and mass emigration.
mr Mnangagwa earned the nickname "Ngwena", Shona for crocodile, an animal famed and feared in Zimbabwean lore for stealth and ruthlessness.
In his speech, Mr Mnangagwa called for the removal of western sanctions and said he wanted to "hit the ground running".
Those listening to his speech said they were prepared to give him the benefit of the doubt, but were also realistic about the chances of injecting life into an economy with 90 per cent unemployment and banks devoid of cash.
In the last 15 years, an estimated 3 million Zimbabweans have emigrated to neighbouring South Africa in search of a better life.
"I wanted to see for myself that Mugabe has really gone. He is the only president I’ve known," said 33-year-old Lenin Tongoona.
"We have a new president who may try something a little different to improve the economy. I’m excited today but tomorrow is uncertain because we don’t know how he will turn out. He talks about creating jobs. How does he plan to do that?”
COMPANY%20PROFILE
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COMPANY%20PROFILE
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
COMPANY%20PROFILE
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.”
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
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Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
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Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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