Myanmar's army will “annihilate” coup opponents, junta chief Min Aung Hlaing said on Sunday as the military staged a show of force on the anniversary of its bloodiest crackdown so far on democracy protests.
The South-east Asian country has been in chaos since a coup in February last year, with more than 1,700 people killed in crackdowns on dissent, according to a local monitoring group.
Across the country “People's Defence Force” fighters, often armed with home-made or rudimentary weapons, clash regularly with troops, with some analysts suggesting the military has struggled to respond effectively to their hit-and-run tactics.
Fighting has also flared with more established ethnic rebel groups along the Thai and Chinese borders.
Presiding over the annual parade that showcased tanks, truck-mounted missiles, artillery and troops on horseback, Min Aung Hlaing told some 8,000 assembled security personnel that the army would not let up.
The military will “no longer negotiate … and annihilate until the end” groups fighting to overturn its rule, he said before the Armed Forces Day procession in the army-built capital Naypyidaw.
Jets flew overhead trailing the yellow, red and green of the national flag, while state media showed women lining the streets leading to the parade ground to give flowers and place garlands on the marching soldiers.
In commercial hub Yangon, around a dozen anti-junta protesters set off flares and shouted slogans, according to footage posted on social media.
Others called on social media for residents to switch off their lights at home in a national “power strike” on Sunday evening.
Armed Forces Day commemorates the start of local resistance to the Japanese occupation during the Second World War, and usually features a military parade attended by foreign officers and diplomats.
Last year, as Min Aung Hlaing inspected the parade, the military carried out a crackdown on democracy rallies that left about 160 protesters dead, according to a local monitoring group.
The violence was the bloodiest day so far since the military removed Aung San Suu Kyi's civilian government on February 1, 2021.
The junta has become increasingly isolated, with Cambodia's leader Hun Sen the only foreign leader to visit since the coup.
On Sunday Min Aung Hlaing accused unnamed “foreign aggressors” of working against the military and called for the armed forces to remain united against “internal and external mischiefs".
Russia's vice defence minister had been due to attend this year's parade but was unable to because of his “country's affairs”, junta spokesman Zaw Min Tun added.
In February a UN expert on Myanmar said Russia, along with other major ally China, was continuing to supply the military with weapons, including fighter jets and armoured vehicles.
The US and Britain on Friday announced new sanctions against Myanmar's army.
The new measures came days after Washington said it had concluded that the country's military had committed genocide against the mostly Muslim Rohingya minority.
COMPANY%20PROFILE
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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.”
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MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
Match on BeIN Sports
Tour de France
When: July 7-29
UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
