NEW DELHI // Bangladesh's prime minister, Sheikh Hasina, ended her three-day visit to India last week with a series of treaties and agreements that could, some analysts say, signal a new era in bilateral ties while offering a model of South Asian co-operation.
"It was a very important visit, and the outcome was a new spirit of co-operation now and in years to come," said Mustafizur Rahman, the executive director at the Centre for Policy Dialogue in Dhaka.
Among the agreements reached, the most important were a deal to co-operate more closely to combat terrorism and a pact to open up Bangladesh's two underused seaports to marine traffic not just from India, but also Nepal and Bhutan.
New Delhi agreed to open up Indian transit routes to connect Nepal and Bhutan to Bangladeshi ports, to drop a number of tariffs on Bangladeshi goods and services and to extend an infrastructure credit line of US$1 billion (Dh3.67bn).
This will dramatically improve connectivity and trade throughout the region, while easing Indian access to its seven north-eastern states.
"Yes, we do want better relations, and rightly so," said Srinath Raghavan, an analyst at the Centre for Policy Research in New Delhi. "Since 1973 onwards, we have always suffered from the problem of India as the dominating partner, but now we have a new government willing to risk some kind of domestic opposition to build better ties."
This was Sheikh Hasina's first visit since winning a landslide victory in the presidential election in December 2008. She has played an active role in Bangladeshi politics since the impoverished state separated from Pakistan in 1971, and has always been considered pro-India.
As a sign of the growing goodwill between the two countries, New Delhi awarded her the Indira Gandhi Prize for Peace, Disarmament and Development, worth 2.5 million Indian rupees (Dh200,000), which Sheikh Hasina is donating to charity.
Others were less happy at the warmer relations between the two countries.
The Bangladesh National Party (BNP), led by hardline nationalists, termed the visit a "sell-out" and said it would turn the country into an "Indian market". The party is threatening protests.
Most analysts, however, said the pacts would go a long way to rectifying Bangladesh's chronic trade deficit with India, which is widening at a rate of about five per cent per year. Recent figures put Indian exports to Bangladesh at $2.8bn while imports were just $275 million.
"We need to have a trade balance between the two countries. We want Bangladesh to become a poverty-free country," Sheikh Hasina told Indian industry leaders. Her trip came just days after confirmation that India's Bharti AirTel is buying 70 per cent of Bangladesh's Warid Telecom from the Abu Dhabi Group.
Intra-regional trade accounts for only three per cent of all trade within the South Asian Association for Regional Cooperation (SAARC), said its president, Annisul Huq.
By comparison, intra-regional trade accounts for 52 per cent of trade within the EU, and 28 per cent with the Association of South Eastern Nations area. SAARC comprises India, Bangladesh, Bhutan, Nepal, Pakistan, the Maldives and Sri Lanka.
Significant infrastructure investment will be required for Bangladesh to gain the benefits of these deals, however, including the widening of roads and the expansion of its ports at Mongla and Chittagong, both of which are operating significantly under capacity.
"We need to build up container capacity at Chittagong," said Mr Rahman from the Centre for Policy Dialogue. "But we are also thinking about a second deep-sea port at Chittagong, and this would only be economically viable if we have sufficient trade and commerce, so this is very important."
The pacts also remove hurdles stalling development of the $1bn gas pipeline linking Myanmar to India via Bangladesh.
Dhaka insisted upon a reduction of its trade deficit, and the establishment of a trading corridor for Nepal and Bhutan, as conditions for implementation of a development agreement signed three years ago.
China has since stepped into the breach and is building pipelines to export Myanmar gas, but the fields in question are considered large enough to supply India and Bangladesh as well.
"Something could happen in two to three years with Indian companies such as Gail, Essar Oil, ONGC and IOC exploring gas in Myanmar," Myanmar's ambassador to India, U Kyi Thein, said recently, according to Asia Times.
Mr Rahman confirmed that China had also expressed interest in access to Chittagong as part of its "string of pearls" drive to improve its overall seaport access. But Mr Raghavan at the Centre for Policy Research said Chinese interest was not the driving force behind New Delhi's decision to sign the pacts.
"Access to these ports would help India smooth access to its north-eastern states. This is more internally driven than externally driven," he said. "Beyond that, as a counterpoint to China - I am not convinced that the 'string of pearls' has a strategic purpose rather than a political purpose."
He said the port of Gwadar in Balochistan province of Pakistan, for instance, is being built by the Chinese as a container port and not as a naval base, which has very different requirements. This is just about "building equities with people," Mr Raghavan said.
Most of the agreements are in framework form and details have to be sorted out, but they are expected to include the extension of existing water protocols between the two states, the resolution of some longstanding territorial disputes along the border and the Indian export of 250MW of power to Bangladesh (one megawatt is enough to power 1,000 western homes).
India is expected to cede up to 4,000 hectares to enable the assimilation within national boundaries of a series of small parcels of land held by both countries on either side of the border.
foreign.desk@thenational.ae
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Company%20profile
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UAE currency: the story behind the money in your pockets
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
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.”
Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
EMILY%20IN%20PARIS%3A%20SEASON%203
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Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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UAE currency: the story behind the money in your pockets
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially