Men identify the shoes of their dead or injured relatives after a suicide attack at an ordinance factory in Wah, near Islamabad.
Men identify the shoes of their dead or injured relatives after a suicide attack at an ordinance factory in Wah, near Islamabad.

Bombers kill scores at arms factor



ISLAMABAD // At least 60 people were killed today in a twin suicide bombing at a military ordnance factory close to Islamabad, part of an upsurge in violence that comes as the government teeters on the brink of collapse. Two bombers blew themselves up at different gates of the factory in Wah, some 30km from the capital, just as hundreds of workers were pouring in and out for the afternoon change of shifts. It was perhaps the deadliest bombing in Pakistan since militants began a campaign of violence a year ago. Unofficial reports put the death toll at 60, with 100 wounded. Earlier this week, a bombing at a hospital in Dera Ismail Khan, in the north-west, killed 27. Pakistan's Taliban movement claimed responsibility for both bombings. Security was on high alert across Pakistan today. "This is an intensification [in the attacks]," said Talat Masood, a retired general who once headed the Wah ordnance factory. "They're trying to blackmail the government." The Wah arms manufacturing plant is the biggest ordnance manufacturing facility in Pakistan, and it is heavily guarded by the army. It should be one of the most well-protected places in Pakistan, raising the possibility that there was help from within the factory. Pakistani security forces are fighting militants in Bajaur, part of the country's tribal belt along the border with Afghanistan, and in Swat, a valley in the north-west. Separately, an inter-tribal conflict has erupted in Kurram, another part of the tribal territory, in which some 350 locals have died in the last two weeks. The Taliban said the factory bombing was in revenge for the offensive in Bajaur, where hundreds of insurgents are thought to have been killed. "If it [military operations] doesn't stop, we will continue such attacks," said Maulvi Omar, a Taliban spokesman. Militants appear to be exploiting the political vacuum in Pakistan. Elections in February brought to power a coalition government that has failed to gel and with continued infighting seems to have forgotten how to govern. The coalition was able to come together briefly in a move that ousted Pervez Musharraf as president on Monday this week but since then, the political parties have become deadlocked once again. There had been hope that the departure of Mr Musharraf, architect of Pakistan's role in the US-initiated "war on terror", may placate the extremists and also allow the administration to get on with the business of governing. The coalition had complained that interference by Mr Musharraf was hampering decision-making. "This is just barbaric," said Sadiq ul Farooq, a spokesman for the Pakistan Muslim League-N, one of the two big parties in the coalition, reacting to the factory attack. "We have to devise a policy which is national, which protects and serves our own interests." While the other major party in the coalition, the Pakistan People's Party, has said the antiterror fight is "our war", the PML-N of Nawaz Sharif and most other political groupings in the country regard it as "America's war". Today, the coalition may finally collapse, as it is the self-imposed deadline for reaching an agreement on the reinstatement of the judges sacked by Mr Musharraf in November, which has become Pakistan's central political issue. Mr Sharif's party wants all the judges brought back, while the PPP is reluctant to reinstate deposed chief justice Iftikhar Chaudhry, an activist judge who had held the executive to account. With the common enemy of Mr Musharraf gone, the parties are in danger of reverting to their historic roles, in which they were bitter rivals. There is intense speculation that the two sides will not be able to agree, which would push Mr Sharif out of the government. Mr Sharif has threatened to quit the coalition if the judges are not restored. "If the judges are not restored we will perhaps be forced to sit in the opposition," Mr Sharif said in an interview published in the Wall Street Journal today. "We will not try to bring the government down. But of course then we have no choice but to sit in the opposition," he said. The Pakistan People's Party would then have to call on other parties for support, to continue in government, including the MQM, which was closely allied to Mr Musharraf. There is also a rising expectation that the next president will be Asif Ali Zardari, a highly controversial figure who became leader of the PPP after the assassination of his wife, Benazir Bhutto, a former prime minister. As the biggest party in the coalition, the presidency is in the gift of the party. It would mean a remarkable turnaround in the political fortunes of Mr Zardari, who was known in Pakistan as "Mr 10 per cent" for his alleged corruption during his wife's two terms in power. Mr Zardari has never been convicted on any of the dozens of criminal charges levelled against him over the years. When Bhutto returned to Pakistan from exile in October, Mr Zardari was still an unpopular figure in Pakistan and even within his own party. After her death, he came to Pakistan and quickly established an iron grip over the Pakistan People's Party, the country's most organised political machine. sshah@thenational.ae

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi. 

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

Daniel Bardsley

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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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.

2025 Fifa Club World Cup groups

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Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

Series information

Pakistan v Dubai

First Test, Dubai International Stadium

Sun Oct 6 to Thu Oct 11

Second Test, Zayed Stadium, Abu Dhabi

Tue Oct 16 to Sat Oct 20          

 Play starts at 10am each day

 

Teams

 Pakistan

1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza

 Australia

1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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