India's response could hurt the war on terror



Islamabad // Pakistan could abandon the "war on terror" if India follows up its accusations of Pakistani involvement in the devastating assault on Mumbai with military aggression, analysts said yesterday. Security officials have warned that thousands of Taliban-fighting troops could be pulled off the Afghan frontier and redeployed to the east in less than 72 hours if India masses forces on its side, as it did in 2002 after accusing a Pakistan-based group of storming its parliament. That move six years ago brought the subcontinent to the brink of a nuclear conflict.

"If Pakistan is faced with a two-front threat, obviously it will have to go for a pretty pragmatic and rational approach," said Rasul Baksh Rais, a professor of political science at the Lahore University of Management Sciences. "There is no doubt that Pakistan would have to redeploy its forces from the western front to the eastern front if India steps up aggression. If India were to attack Pakistan it would be very damaging. We can calculate the damage from a full-fledged war at billions of dollars and Pakistan would be pushed backwards 15 years."

Pakistani forces this year have radically stepped up offensives against Taliban fighters in the rugged western borderlands, concurrently waging three operations in the tribal agencies of Bajaur and Mohmand as well as the scenic north-western valley of Swat. The stepped-up efforts have won praise from US and Nato commanders in Afghanistan, who hail them as Pakistan's strongest since September 11. About 100,000 troops are stationed along the contentious Durand line dividing Pakistan and Afghanistan to stem cross-border infiltration by Taliban fighters.

While Indian allegations mount of a Pakistani link via Kashmiri fighters Lashkar-i-Taiba to the orchestrated assaults on India's glittering financial capital, no evidence has been produced. Many in Pakistan, long cynical at India's knee jerk habit of blaming its rival for most acts of violence on its soil, are marvelling at how readily India's accusations are being accepted without evidence. Suspicions reportedly focus on an abandoned boat off the coast of Mumbai, believed to have been used by the gunmen to cross the Arabian Sea from Pakistan's port city of Karachi, and on the purported confessions of the lone surviving gunman.

Asif Ali Zardari, the president, has pledged to act on any proven link with groups based here. Politicians and news editorials are urging India to share what evidence it has. But none has been offered. Indian politicians nevertheless have issued hawkish threats to move to a "war level". "We will increase security and strengthen it at a war level like we have never done before," said Sriprakash Jaiswal, India's minister of state for home affairs.

Distressed Pakistanis feel strongly that they are under two-pronged attack from Taliban and al Qa'eda suicide bombers on one hand and on the other from US forces raining Hellfire missiles from remote-controlled aircraft on to Pakistan territory every four to five days since August. The spectre of a third source of aggression, this time from India, intensifies a growing sense of siege and a belief that the outside world is plotting to cripple Pakistan so it can be stripped of its nuclear weapons.

That is compounded by fears that if troops are withdrawn from the Afghan frontier, the door will be open for Afghan-based US and Nato forces to walk in. "I think the ultimate project is to take out Pakistan's nuclear capability," said Prof Rais, voicing an increasingly popular view. "If India uses the Mumbai attacks as a pretext for moving against Pakistan, it would not be a reaction to what happened in Mumbai. It is part of a larger plan to weaken Pakistan. That is the assessment of many people I have spoken with. This is exactly what the Americans also want to do.

"Trouble has been created for Pakistan, not by Pakistan. If India wants to attack, it's part of the greater plan to squeeze it from both sides and spread instability in other areas. Pakistan will be crippled by a war on two fronts. India is not acting alone. If it attacks Pakistan it is part of a larger game plan with other partners." Pakistan's military spokesman meanwhile dismissed reports that Indian troops were already mobilising.

"We have seen reports in media suggesting suspension of ceasefire and movement of troops on the Indian side of the border," Major Gen Athar Abbas said, referring to a five-year ceasefire in the Kashmir region disputed by the neighbours. "As far as the official authenticated reports are concerned there is no such movement or mobilisation of troops. The ceasefire is holding." bcurran@thenational.ae

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.”

The specs: 2018 Audi R8 V10 RWS

Price: base / as tested: From Dh632,225

Engine: 5.2-litre V10

Gearbox: Seven-speed automatic

Power: 540hp @ 8,250rpm

Torque: 540Nm @ 6,500rpm

Fuel economy, combined: 12.4L / 100km

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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.

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

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Premier League results

Saturday

Crystal Palace 1 Brighton & Hove Albion 2

Cardiff City 2 West Ham United 0

Huddersfield Town 0 Bournemouth 2

Leicester City 3 Fulham 1

Newcastle United 3 Everton 2

Southampton 2 Tottenham Hotspur 1

Manchester City 3 Watford 1

Sunday

Liverpool 4 Burnley 2

Chelsea 1 Wolverhampton Wanderers 1

Arsenal 2 Manchester United 0

 

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

UAE currency: the story behind the money in your pockets
Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

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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