Anti-government "red shirt" protesters place flowers and roses in mourning for the dead at a temple in Bangkok, on Saturday, June 19, 2010.
Anti-government "red shirt" protesters place flowers and roses in mourning for the dead at a temple in Bangkok, on Saturday, June 19, 2010.

Thousands mourn Thai protest leader



BANGKOK // Security forces converged on a Buddhist temple in Thailand's capital today where thousands of mourners were expected to pay their final respects to a renegade general assassinated at the height of last month's anti-government protests. Police feared the cremation of Maj Gen Khattiya Sawasdiphol, shot in the head by a sniper while giving interviews to foreign journalists, would draw Red Shirt opposition supporters from across the country. "The funeral is a time for mourning, but it's also a time to show solidarity," said Pongsak Phusitsakul, a provincial protest leader who planned to attend with other Red Shirts from his province. Metropolitan police commissioner Vichai Sangparpai said that 800 policemen - including bomb squads, riot police and undercover officers - were being deployed in and around the Buddhist temple, which was a few blocks the area where the Red Shirt protest started. The Red Shirts staged ten weeks of protests during which nearly 90 people were killed - most of them protesters shot by soldiers - and more than 1,400 injured before security forces drove them from the enclave in downtown Bangkok they had occupied. The protesters were demanding that the prime minister Abhisit Vejjajiva - who they see as illegitimate because his party did not win the last elections - dissolve parliament and call early elections. Mr Khattiya, better known as "Seh Daeng," was singled out by the government as the leader of a militant wing of the Red Shirts and a key organizer of rudimentary bamboo-and-tire defences around the area they occupied. His death on March 13 enraged the protesters and led to a final showdown with army troops six days later. The government claimed that the use of force was necessary to combat so-called "men in black," armed Red Shirts security believed to be trained by Mr Khattiya. Many of the Red Shirts, who are mostly rural poor, are supporters of former Thai leader Thaksin Shinawatra, who was ousted in a military coup in 2006 and is now in self-imposed exile. The government says Mr Thaksin was a key instigator and financier of the protests. The deputy prime minister, Suthep Thaugsuban, told Thai PBS television channel that he was not worried about a large group of Red Shirt supporters turning up at the funeral. "I've got total confidence in the police," said Mr Suthep. Emergency decrees are still in place forbidding any political gathering of more than five people. Under the decrees, anyone can be taken into custody for a week without being charged. Pongsak Phusitsakul, the provincial Red Shirt leader, said he had arranged transport for about 70 supporters from his province. Many more will join him in the one-day trip to Bangkok in their own vehicles, he said. Mr Pongsak said that many provinces were organizing similar trips. "This is natural for a mass movement. Seh Daeng is just a symbol," he said. "We are here to make our voices heard again." * AP

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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.

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.”

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco