Thousands of people attend a protest on the occasion of the first anniversary of the Catalan illegal independence referendum in Barcelona, Spain, 01 October 2018. EPA
Thousands of people attend a protest on the occasion of the first anniversary of the Catalan illegal independence referendum in Barcelona, Spain, 01 October 2018. EPA

Catalan separatists' divisions erupt on referendum anniversary



A year after a banned referendum on secession from Spain, tens of thousands of Catalan protesters piled pressure on the region's separatist government Monday during an anniversary marked by road and railway line blockades and late-night clashes with police.

According to municipal police, 180,000 protesters gathered in Barcelona late in the day behind a banner reading "October 1, no forgetting, no forgiving", to push for independence at a demonstration called by the influential civic association ANC.

"We're disappointed because people are pushing things as much as they can but they (politicians) aren't responding," Francesc Serra, a 43-year-old gardener, said.

At the end of the demonstration, clashes erupted late Monday between separatists and the regional police forces, with protesters – some with their faces covered - throwing stones at officers who responded by charging.

Hundreds of protesters managed to knock down barriers at the entrance of the regional parliament just after 21:00 local time (1900 GMT).

Earlier in the day, some 500 people cut the main roads of the city and called for the resignation of regional president Quim Torra, a staunch independence supporter whom they nonetheless accuse of failing to stand up to the Spanish state.

"We want to show them that they are where they are thanks to the people and that we have the power," explained Ana Sarabia, 48.

"If they don't do anything, we will act," she said at the demonstration.

Several hundred members of a radical group called the Committees for the Defence of the Republic (CDRs), many covering their faces with scarves, had occupied high-speed railway tracks in the northeastern city of Girona early Monday, briefly blocking service between Figueres and Barcelona.

Central streets in Barcelona and Lleida were blocked, as was the AP-7 motorway south of Barcelona, and the A2 that links the city with Madrid, Catalan TV images showed.

Activists swarmed into Catalonia's regional government building in Girona and took down the Spanish flag that hangs out front, replacing it with a red, yellow and blue separatist flag.

"A year ago we voted for independence... Let's act," the CDRs tweeted.

Last year's secession bid, which saw Catalan leaders hold the referendum despite a court ban on October 1, 2017 and then declare short-lived unilateral independence on October 27, has polarised public opinion, cleaving deep divisions regarding the region's future.

Monday's acts of disobedience highlighted divisions among separatists in the wealthy northeastern region, which is home to 7.5 million people and has its own language.

Separatist parties that hold an absolute majority in the regional parliament are split on how to pursue a break from Spain – either through direct confrontation or via a more moderate approach.

On Saturday, Barcelona was already tense, with 24 people injured and six detained as separatists clashed with Catalan police.

They had taken part in a protest called to counter a rally by police paying tribute to colleagues who deployed to foil the Catalan independence referendum.

_______________

Read more:

Almost 600 migrants scale fences to enter Spanish enclave

Barcelona flooded by Catalan pro-separatist marchers

EU migration plan stumbles as Libya says no to processing centre

_______________

The far-left separatist CUP party subsequently asked for the resignation of regional interior minister Miquel Buch, who had called out the independence protesters over the violence.

In this context of sharp divisions, Mr Torra on Monday praised the CDR actions, saying they were "doing well in putting on the pressure".

Spanish Foreign Minister Josep Borrell, who is Catalan, retorted however that "maintaining public order is the responsibility of Torra and the Catalan regional government."

The independence referendum last year was marred by a violent police crackdown on polling stations that made headlines around the world.

A majority voted for independence, but turnout was low as opponents stayed away.

In a radio interview, the spokeswoman for the Socialist government in Madrid, Isabel Celaa, said the referendum had been "illegal" and had no "legal consequence".

But she said the sporadically violent police intervention to impede the vote – as ordered by Spain's then conservative government - was a mistake.

Mr Celaa said the footage of police charging at voters - even if some of it was later found to be false - "seriously damaged Spain's reputation".

After the Catalan government declared unilateral independence on October 27, Madrid swiftly sacked the Catalan government, prompting several key figures to flee abroad, including Puigdemont. Others were jailed.

In total, 13 separatist leaders have been charged with rebellion, nine of whom are in preventative custody in Spain awaiting trial, while four others are in self-exile in Belgium, Scotland and Switzerland.

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.8%22%20quad-HD%2B%20dynamic%20Amoled%202X%2C%203120%20x%201440%2C%20505ppi%2C%20HDR10%2B%2C%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%204nm%20Qualcomm%20Snapdragon%208%20Gen%203%2C%2064-bit%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%2012GB%20RAM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2014%2C%20One%20UI%206.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20quad%20200MP%20wide%20f%2F1.7%20%2B%2050MP%20periscope%20telephoto%20f%2F3.4%20with%205x%20optical%2F10x%20optical%20quality%20zoom%20%2B%2010MP%20telephoto%202.4%20with%203x%20optical%20zoom%20%2B%2012MP%20ultra-wide%20f%2F2.2%3B%20100x%20Space%20Zoom%3B%20auto%20HDR%2C%20expert%20RAW%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%208K%4024%2F30fps%2C%204K%4030%2F60%2F120fps%2C%20full-HD%4030%2F60%2F240fps%2C%20full-HD%20super%20slo-mo%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205000mAh%2C%20fast%20wireless%20charging%202.0%2C%20Wireless%20PowerShare%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%2C%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3B%20built-in%20Galaxy%20S%20Pen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20up%20to%201.5m%20of%20freshwater%20up%20to%2030%20minutes%3B%20dust-resistant%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESIM%3A%3C%2Fstrong%3E%20Nano%20%2B%20nano%20%2F%20nano%20%2B%20eSIM%20%2F%20dual%20eSIM%20(varies%20in%20different%20markets)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Titanium%20black%2C%20titanium%20grey%2C%20titanium%20violet%2C%20titanium%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EGalaxy%20S24%20Ultra%2C%20USB-C-to-C%20cable%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20for%20256GB%2C%20Dh5%2C599%20for%20512GB%2C%20Dh6%2C599%20for%201TB%3C%2Fp%3E%0A

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.”

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
The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

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.