PESHAWAR, PAKISTAN // A teenage survivor of yesterday’s Taliban attack on a Pakistan school described how he played dead after being shot in both legs by insurgents hunting down students to kill.
Militants rampaged through an army-run school in the northwestern city of Peshawar and killed at least 130 people, most of them children.
Speaking from his bed in the trauma ward of the city’s Lady Reading Hospital, Shahrukh Khan, 16, said he and his classmates were in a careers guidance session in the school auditorium when four gunmen wearing paramilitary uniforms burst in.
“Someone screamed at us to get down and hide below the desks,” he said, adding that the gunmen shouted “Allahu akbar” (God is greatest) before opening fire.
“Then one of them shouted: ‘There are so many children beneath the benches, go and get them’,” Khan said.
“I saw a pair of big black boots coming towards me, this guy was probably hunting for students hiding beneath the benches.”
Khan said he felt searing pain as he was shot in both his legs just below the knee.
He decided to play dead, adding: “I folded my tie and pushed it into my mouth so that I wouldn’t scream.
“The man with big boots kept on looking for students and pumping bullets into their bodies. I lay as still as I could and closed my eyes, waiting to get shot again.
“My body was shivering. I saw death so close and I will never forget the black boots approaching me – I felt as though it was death that was approaching me.”
The Army Public School is attended by boys and girls from both military and civilian backgrounds.
As his father, a shopkeeper, comforted him in his blood-soaked bed, Khan recalled: “The men left after some time and I stayed there for a few minutes. Then I tried to get up but fell to the ground because of my wounds.
“When I crawled to the next room, it was horrible. I saw the dead body of our office assistant on fire,” he said.
“She was sitting on the chair with blood dripping from her body as she burned.”
It was not immediately clear how the female employee’s body caught fire, though her remains were also later seen in a hospital mortuary.
Khan, who said he also saw the body of a soldier who worked at the school, crawled behind a door to hide and then lost conciousness.
“When I woke up I was lying on the hospital bed,” he said.
The Tehreek-e-Taliban Pakistan has claimed responsibility for the attack as retaliation for a major military offensive in the region, saying its militants had been ordered to shoot older students.
* Agence France-Presse
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UAE currency: the story behind the money in your pockets
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.”