The international community has condemned the assassination attempt on Iraq’s Prime Minister Mustafa Al Kadhimi, with the UAE describing it as “cowardly” and the US condemning it as a “terrorist” act.
Although Mr Al Kadhimi escaped with only an injured wrist, images showed the destruction at his home caused by the explosive-laden drone after a week of escalating tension.
Mr Al Kadhimi said after chairing a security meeting on Sunday that those behind an attempt on his life were well known and would be exposed.
"We will pursue those who committed yesterday's crime, we know them well and we will expose them," he said according to a statement from the prime minister office.
The UAE’s Ministry of Foreign Affairs and International Co-operation and Saudi Arabia’s Foreign Ministry “strongly condemned” what they called a “cowardly terrorist attack” on Mr Al Kadhimi’s residence.
His home is inside the Green Zone, a secure compound that houses government buildings and international missions including the US embassy.
US President Joe Biden condemned the attack and said those responsible for it “must be held accountable”.
“I am relieved the prime minister was not injured and commend the leadership he has shown in calling for calm, restraint and dialogue to protect the institutions of the state and strengthen the democracy Iraqis so richly deserve,” he said.
“I condemn in the strongest terms those using violence to undermine Iraq’s democratic process.”
Mr Biden said he had instructed his national security team to help Iraq’s security forces to investigate the attack and identify those behind it.
US State Department spokesman Ned Price expressed his dismay at the attack, saying it was “directed at the heart of the Iraqi state”.
US Secretary of State Antony J Blinken spoke with Iraqi Prime Minister Mustafa Al Kadhimi to condemn the terrorist attack and convey his relief that the Prime minister was unharmed.
Secretary Blinken underscored this attack was also an attack on the sovereignty and stability of the Iraqi state.
Mr Blinken reiterated that the US partnership with Mr Al Kadhimi and with Iraq is steadfast, and pledged to support the Iraqi security forces as they investigate this attack.
Iran’s senior security official, Ali Shamkhani, referred to the attack as “a new sedition” while Tehran’s Foreign Ministry urged “vigilance to foil plots aimed at the security and development”.
“The attempt … is a new sedition that must be traced back to foreign think tanks,” he said on Twitter.
Iran backs numerous armed militias in Iraq that have been accused of carrying out repeated attacks against US and international forces in Iraq.
A security official with the Iran-backed Kataib Hezbollah militia – one of the armed groups most vocally opposed to Mr Al Kadhimi and connected to past attacks – dismissed involvement in the attack.
“According to our confirmed information, no-one in Iraq has the desire to waste a drone on the house of a former prime minister,” Abu Ali Al Askari said on Telegram.
Iran blamed the US for the attack on Mr Al Kadhimi.
The UN Assistance Mission for Iraq said it was relieved Mr Al Kadhimi was not seriously hurt.
“Terrorism, violence and unlawful acts must not be allowed to undermine Iraq’s stability and derail its democratic process,” it said.
“Unami strongly encourages all sides to take responsibility for de-escalation and to engage in dialogue to ease political tensions, upholding the national interest of Iraq.”
British Prime Minister Boris Johnson "strongly condemned" the attack targeting his Iraqi counterpart Mustafa al-Kadhemi, his office said Sunday.
Johnson also "offered his sympathies to those injured" after an explosives-packed drone struck Kadhemi's Baghdad residence early Sunday, Downing Street said.
Britain’s Foreign Secretary, Liz Truss, also condemned the attack and backed Mr Al Kadhimi’s call for calm.
“We condemn the attack on Iraqi Prime Minister Mustafa Al Kadhimi,” she said on Twitter.
“We stand with the Iraqi government, security forces and people in their rejection of political violence and strongly support the Prime Minister’s call for calm and restraint.”
France’s President Emmanuel Macron also condemned the attack.
Qatar’s state-run news agency carried a statement from authorities that said the country supported the “unity, stability and sovereignty” of Iraq.
Jordan’s state news agency, Petra, quoted the Foreign Ministry as saying it rejected “attempts that aim to tamper with the security and stability of Iraq”.
“The ministry also reiterated Jordan’s supportive stance towards Iraq in the face of whatever threatens the security of its people and in combatting terrorism,” the agency reported.
Bahrain’s Prime Minister Sheikh Sabah Al Khalid called Mr Al Kadhimi and condemned the attack, and expressed Kuwait’s “solidarity with the Iraqi government and its people”.
Masoud Barzani, the former president of the Kurdish Regional Government of Iraq, also called Mr Al Kadhimi to give his support.
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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