A shopkeeper and his son watch a televised speech by then-Iraqi president Saddam Hussein in January, 1997. Reuters
A shopkeeper and his son watch a televised speech by then-Iraqi president Saddam Hussein in January, 1997. Reuters
A shopkeeper and his son watch a televised speech by then-Iraqi president Saddam Hussein in January, 1997. Reuters
A shopkeeper and his son watch a televised speech by then-Iraqi president Saddam Hussein in January, 1997. Reuters

UN ends compensation mission after Iraq pays $52.4bn to Kuwait over 1991 invasion


Mina Aldroubi
  • English
  • Arabic

A UN body established almost 31 years ago to settle $52.4 billion of claims made for damage inflicted by Iraq during the 1990 Kuwait invasion has officially closed.

Officials said on Wednesday that the UN Compensation Commission's mandate had been fulfilled. Iraq made the final payment, of $44 million, on January 13.

In August 1990, former Iraqi dictator Saddam Hussein ordered his army to invade Kuwait and seize what he described as "Iraq's 19th province", before being pushed back seven months later by a US-led coalition.

  • American airforce F-15 C fighters flying over a Kuwaiti oilfield which had been torched by retreating Iraqi troops during the Gulf War. Getty Images
    American airforce F-15 C fighters flying over a Kuwaiti oilfield which had been torched by retreating Iraqi troops during the Gulf War. Getty Images
  • US Air Force ground crew loading 500-pound bombs onto an aircraft during operation Desert Storm - the mission to drive Iraqi forces out of Kuwait, January to February 1991. Mark Peters / Department Of Defence
    US Air Force ground crew loading 500-pound bombs onto an aircraft during operation Desert Storm - the mission to drive Iraqi forces out of Kuwait, January to February 1991. Mark Peters / Department Of Defence
  • Gen Norman Schwarzkopf, commander-in-chief, US Central Command, presents the Legion of Merit to Maj Gen Muhammed Al Badi, chief of staff of the UAE Armed Forces, for his role in liberating Kuwait from occupying Iraqi forces during Operation Desert Storm. April 2, 1991. Corbis via Getty Images
    Gen Norman Schwarzkopf, commander-in-chief, US Central Command, presents the Legion of Merit to Maj Gen Muhammed Al Badi, chief of staff of the UAE Armed Forces, for his role in liberating Kuwait from occupying Iraqi forces during Operation Desert Storm. April 2, 1991. Corbis via Getty Images
  • British engineers from the 7th armoured brigade in action on January 7 1991 in the Saudi Arabian desert. Patrick Baz / AFP
    British engineers from the 7th armoured brigade in action on January 7 1991 in the Saudi Arabian desert. Patrick Baz / AFP
  • An Egyptian soldier holding a bayonet takes shelter in a hole to protect himself from Iraqi artillery fire on February 25, 1991 while Allied troops launch a ground offensive to free Kuwait from Iraqi invasion. Pascal Guyot / AFP
    An Egyptian soldier holding a bayonet takes shelter in a hole to protect himself from Iraqi artillery fire on February 25, 1991 while Allied troops launch a ground offensive to free Kuwait from Iraqi invasion. Pascal Guyot / AFP
  • Egyptian army fire missiles on February 25, 1991 on the second day of the massive ground assault of the Allied Forces into Kuwait and Iraq. Pascal Guyot / AFP
    Egyptian army fire missiles on February 25, 1991 on the second day of the massive ground assault of the Allied Forces into Kuwait and Iraq. Pascal Guyot / AFP
  • An Iraqi Kurdish refugee child cries on April 11, 1991, in Isikveren refugee camp situated on the Turkish border with Iraq. Nabil Ismail / AFP
    An Iraqi Kurdish refugee child cries on April 11, 1991, in Isikveren refugee camp situated on the Turkish border with Iraq. Nabil Ismail / AFP
  • A Kuwaiti airfield worker waves to a departing of a Kuwaiti Air Force A-4 US-made Skyhawk jet fighter pilot 24 January 1991 leaving the Al Hasra air base for a bombing mission over Iraq. Chris Wilkins / AFP
    A Kuwaiti airfield worker waves to a departing of a Kuwaiti Air Force A-4 US-made Skyhawk jet fighter pilot 24 January 1991 leaving the Al Hasra air base for a bombing mission over Iraq. Chris Wilkins / AFP
  • Iraqi President Saddam Hussein (L) is seen sitting in a tent in Najaf (Irak) in 1991 during the Gulf War. AFP
    Iraqi President Saddam Hussein (L) is seen sitting in a tent in Najaf (Irak) in 1991 during the Gulf War. AFP
  • French special forces capture Iraqi soldiers on February 26, 1991 somewhere in Iraqi desert. Mike Nelson /AFP
    French special forces capture Iraqi soldiers on February 26, 1991 somewhere in Iraqi desert. Mike Nelson /AFP
  • The wreckage of a British Airways Boeing 747-136 at Kuwait City airport, after BA Flight 149 was detained in Kuwait during the Gulf War, 1991. Colin Davey / Getty Images
    The wreckage of a British Airways Boeing 747-136 at Kuwait City airport, after BA Flight 149 was detained in Kuwait during the Gulf War, 1991. Colin Davey / Getty Images

Retreating Iraqi forces blew up an estimated 750 oil wells, creating one of the largest environmental disasters in history and effectively destroying Kuwait's main source of income. Thousands of people were killed and Kuwait says at least 605 citizens remain unaccounted for.

The UN body was created as a subsidiary organ of the UN Security Council under Security Council resolution 687 (1991) to process claims and pay compensation for damage suffered as a direct result of Iraq's invasion.

The money was directed to compensate people, companies and governments who could prove their losses.

"With the final payment of compensation made on 13 January, 2022, all compensation awarded by the Commission has now been paid in full," the UN Compensation Commission (UNCC) said.

"The Government of Iraq has fulfilled its international obligations to compensate all claimants awarded compensation by the Commission for losses and damages suffered as a direct result of Iraq’s unlawful invasion of Kuwait," the body in Geneva said after a meeting.

The US ambassador to the UN in Geneva, Bathsheba Crocker, said: "We commend Iraq for completing payments for all UNCC claims, a historic achievement."

Mr Crocker had a meeting with Qahtan Al Janabi, Iraqi under secretary for multilateral and legal affairs, and other diplomats before Wednesday's meeting.

About 2.7 million claims, with a value of $352.5bn, were lodged but the UNCC approved payment of $52.4bn covering 1.5 million successful claims.

The largest claim approved by the UNCC was for $14.7bn in damages incurred by the Kuwait Petroleum Corporation after departing Iraqi troops set fire to oil wells.

In 2014, the payments were suspended when ISIS took over large areas of Iraq but were resumed in 2018, after the group's defeat.

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

India team for Sri Lanka series

Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.

T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

 

 

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.”

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs: 2019 Chevrolet Bolt EV

Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
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Jetour T1 specs

Engine: 2-litre turbocharged

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The biog

Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling

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New schools in Dubai
Updated: February 10, 2022, 9:54 AM