The city of Erbil in Iraq's Kurdistan region has suffered several drone attacks in recent weeks. Galen Clarke / The National
The city of Erbil in Iraq's Kurdistan region has suffered several drone attacks in recent weeks. Galen Clarke / The National
The city of Erbil in Iraq's Kurdistan region has suffered several drone attacks in recent weeks. Galen Clarke / The National
The city of Erbil in Iraq's Kurdistan region has suffered several drone attacks in recent weeks. Galen Clarke / The National

US-led coalition drone crashes in northern Iraq


Ahmed Maher
  • English
  • Arabic

The US-led coalition against ISIS said one of its drones crashed in Iraq's Kurdistan region on Wednesday.

“An unarmed coalition unmanned aerial system malfunctioned and crash-landed north of Erbil, Iraq, June 15 at 1.08pm. No one was harmed in the incident,” said the coalition on its official Twitter account.

“Coalition officials are working with Kurdistan Regional Government officials to assess any possible damage. Kurdish partner forces have secured the wreckage of the aircraft. The incident is under investigation.”

Initial reports indicate the aircraft hit an internet tower during its descent.

Kurdish authorities reported the incident earlier but it was not initially clear to whom the drone belonged, according to the Rudaw news network based in Erbil.

The regional government's Directorate General of Counter Terrorism said that “a local surveillance drone impacted an internet tower in Gird Jutyar village, in Erbil province’s Ainkawa district, and crashed due to a technical fault. Fortunately, no one was harmed”.

The incident comes after several recent drone attacks in Erbil, the capital of the Iraqi Kurdistan region.

US and Kurdish officials have accused Iran-backed militias of launching drone and rocket attacks in the Iraqi Kurdistan region.

An explosive-laden drone destroyed a section of a road in north-east Erbil on June 8, wounding three people. Kurdish security services accused Iraqi Hezbollah militants of being behind the attack.

Some of the attacks in recent months have been aimed at locations where about 2,500 US forces are stationed in Iraq.

The US forces are leading an international military coalition whose mandate is to help Iraqi forces in the fight against remnants of ISIS, which was defeated in the country in 2017.

On Thursday, the coalition announced its forces had detained a senior leader of the extremist group during an operation in Syria.

“The detained individual was assessed to be an experienced bomb maker and facilitator who became one of the group’s top leaders in Syria,” the coalition said.

In September, explosive-laden drones struck locations near where US forces are stationed at Erbil International Airport. US and Iraqi Kurdistan authorities did not report any casualties from the incident.

Tension between the US and Iran peaked in 2020 after the assassination of Iran's Islamic Revolutionary Guard Corps' top commander Qassem Soleimani in a US drone attack at Baghdad airport.

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Updated: June 16, 2022, 6:49 AM