An Israeli-Russian academic thought to have gone missing in Baghdad in March is alive and being held in Iraq by Shiite group Kataeb Hezbollah, Israeli Prime Minister Benjamin Netanyahu's office said on Wednesday.
A statement named the woman as Elisabeth Tsurkov. It said she had gone to Iraq for research on behalf of Princeton University in the US. There were no immediate details on her condition.
Ms Tsurkov entered Iraq on her Russian passport, the statement read.
"Elisabeth Tsurkov is still alive and we see Iraq as responsible for her fate and well-being," the statement said. The situation is being handled by the relevant bodies in Israel, it added.
Ms Tsurkov's mother, Irena, said they lost contact two months ago. "From what I had known ... she was in Turkey, working on her research for Princeton. I didn't even know she was in Iraq," she told N12 News.
Israeli citizens are forbidden from travelling to Iraq. Kataeb Hezbollah is one of the most powerful Iran-backed militia groups there.
Ms Tsurkov's disappearance was not widely reported.
According to New Lines magazine, a publication of the Newlines Institute for Strategy and Policy, a think tank in Washington where Ms Tsurkov was a fellow, she was abducted in the Iraqi capital in late March. The last post on her Twitter account was on March 21.
Ms Tsurkov's research focused on the Levant and particularly the Syrian civil war, her website says.
New Lines said her kidnapping was first reported by Michael Rubin, an American analyst whose focus is Iraq and Iran. Mr Rubin said in June that Ms Tsurkov had been detained by militias after being warned not to return to Iraq, where she had previously conducted field research in Mosul and the Kurdistan region.
His reference to her kidnapping links to a March 29 story in The New Arab, which incorrectly reports the kidnapping of a Russian-American academic in the Karrada neighbourhood of Baghdad.
"Investigations are continuing with the kidnapping, and under the supervision of the office of Prime Minister Muhammad Shia Al Sudani, in order to uncover the entire network involved in the kidnapping," an Iraqi security force statement said at the time.
New Lines stressed that Ms Tsurkov was a passionate critic of Israel, while also aiming strong criticism at Iran's allies in the Middle East. The publication said that her criticism of all countries that could secure her release, including Russia, could complicate efforts to secure her safety.
In May last year, Iraq passed a law criminalising any ties with Israel. The law also applied to foreigners working in Iraq, potentially putting Ms Tsurkov at risk, even before considering the presence of Iran-backed militias such as Kataib Hezbollah.
The group is accused of kidnapping and killing hundreds of Iraqis, sometimes with no announced justification for its actions. In January, the group was accused of kidnapping an Iraqi environmentalist, reportedly because he had criticised the construction of dams in Iran on social media.
New Lines stressed that Ms Tsurkov's work was purely academic in nature, focused heavily on political science.
Agencies contributed to this report.
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.”
