Col Sayyad Khodai was killed in an attack in Tehran. EPA
Col Sayyad Khodai was killed in an attack in Tehran. EPA
Col Sayyad Khodai was killed in an attack in Tehran. EPA
Col Sayyad Khodai was killed in an attack in Tehran. EPA

Iran will avenge 'assassination' of Revolutionary Guard colonel, vows Raisi


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President Ebrahim Raisi has said Iran will avenge the killing of a Revolutionary Guard colonel in Tehran.

Col Sayyad Khodai was killed outside his home on Sunday by gunmen on motorcycles, who opened fire on his car, state media said.

“I insist on the serious pursuit (of the killers) by security officials, and I have no doubt that the blood of this great martyr will be avenged,” Mr Raisi said.

“There is no doubt that the hand of global arrogance can be seen in this crime,” he said, using a term for US allies including Israel.

Mr Raisi was speaking just ahead of visiting Oman, where he was to meet Sultan Haitham.

Khodai's funeral was due to take place in Tehran at 5pm local time.

His killing was one of the most high-profile inside the country since the murder of nuclear scientist Mohsen Fakhrizadeh in November 2020.

Iran's Islamic Revolutionary Guard Corps described Khodai as a “defender of the sanctuary”, a term used for those who work on behalf of Iran in Syria or Iraq.

Iranian President Ebrahim Raisi said the killing of a Revolutionary Guard colonel will be avenged. AP
Iranian President Ebrahim Raisi said the killing of a Revolutionary Guard colonel will be avenged. AP

Iran maintains significant political influence in both countries. It has backed President Bashar Al Assad's regime in Syria's civil war.

State television noted that Khodai was “known” in Syria, where Iran has acknowledged sending in “military advisers”.

The official news agency IRNA said Khodai was killed by five bullets as he returned home at around 4pm on Sunday.

The agency published pictures showing a man slumped over in the driver's seat of a white car, with blood around the collar of his blue shirt and on his right arm. He was strapped in with his seat belt, and the front window on the passenger side had been shot out.

The Fars news agency reported that the state prosecutor had visited the scene of the killing and ordered the “quick identification and arrest of the authors of this criminal act”.

The guards said they had arrested several “thugs linked to the intelligence agency of the Zionist regime,” as Iran calls its enemy Israel.

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General Classification

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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Updated: June 19, 2023, 12:54 PM