US interests in Iraq are seeing regular bombardment by rockets and drones, in an escalation which saw 17 rockets rain down on US assets in the space of 24 hours.
Fourteen were aimed at the Al Assad airbase on Wednesday evening and three at the US embassy in Baghdad's heavily fortified Green Zone.
The Iraqi Security Media Cell blamed "outlaws" for Thursday's attacks, which injured two US personnel.
"The first rocket landed near the headquarters of the National Security Agency, the second in the Grand Festivities Square and another rocket landed near Sheikh Omar area in a residential neighbourhood," the Cell wrote on Twitter about one of the attacks.
Spokesman for Operation Inherent Resolve to fight against ISIS Col Wayne Marotto said the attacks "undermine the authority of Iraqi institutions, the rule of law and Iraqi National Sovereignty".
Thursday's incidents were the latest in stepped-up attacks on US facilities including the Ain Al Assad military base in Iraq's Anbar province and an oil field in eastern Syria.
No armed groups have claimed responsibility for the attacks, but experts say Iran-aligned militias could be behind them.
Why now?
In June, four Iran-backed Iraqi militia group members were killed by US strikes on the Iraqi-Syrian border. The Pentagon said the facilities struck were used by Iran-backed militia groups to support strikes in Iraq.
Commander of Kataib Sayyid Al Shuhada, Abu Alaa Al Walae, vowed to retaliate.
In an interview with the Associated Press on Wednesday, Mr Al Walae said his group's operations will have "everyone" talking about them.
“We want an operation that befits those martyrs,” the commander said in reference to the four dead militiamen.
“We want it to be an operation in which everyone says they have taken revenge on the Americans."
An almost daily bombardment of facilities housing US troops and personnel has ensued, but the group has not claimed responsibility.
Syria
On Tuesday, the Al Omar oil field in Syria’s eastern border with Iraq was targeted. The US-backed Kurdish Syrian Democratic Forces which guard the facility said it thwarted the attack on Syria's largest oilfield.
The facility did not sustain any damage as a result of the attack.
The oil field was also targeted some 10 days ago, but US troops stationed there managed to escape without injury.
Al Assad Air Base
On Wednesday, the Al Assad Air Base and Erbil's airport were both targeted in what spokesman for the Iraqi Ministry of Defence Yehia Rasool called a "terrorist attack". He repeated Iraq's position and refusal to be used as a battleground for a "proxy war" between US and Iranian forces.
A truck carrying a rocket launcher was also found near the air base. It is believed to have been used for the attacks.
US Embassy
Shortly after the Ain Al Assad attack, three rockets were fired at the US Embassy in Iraq’s capital prompting sirens to blare in warning in Baghdad’s Green Zone which hosts a number of government buildings and embassies.
The embassy itself was not hit, the Iraqi army said, but three nearby locations in the heavily fortified area were.
"One rocket landed near the headquarters of the National Security Agency, the second in a public square and the third on the outskirts of a residential area damaging a resident's car", the Iraqi military said.
A co-ordinated escalation
Associate fellow at the Washington Institute Hamdi Malik called recent events part of a "co-ordinated escalation" among Iran-backed militia.
Speaking to Reuters, he said the attacks reflect the first time targets were simultaneously hit in Syria and Iraq. Ongoing talks in Vienna to revive the Joint Comprehensive Plan of Action (JCPOA) known as the Iran nuclear deal have stalled, after Iranian officials said they were expecting to have positive results by the time Iran elects a new president.
Cleric Ebrahim Raisi won the vote in June.
"It seems to me they have the green light from Iran to escalate, especially given that the nuclear negotiations are not going well. But at the same time, they do not want to escalate beyond a certain point ... and they don’t want to overcomplicate the negotiations Iran is holding with the West," Mr Malik said.
Iran-backed militias are heavily concentrated west of the Euphrates River in Deir Al Zor province. Hundreds of US troops remain in the vicinity of Syria's main oil fields which are controlled by US-backed forces.
- With additional reporting from Reuters and Associated Press
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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.”
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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Killing of Qassem Suleimani
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