Iraqi counter-terrorism forces stand guard in front of the US embassy in Baghdad.
Iraqi counter-terrorism forces stand guard in front of the US embassy in Baghdad.
Iraqi counter-terrorism forces stand guard in front of the US embassy in Baghdad.
Iraqi counter-terrorism forces stand guard in front of the US embassy in Baghdad.

Iraq: three rockets fired at US embassy in Green Zone


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Three rockets were fired at the US embassy in Iraq early on Thursday, the Iraqi army have said, at the end of a day marked by rocket and drone attacks on bases hosting American forces in Iraq and Syria.

The embassy itself was not hit, the army said, but three nearby places in Baghdad's heavily fortified Green Zone 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 spate of recent attacks on US military and diplomatic facilities in Iraq has been blamed on pro-Iranian armed groups within a state-sponsored paramilitary force.

US forces, who have 2,500 troops deployed in Iraq as part of an international anti-ISIS group coalition, have been targeted almost 50 times this year in the country, but the past few days have seen an increase in the frequency of attacks.

On Wednesday, 14 rockets were fired at an airbase hosting American troops in the western province of Anbar, causing minor injuries to two personnel, the coalition and Iraqi military said.

A Shiite militant group called Revenge of Al Muhandis Brigade claimed responsibility and vowed to defeat the “brutal occupation”, according to the US-based SITE intelligence group, which monitors extremist groups.

The militant group is named after Abu Mahdi Al Muhandis of Iraq's Hashed Al Shaabi paramilitary alliance, who was killed in a US drone strike early last year along with the revered Iranian general Qasem Soleimani, SITE said.

Late last month, the US carried out air strikes against pro-Iran fighters in both Iraq and Syria.

The rockets on Wednesday “landed on the base and perimeter” of the Ain Al Assad base, coalition spokesman Wayne Marotto tweeted, adding that local homes and a mosque were also damaged.

Iraqi security forces said the rocket launcher had been hidden inside a lorry carrying bags of flour.

Similar attacks happened earlier this week.

On Monday night, US forces shot down an armed drone above the embassy, according to Iraqi security officials.

American defence systems fired rockets into the air in the capital, with Iraqi security sources saying the salvos had taken out an explosive-laden drone.

Just hours earlier, rockets had also been fired towards Ain Al Assad.

Asked about the renewed violence, state department spokesman Ned Price told reporters: “These attacks reflect and are representative of the threat that Iran-backed militias present fundamentally to Iraq's sovereignty and to Iraq's stability.”

Syria 'drone attacks'

Across the border in Syria, where pro-Iran fighters have fought alongside the Damascus regime in the decade-old civil war, Kurdish-led forces also reported attempted attacks near a coalition base.

The US-backed Syrian Democratic Forces said they repelled drone attacks near the base in the Omar oilfield in the country's east, in the second such operation in days.

“Our front-line forces against IS and coalition forces in the area of the Omar oilfield dealt with drone attacks,” it said, adding that the drones had caused no damage.

The Syrian Observatory for Human Rights, a Britain-based war monitor with sources inside Syria, said pro-Iran militias had probably launched the drones from a rural area outside the town of Al Mayadeen south-west of the oilfield.

It was the second such attack in days, after the SDF reported “two unidentified rocket-propelled grenades landed on the western side of the Al Omar oilfield” late on Sunday, which caused no casualties.

Pro-Iranian militias also fired several shells at Al Omar on Monday last week, causing damage but no casualties, the Observatory said.

The US launched air strikes the previous night against three targets it said were used by pro-Iran groups in eastern Syria and western Iraq.

Sohr said at least five “Iran-backed Iraqi militia fighters” were killed in the strikes on the Syrian side of the border.

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Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

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Trade Capital Partners – FinTech

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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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Man of the Match: Kevin de Bruyne (Manchester City)

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
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Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

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Source: VCOe 

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Champions Legaue final: June 1, Madrid

Our legal columnist

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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Their favourite city: Dubai

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Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

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.”

UAE currency: the story behind the money in your pockets
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Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

Updated: July 08, 2021, 6:28 AM