US forces stationed at Erbil International Airport were attacked by two drones late on Saturday evening – the 20th anniversary of the 9/11 attacks that led to the American invasion of Iraq.
The US began countermeasures to "defeat the drones", said coalition spokesman Col Wayne Marotto. No injuries were reported and no property was damaged.
One drone caused an impact inside the perimeter of the base, while another did so outside.
"Each attack against the GoI [Government of Iraq], KRI [Kurdistan region], and the coalition undermines the authority of Iraqi institutions, the rule of law and Iraqi national sovereignty. These attacks endanger the lives of civilians, and the partner forces from the ISF [Internal Security Forces], Peshmerga and coalition," said Col Marotto.
The US on Saturday marked the 20th anniversary of the 2001 attacks on New York and the Pentagon, which killed thousands and led to the invasion of Afghanistan and, later, Iraq. Since 2003, 4,431 US personnel have died in Iraq and tens of thousands were wounded. There is no official tally of Iraqi deaths.
Kurdish counter-terrorism force confirmed the attack was carried out using explosive-laden drones.
"There are no victims in the attack carried out by two armed drones," the statement read.
Erbil airport, which is also the base for a coalition of anti-extremist forces, was not damaged, said its director Ahmed Hochiar.
The security forces sealed off access to the airport, witnesses said.
No group has yet claimed responsibility.
Erbil's airport has come under attack several times in the past year, in some cases by drones carrying explosives.
Booby-trapped drones were used against the airport in July but they failed to cause casualties or damage.
Last March, a rocket attack killed a civilian contractor working with the US-led military coalition and wounded six others, including an American service member.
A group calling itself Saraya Awliya Al Dam claimed responsibility for the March attack. Little is known about the group or its capabilities but it is thought to be tied to Asaib Ahl Al Haq, a powerful Iran-backed Shiite militia in the government-sanctioned Popular Mobilisation Forces.
Experts said Saraya Awliya Al Dam appeared to be one of the dozens of new organisations probably tied to Iran that have emerged and claimed responsibility for attacks against international forces in Iraq over the past 18 months.
US officials have blamed past attacks on Iran-aligned Shiite militias.
In December 2019, a militia attack killed a US contractor in Iraq, sparking a series of American air strikes and militia retaliation.
The US then killed Iranian Quds Force leader Qassem Suleimani in January last year, leading to a huge Iranian missile attack on US bases in Iraq that left dozens of American soldiers with brain injuries but caused no deaths.
US forces are leading an international military coalition whose mandate is to help Iraqi troops fight the remnants of Isis.
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Stage result
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
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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