An Iraqi man was shot dead in Syria’s Al Hol camp on Monday amid calls from Baghdad that it should be dismantled.
The camp, situated in Syria’s Kurdish controlled north-east, is the largest for displaced people with more than 56,000 Iraqi and Syrian refugees, some of whom have links to ISIS.
The victim was killed by a gun silencer in the camp, the British based Syrian Observatory for Human Rights said.
Authorities said the body has “signs of four gunshots”.
Al Hol is considered to be one the biggest overcrowded camps in the region and is controlled by the autonomous Kurdish administration and is fewer than 10 kilometres from the Iraqi border.
Iraq’s National Security Adviser, Qassem Al Araji, pressed foreign governments to repatriate their citizens from Al Hol, and urged rapid dismantlement of the camp.
"Each day that passes with the camp still there, hate grows and terrorism thrives," Mr Al Araji said during a conference in Baghdad on Saturday.
The Iraqi official said ISIS “continues to represent a real threat at Al Hol” which in turn affects the country’s national security.
He spoke in front of UN delegates and ambassadors from the United States and France.
In January, ISIS fighters attacked a prison in the Kurdish-controlled north-eastern city of Hassakeh in attempt to free fighters loyal to the terrorist group.
It was the biggest assault conducted by ISIS in Syria.
Prisons run by the Kurdish-led Syrian Democratic Forces hold an estimated 12,000 ISIS members and the group aims to mount further operations similar to the January attack in a bid to free them, Mr Al Araji said.
As a result of the attack Iraq began building a concrete wall along the border in an effort to stop ISIS infiltration.
Mr Al Araji’s comments came as the UN envoy to Iraq, Jeanine Hennis-Plasschaert, said about 30,000 Iraqis with varying degrees of association to ISIS, including victims of the terrorist group, and others with no association at all, remain in limbo.
“Let’s face it, Al Hol is a ticking time bomb. If it goes off, it will impact not only the region but also far beyond. Defusing it should be our collective priority,” she said.
“Keeping people indefinitely in the restricted and poor conditions of these camps ultimately creates greater protection and security risks than taking them back in a controlled manner,” she said during the conference.
Ms Hennis-Plasschaert said three out of five residents of Al Hol are under 17, while one in five is under 5 years of age.
"These innocent children have only ever known this harsh environment, many of them are being denied the most basic rights, including education," she said.
The UN official gave a warning about the grave dangers these children can present to Iraq and the region if left unattended.
"The legacy of yesterday’s fight against ISIS could very easily turn into tomorrow’s war, that we should not wait for young children to become of age in a camp like Al Hol," she said.
Iraq declared victory against ISIS in late 2017 but fighters loyal to the group have continued to conduct attacks across the country.
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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