• This aerial view shows a Rhim gazelle grazing at the Sawa wildlife reserve in the desert of Samawa in Iraq's southern province of al-Muthanna on June 8, 2022. - Gazelles at the Iraqi wildlife reserve are dropping dead from lack of food, making them the latest victims in a country where climate change adds to the burdens after years of war. In little over one month, the slender-horned gazelle population at the reserve has dropped from 148 to 87. Lack of funding along with a shortage of rain has deprived them of food, another reflection of the country's drought which has dried up lakes and led to declining crop yields. The International Union for Conservation of Nature classes the animals as endangered on its Red List. (Photo by Asaad NIAZI / AFP)
    This aerial view shows a Rhim gazelle grazing at the Sawa wildlife reserve in the desert of Samawa in Iraq's southern province of al-Muthanna on June 8, 2022. - Gazelles at the Iraqi wildlife reserve are dropping dead from lack of food, making them the latest victims in a country where climate change adds to the burdens after years of war. In little over one month, the slender-horned gazelle population at the reserve has dropped from 148 to 87. Lack of funding along with a shortage of rain has deprived them of food, another reflection of the country's drought which has dried up lakes and led to declining crop yields. The International Union for Conservation of Nature classes the animals as endangered on its Red List. (Photo by Asaad NIAZI / AFP)
  • Gazelles at the Iraqi wildlife reserve in the desert of Samawa are dropping dead from lack of food, making them the latest victims in a country where climate change adds to the burdens after years of war.
    Gazelles at the Iraqi wildlife reserve in the desert of Samawa are dropping dead from lack of food, making them the latest victims in a country where climate change adds to the burdens after years of war.
  • In little more than a month, the slender-horned gazelle population at the reserve has dropped from 148 to 87.
    In little more than a month, the slender-horned gazelle population at the reserve has dropped from 148 to 87.
  • Lack of funding along with a shortage of rain has deprived them of food, another reflection of the country's drought that has dried up lakes and led to declining crop yields.
    Lack of funding along with a shortage of rain has deprived them of food, another reflection of the country's drought that has dried up lakes and led to declining crop yields.
  • Turki Al Jayashi, director of the Sawa wildlife reserve, adds nutrition supplements to a water trough at the reserve.
    Turki Al Jayashi, director of the Sawa wildlife reserve, adds nutrition supplements to a water trough at the reserve.
  • A young Rhim gazelle receiving medical care at the centre.
    A young Rhim gazelle receiving medical care at the centre.
  • A shelter with a corrugated metal roof made to provide shade for the animals.
    A shelter with a corrugated metal roof made to provide shade for the animals.
  • The International Union for Conservation of Nature classes the animals as endangered on its Red List.
    The International Union for Conservation of Nature classes the animals as endangered on its Red List.

MENA

Iraq

Drought threatens gazelle herd at Iraqi wildlife reserve - in pictures

Endangered animals in the conservation area are dropping dead from lack of food

The National

June 18, 2022

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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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Updated: June 18, 2022, 10:44 AM
PhotographyIraqWildlife