Demonstrators with the Quran during a rally after Friday prayers in the eastern Sadr City suburb of Baghdad. AFP
Demonstrators with the Quran during a rally after Friday prayers in the eastern Sadr City suburb of Baghdad. AFP
Demonstrators with the Quran during a rally after Friday prayers in the eastern Sadr City suburb of Baghdad. AFP
Demonstrators with the Quran during a rally after Friday prayers in the eastern Sadr City suburb of Baghdad. AFP

Iraq reassures foreign diplomatic missions of their security after Swedish embassy stormed


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Iraq on Saturday reassured diplomatic missions in the country of their security, saying the government would not allow a recurrence of the storming of the Swedish embassy.

The Foreign Ministry statement came a day after hundreds of demonstrators stormed the Swedish embassy in Baghdad and started a fire in protest against plans to burn the Quran in Stockholm.

“The Iraqi government is fully committed to the Vienna Convention that regulates diplomatic relations among countries and assures all resident diplomatic missions of their security and protection,” Reuters reported, quoting the ministry statement.

“What happened to the embassy of the kingdom of Sweden in Baghdad cannot be repeated, and any similar act will be subject to legal accountability,” it said.

On Friday, the UAE summoned the Swedish charge d'affaires and handed her a note of protest against the repeated attacks and abuses on the Quran, state news agency Wam reported.

Liselott Andersson was informed of the UAE's strong condemnation of her country's government “allowing repeated attacks on copies of the Quran”.

The UAE condemned the decision of the Swedish government to continue to allow such acts to occur and said that Sweden has disregarded its international responsibilities and demonstrated a lack of respect for social values in this matter.

Iraq on Friday called for an Islamic summit to discuss the desecration, as Sweden temporarily moved its embassy in Iraq to Stockholm.

Ahmed Al Sahaf, a spokesman for the Iraqi Foreign Ministry, told The National on Friday that Minister Fuad Hussein had called for an emergency session of the Organisation of Islamic Co-operation.

“Foreign Minister Fuad Hussein is intensifying his efforts with our Arab and Islamic counterparts to hold the Islamic summit conference and have an emergency session at a ministerial level to discuss the repercussions of Islamophobia and the burning of the Quran,” Mr Al Sahaf said.

On Thursday, the Quran was desecrated in Stockholm for the second time in weeks, defying condemnation from Iraq where Sweden's ambassador was expelled in protest.

Iraq asked the ambassador to leave its territory and recalled its charge d’affaires from Stockholm as the stunt took place outside its mission in Sweden.

Salwan Momika kicked the Quran around on a patch of grass as police looked on, after they had granted him a permit to hold a gathering outside the Stockholm embassy.

The book was not set on fire.

Baghdad had said it was prepared to cut diplomatic ties with Sweden over the issue of desecrating holy books.

People took to the streets in Iran, Iraq and Lebanon on Friday in protest on Friday.

In Baghdad's Sadr City, demonstrators burnt the Swedish flag and chanted: “Yes, yes to the Quran, no, no to Israel.”

  • Demonstrators gather outside the Swedish embassy in Tehran to protest against an insult to the Quran in Stockholm. Reuters
    Demonstrators gather outside the Swedish embassy in Tehran to protest against an insult to the Quran in Stockholm. Reuters
  • A demonstrator holds up the Quran and a portrait of Iranian supreme leader Ayatollah Ali Khamenei in a protest against Sweden in front of the Swedish embassy in Tehran. AP
    A demonstrator holds up the Quran and a portrait of Iranian supreme leader Ayatollah Ali Khamenei in a protest against Sweden in front of the Swedish embassy in Tehran. AP
  • An egg is thrown by demonstrator at the Swedish embassy in Tehran during a protest against the desecration of the Quran in Sweden. AP
    An egg is thrown by demonstrator at the Swedish embassy in Tehran during a protest against the desecration of the Quran in Sweden. AP
  • In Tehran, Iranian students gather during a demonstration denouncing the burning of the Quran in Sweden. AFP
    In Tehran, Iranian students gather during a demonstration denouncing the burning of the Quran in Sweden. AFP
  • An egg is thrown by demonstrator at the Swedish embassy in Tehran during a protest against the desecration of the Quran in Sweden. AP
    An egg is thrown by demonstrator at the Swedish embassy in Tehran during a protest against the desecration of the Quran in Sweden. AP
  • Iranian students outside the Swedish embassy in Tehran denounce the burning of the Quran in Sweden. AFP
    Iranian students outside the Swedish embassy in Tehran denounce the burning of the Quran in Sweden. AFP
  • Protesters carrying Iraqi flags and images of Shiite cleric and political leader Moqtada Al Sadr gather in Baghdad's Tahrir Square to protest against the burning of a Quran outside the Iraqi embassy in Copenhagen, Denmark. AP
    Protesters carrying Iraqi flags and images of Shiite cleric and political leader Moqtada Al Sadr gather in Baghdad's Tahrir Square to protest against the burning of a Quran outside the Iraqi embassy in Copenhagen, Denmark. AP
  • Protesters chant slogans against Sweden in front of the embassy in Tehran, Iran. The Farsi placard on the left reads: "Our red lines are the supreme leader and the Quran". AP
    Protesters chant slogans against Sweden in front of the embassy in Tehran, Iran. The Farsi placard on the left reads: "Our red lines are the supreme leader and the Quran". AP
  • A Lebanese man takes part in a demonstration in Beirut called by Hezbollah to condemn the desecration of the Quran in Sweden. Reuters
    A Lebanese man takes part in a demonstration in Beirut called by Hezbollah to condemn the desecration of the Quran in Sweden. Reuters
  • People march in Beirut after Hezbollah leader Hassan Nasrallah called for protests outside mosques following Friday prayers. EPA
    People march in Beirut after Hezbollah leader Hassan Nasrallah called for protests outside mosques following Friday prayers. EPA
  • The scene in Beirut as thousands of people took to the streets in Muslim-majority countries to protest. EPA
    The scene in Beirut as thousands of people took to the streets in Muslim-majority countries to protest. EPA
  • A woman holds the Quran in Kufa, Iraq, in protest after an activist desecrated a copy of the holy book for a second time in Sweden. AFP
    A woman holds the Quran in Kufa, Iraq, in protest after an activist desecrated a copy of the holy book for a second time in Sweden. AFP
  • A demonstrator holds up a portrait of Iraqi Shiite cleric Moqtada Al Sadr, in Kufa. AFP
    A demonstrator holds up a portrait of Iraqi Shiite cleric Moqtada Al Sadr, in Kufa. AFP
  • Shiite clerics attend a protest in Baghdad, after Iraq called for an Islamic summit to discuss the desecration of the Quran. EPA
    Shiite clerics attend a protest in Baghdad, after Iraq called for an Islamic summit to discuss the desecration of the Quran. EPA
  • Protesters burn posters of the Swedish flag and rainbow Pride flags in Sadr City, Baghdad. AFP
    Protesters burn posters of the Swedish flag and rainbow Pride flags in Sadr City, Baghdad. AFP
  • Iranian worshippers hold up the Quran in Tehran. The country's goverment condemned the desecration in Sweden. AP
    Iranian worshippers hold up the Quran in Tehran. The country's goverment condemned the desecration in Sweden. AP
  • Demonstrators in the Iranian capital Tehran chanted: 'Down with the United States, Britain, Israel and Sweden'. Reuters
    Demonstrators in the Iranian capital Tehran chanted: 'Down with the United States, Britain, Israel and Sweden'. Reuters
  • Demonstrators in Tehran march with signs denouncing the US and Israel as they condemn the burning of the Quran. AFP
    Demonstrators in Tehran march with signs denouncing the US and Israel as they condemn the burning of the Quran. AFP

In Lebanon, thousands gathered at a protest called by the Iran-backed militia and political party Hezbollah, with demonstrators brandishing copies of the Quran and chanting: “With our blood, we protect the Quran.” Some also burnt Swedish flags.

Demonstrations in Tehran and other cities were aired on state television.

Qatar summoned Sweden's ambassador to hand him a protest note over the desecration of the Quran in Stockholm, the Foreign Ministry said.

It said it would demand Swedish authorities take “all the necessary measures to stop these shameful acts”.

Saudi Arabia on Thursday summoned the Swedish charge d'affaires in Riyadh and handed them a note of protest.

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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.”

Updated: July 22, 2023, 5:31 AM