A US army trainer watches an Iraqi recruit at a military base in Taji, Iraq. Getty Images
A US army trainer watches an Iraqi recruit at a military base in Taji, Iraq. Getty Images
A US army trainer watches an Iraqi recruit at a military base in Taji, Iraq. Getty Images
A US army trainer watches an Iraqi recruit at a military base in Taji, Iraq. Getty Images

Iraq preparing to remove US-led coalition, says PM


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The Iraqi government is beginning the process of removing the US-led international military coalition, Prime Minister Mohammed Shia Al Sudani's office said on Friday.

The US has about 2,500 troops in Iraq and 900 in Syria on a mission it claims advises and assists local forces trying to prevent a resurgence of ISIS, which in 2014 seized large parts of both countries before being defeated.

Mr Al Sudani's statement came a day after a US strike killed a militia leader in Baghdad, prompting anger among Iran-aligned groups which demanded the government end the presence of the coalition in Iraq.

“Government is setting the date for the start of the bilateral committee to put arrangements to end the presence of the international coalition forces in Iraq permanently,” a statement from the prime minister's office said.

The committee would include representatives of the military coalition, a government official said.

The US military said the air strike on Thursday was in retaliation against recent attacks on US personnel in Iraq and Syria.

On Friday, an armed drone hit Iraq’s Al Harir airbase, where US and international forces are stationed, Iraqi Kurdistan’s counter-terrorism service said.

The statement did not mention casualties or damage.

US Central Command also said Iraqi police in Babylon discovered a land attack cruise missile of Iranian design.

“The use of Iranian supplied munitions by terrorist groups within Iraq and Syria endanger Coalition forces and local residents. The Coalition is appreciative of the efforts of the legitimate security forces in Iraq for their efforts to prevent future attacks,” Centcom said.

American soldiers are seen during the US-led coalition's handover of Taji military base north of Baghdad to Iraqi security forces in August 2020. Reuters
American soldiers are seen during the US-led coalition's handover of Taji military base north of Baghdad to Iraqi security forces in August 2020. Reuters

Iran-aligned militia groups in Iraq and Syria oppose Israel's military offensive in the Gaza Strip and hold the US partly responsible.

Mr Al Sudani has limited control over some Iran-backed factions, whose support he needed to win power a year ago and who now form a powerful bloc in his governing coalition.

“We stress our firm position in ending the existence of the international coalition after the justifications for its existence have ended,” he was quoted as saying in the statement.

ISIS claimed responsibility on Thursday for two explosions in Iran that killed nearly 100 people and wounded scores at a memorial for assassinated Islamic Revolutionary Guard Corp commander Qassem Suleimani.

A political adviser close to the Iraqi prime minister said Mr Al Sudani was under great pressure from Shiite parties close to Iran seeking to end the US presence in Iraq and his recent statement was aimed at “appeasing” them.

It remains to be seen whether the announcement on Friday was mainly for internal purposes or if the newly announced committee will set in motion a process to end America's military presence in Iraq, a long-time goal of Iran and allied groups.

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

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Brief scoreline:

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Porto 0

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.”

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Updated: January 06, 2024, 6:48 AM