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The Iraqi government on Wednesday denounced overnight US strikes against Iran-backed Shiite militias in central and western Iraq as a "blatant violation" of the country's sovereignty.
The US military hit militia sites in the town of Jurf Al Sakhar, south of Baghdad, as well as in the town of Al Qaim on the western border with Syria, security officials and militias said.
US Defence Secretary Lloyd Austin said President Joe Biden had directed US military forces to conduct “necessary and proportionate” strikes on sites used by the Kataib Hezbollah militia and other Iran-affiliated groups in Iraq.
“These precision strikes are in direct response to a series of escalatory attacks against US and coalition personnel in Iraq and Syria by Iranian-sponsored militias,” Mr Austin said.
The military spokesman for Prime Minister Mohammed Shia Al Sudani, Maj Gen Yahya Rasool, said the US attacks “undermine years of co-operation, blatantly violate Iraq’s sovereignty and lead to irresponsible escalation at a time when the region faces the danger of conflict escalation and the repercussions of the aggression on Gaza”.
He warned that Iraq will “deal with these operations as aggressive acts and take all necessary measures to preserve the lives and dignity of Iraqis”.
Iraq's National Security Adviser Qasim Al Araji described the strikes as “an aggression and blatant violation of Iraqi sovereignty”.
“This doesn’t help calm the situation,” Mr Al Araji said on X, formerly Twitter.
The US strikes came days after a barrage of ballistic missiles hit Ain Al Asad airbase, where US forces are stationed, in western Iraq, leaving several US personnel wounded.
Tension has soared between US troops and Iran-backed militias after scores of attacks against Americans forces in Iraq and Syria after the outbreak of the Gaza war in early October.
The militias say their attacks are in response to Washington's support for Israel in its fight against Hamas.
The escalation shattered a year-long calm between the militias and US forces in Iraq after the establishment of Mr Al Sudani’s government.
In his post on Wednesday, Mr Al Araji said the US should "put pressure to stop the continued aggression on Gaza instead of targeting and bombing the headquarters of an Iraqi national institution".
The powerful militant groups behind these attacks, including Kataib Hezbollah, are part of the Popular Mobilisation Forces, an umbrella group of paramilitary forces that falls under the command of the prime minister.
The groups attacking US forces say they are part of a loose alliance of Iran-backed militias known as the Islamic Resistance in Iraq. However, when the US strikes back, they mourn their losses as members of the PMF.
In a statement, the US military's Central Command said the strikes occurred at 12.15am on Wednesday.
They hit Kataib Hezbollah headquarters, storage and training sites for rockets, missiles and one-way attack drones, Centcom said on X.
Militia sources said two fighters were killed and two wounded.
A spokesman for Kataib Hezbollah vowed to continue attacks against the US troops.
"We will continue targeting the enemies' strongholds in support of our people in Gaza until the US-backed barbaric killing machine stops and the siege if lifted," Jaafar Al Hussaini said on X.
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
UAE currency: the story behind the money in your pockets
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
