Member of the Iraqi federal police forces stand guard at a checkpoint in a street in the capital Baghdad on January 29, 2021. AFP
Member of the Iraqi federal police forces stand guard at a checkpoint in a street in the capital Baghdad on January 29, 2021. AFP
Member of the Iraqi federal police forces stand guard at a checkpoint in a street in the capital Baghdad on January 29, 2021. AFP
Member of the Iraqi federal police forces stand guard at a checkpoint in a street in the capital Baghdad on January 29, 2021. AFP

GCC to support Iraq in combating terror and regaining sovereignty, says top official


Mina Aldroubi
  • English
  • Arabic

The Gulf Co-operation Council said it would support Iraq as it fights against terrorism and enhances its economy.

Baghdad is seeking an economic boost and better political ties with Gulf states as it tries to address demands for reform and curb corruption and extremism.

"The Gulf states are supporting Iraq in imposing its sovereignty as the stability, security and prosperity of Iraq is important to the region," the secretary general of the council, Nayef Al Hajraf, said during a visit to Baghdad on Monday.
Mr Al Hajraf said the council was looking to organise a joint investment conference with Iraq to boost economic and trade opportunities.

"We stress the importance of having strategic relations between the countries of our council and Iraq," he said.

Mr Al Hajraf spoke about the council's solidarity with Iraq in strengthening its security and enhancing stability.

The council rejects any forms of "extremism and violence, its motives and justification as well as the sources that fund and support it."

Mr Al Hajraf stressed the importance of co-ordination between the two sides in fighting extremist groups such as ISIS.

His comments comes after a deadly twin suicide bombings killed over 32 people in Baghdad late last month.

ISIS took responsibility for the attack, which was the worst Baghdad had experienced in three years.

The bombers blew themselves up among a crowd of shoppers at a second-hand clothing market in Tayaran Square.

Iraqi Foreign Minister Fuad Hussein said Baghdad and the council were working collectively to fight against terrorism.

Mr Al Hajraf also met with Prime Minister Mustafa Al Kadhimi during his visit to the capital.

The Iraqi premier said his country is seeking to strengthen its relations with the Council in the fields of economy, politics and culture.

"Dialogue is needed to solve the outstanding problems between the countries of the region, we really believe in the importance of conducting discussions," Mr Al Kadhimi said.

"It's imperative that countries work together," he said.

The Iraqi official stressed the need to follow up on the pledges made during the Iraqi reconstruction conference that was held in Kuwait in 2018.

The country received pledges of $30 billion, mostly in credit facilities and investment, from allies but it fell short of the $88 billion Baghdad says it needs to recover from years of wars against ISIS.

"This aspect is vital as it will have an impact on the economic, social and security stability of Iraq, which is reflected upon the region," he said.

It also coincides with Iraq's efforts to combat terrorism.

Brief scores

Toss India, chose to bat

India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)

Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)

India won by 26 runs on Duckworth-Lewis Method

Brief scoreline:

Liverpool 2

Keita 5', Firmino 26'

Porto 0

Match info

Uefa Champions League Group B

Barcelona v Tottenham Hotspur, midnight

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.”

Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

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'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
RESULTS

5pm: Handicap (TB) Dh100,000, 2,400m
Winner: Recordman, Richard Mullen (jockey), Satish Seemar (trainer)

5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000, 2,200m​​​​​​​
Winner: AF Taraha, Tadhg O’Shea, Ernst Oertel

6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000, 1,400m​​​​​​​
Winner: Dhafra, Fabrice Veron, Eric Lemartinel

6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000, 1,400m​​​​​​​
Winner: Maqam, Fabrice Veron, Eric Lemartinel

7pm: Handicap (PA) Dh85,000, 1,600m​​​​​​​
Winner: AF Momtaz, Fernando Jara, Musabah Al Muhairi

7.30pm: Maiden (PA) Dh80,000, 1,600m​​​​​​​
Winner: Optimizm, Patrick Cosgrave, Abdallah Al Hammadi

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5