Turkish Minister of Defence Hulusi Akar looks at a map with members of the Turkish Armed Forces Command in June 2020. AFP
Turkish Minister of Defence Hulusi Akar looks at a map with members of the Turkish Armed Forces Command in June 2020. AFP
Turkish Minister of Defence Hulusi Akar looks at a map with members of the Turkish Armed Forces Command in June 2020. AFP
Turkish Minister of Defence Hulusi Akar looks at a map with members of the Turkish Armed Forces Command in June 2020. AFP

Three Turkish soliders killed in clashes in northern Iraq against PKK elements


Mina Aldroubi
  • English
  • Arabic

At least three Turkish soldiers were killed on Thursday in northern Iraq after Ankara launched a new military operation against suspected Kurdish rebel targets, the country's defence ministry said.

The ministry said its forces carried out Operation Claw-Eagle 2 against the Kurdish militant group known as the Kurdistan Workers' Party (PKK), near Gara Mountain in the northern Iraqi Kurdish city of Duhok.

"Two soldiers were killed on Wednesday in clashes that broke out in the Gara region during the first day of the military operations. A third solider was died on Thursday of wounds sustained during the clashes," the ministry said.

The operation was launched to "neutralise the PKK and other terrorist elements from northern Iraq" to ensure security along the Turkish-Iraqi border, the ministry said.

PKK fighters have established “shelter places and positions and are preparing for a large-scale attack” in northern Iraq, the ministry said.

Gara Mountain is about 50 kilometres north-east of Duhok.

PKK affiliated Media said on Wednesday that violent clashes broke out between their fighters and the Turkish military in the Gara Mountain.

Last month, Turkish Defence Minister Hulusi Akar visited Baghdad and the northern city of Erbil.

“Co-operation and co-ordination against the PKK plays a very important role. We are ready for every possible co-ordination with Iraq,” Mr Akar said during his visit.

Last June, Ankara launched Operation Claw-Tiger in the mountainous terrain of Iraq’s semi-autonomous Kurdish region.

It has used warplanes, drones and special forces, and boasted about hitting hundreds of PKK targets, but gave few details.

Turkey has been fighting the Kurdish militant group along its borders with Syria and Iraq for several decades.

It labels the PKK a terrorist organisation because of its insurgency against the Turkish state.

The United States and the European Union also consider the PKK a terror group.

Although Iraq has protested about the Turkish strikes on its land, Ankara continues to carry out air and ground attacks in areas where it believes the group is hiding.

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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.”

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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