Three Iranian officials, including the country's Foreign Minister Hossein Amirabdollahian, were on board a helicopter carrying President Ebrahim Raisi that crashed in heavy fog on Sunday afternoon, killing all four.
Several bodyguards and flight crew members were also killed in the accident.
Here is what you need to know about the three officials:
Hossein Amirabdollahian
Hossein Amirabdollahian, 60, was Iran’s Foreign Minister since 2021.
He earlier served as deputy foreign minister for Arab and African affairs, and the ambassador to Bahrain, among other roles in a long career in diplomacy.
Described as an “anti-western conservative”, Mr Amirabdollahian, from the central city of Damghan, was known for close ties with the Islamic Revolutionary Guard Corps and a staunch backer of Iranian proxy groups across the region.
He was particularly close to the IRGC's Quds Force commander, Gen Qassem Suleimani, who was killed in a US air strike at Baghdad airport in January 2020.
Mr Amirabdollahian once described Suleimani as “the most worthy icon of global peace”.
As Foreign Minister, he led Iran's opposition to curbing its growing nuclear activity, promoted Iranian proxy activity across the region against Israel and the US, and hit out at international sanctions against Tehran.
In April, he warned that Iran was ready to respond at “maximum level” in the event of a further attack from Israel after a strike on Isfahan.
Earlier in June, he met officials from the UN's International Atomic Energy in Iran as the organisation faced increasing difficulty in monitoring nuclear activity in the country.
He also brought Iran closer to other regional powers, most notably rekindling diplomatic ties with Saudi Arabia in March 2023.
Ayatollah Mohammed Ale-Hashem
Born into a clerical family, Ayatollah Mohammed Ale-Hashem was a representative of supreme leader Ayatollah Ali Khamenei in East Azerbaijan province and delivered Friday sermons in the city of Tabriz.
According to a biography on his website, Mr Ale-Hashem, who studied at a seminary in Qom, was also the head of the army's “political ideological organisation”.
Malik Rahmati
Mr Rahmati, 42, was the governor of Iran's East Azerbaijan province and took office last year, having served as deputy economy minister and head of the Privatisation Organisation of Iran.
He was formerly the deputy director of Astan Quds Razavi, which oversees the Imam Reza shrine in Mashhad, and worked in the Interior Ministry.
He was born in Maragheh, East Azerbaijan province, and was Iran's youngest governor, according to Iranian media.
Mr Rahmati travelled with Mr Raisi for the inauguration of a jointly developed dam on the border with Azerbaijan, and was reportedly hoping to secure government support to revive the Aras Corridor project, connecting Azerbaijan with the Azeri exclave of Nakhchivan through Iranian territory.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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.”
