US soldiers patrol in downtown Baghdad, Iraq, on June 24, 2003. EPA
US soldiers patrol in downtown Baghdad, Iraq, on June 24, 2003. EPA
US soldiers patrol in downtown Baghdad, Iraq, on June 24, 2003. EPA
US soldiers patrol in downtown Baghdad, Iraq, on June 24, 2003. EPA

Fifteen ISIS extremists killed in raid by Iraqi and US forces in west Iraq


Amr Mostafa
  • English
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The US military said its forces conducted a raid jointly with the Iraqi security forces in western Iraq, killing 15 members of ISIS.

The operation took place on Thursday morning, the US Central Command (Centcom) said. There were no civilian casualties.

“The ISIS element was armed with numerous weapons, grenades, and explosive belts,” said the statement, posted on social media platform X.

Five US troops were wounded during the raid and another two were injured in falls, a defence official said.

“All personnel are in stable condition,” the official said.

An Iraqi military statement said “air strikes targeted the hideouts, followed by an airborne operation.”

“Among the dead were key ISIS leaders,” the Iraqi statement said, without identifying them. “All hideouts, weapons, and logistical support were destroyed, explosive belts were safely detonated and important documents, identification papers and communication devices were seized.”

Later, Iraq's Foreign Ministry said that an announcement on an end date for the US-led coalition's mission had been postponed due to the “latest developments.” It did not elaborate.

The US has some 2,500 troops in Iraq and 900 in Syria as part of the international coalition against the ISIS group.

Coalition forces have been targeted dozens of times with drones and rocket fire in both Iraq and Syria, as violence related to the Israel-Hamas war in Gaza that broke out in October last year has drawn in Iran-backed armed groups across the Middle East.

Last winter, the Islamic Resistance of Iraq, a loose alliance of Iran-backed groups, claimed some 175 rocket and drone attacks against US troops in Iraq and Syria.

US forces have carried out retaliatory strikes against these militant factions in both countries.

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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.”

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