Iran says military helicopter confronted US warship near territorial waters

Iranian troops on Wednesday warned a US destroyer to stay out of territorial waters in the Gulf of Oman, state television reported, but the US has claimed the confrontation was “safe and professional”.

The exchange in the Gulf of Oman between the two rivals comes a month after the US carried out strikes against three key Iranian nuclear sites during the 12-day war between Israel and the Islamic republic.

Iranian state media published videos of the incident, taken from a helicopter dispatched to confront the USS Fitzgerald guided missile destroyer. In the video, a destroyer is seen from what seems to be a helicopter window as the pilot calls on the vessel to “change course” and avoid approaching Iranian territorial waters.

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The destroyer reportedly responded by threatening to target the helicopter if it did not leave, semi-official Tasnim news agency said, but “the Iranian pilot … reiterated the warning to stay away from Iranian waters”, forcing the US vessel to “give in” and alter its course.

Iranian media described the incident as a tense exchange.

But, a US defence official disputed the account. “This interaction had no impact to USS Fitzgerald's mission and any reports claiming otherwise are falsehoods and attempts by Iran's Islamic Revolutionary Guard Corps (IRGC) to spread misinformation,” the official told Reuters.

The official, who spoke on condition of anonymity, identified the aircraft as an Iranian SH-3 “Sea King” helicopter and said the interaction took place entirely in international waters.

Tension has been high since the US strikes on Iranian nuclear sites which President Donald Trump hailed and claimed had “obliterated” Tehran's capabilities. But media reports quoting US intelligence reports have suggested the campaign was only partially successful, setting Iran's nuclear programme back only by a few months.

Washington and Tehran were engaged in indirect nuclear negotiations which were derailed by Israel's attack. Mr Trump has called on Iran to return to the table but Tehran has been hesitant to resume talks with the US. However, discussions are set to take place between Iran and European powers in Istanbul on Friday.

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THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

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Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

Saudi National Day

Why the UAE has many reasons to celebrate its closest friend and ally

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

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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