The US on Monday pledged more than $300 million in its effort to combat ISIS in the Middle East and beyond.
Secretary of State Antony Blinken said $148 million would go towards enhancing “civilian-led border security and counter-terrorism operations across sub-Saharan Africa and Central Asia” while another $168 million would go towards enabling “critical de-mining operations, restore essential services like water and electricity, invest in education, and promote economic opportunity” in Iraq and Syria.
Last week, the US announced $535 million in humanitarian assistance to Syria.
The US is hosting a Global Coalition to Defeat ISIS ministerial meeting at the State Department this week, bringing together members of the 87-nation alliance that helped to turn the tide against the extremist group that once controlled large parts of Iraq and Syria.
“A decade into this fight, we can take pride in all that we’ve accomplished,” Mr Blinken said. “But as the challenge evolves, so must this coalition.”
He added that the US and Iraq would discuss plans for “a phased transition of Operation Inherent Resolve”, which will end its mission by September 2025.
“The United States will work with Baghdad on bilateral security arrangements that will allow us to sustain and build our security partnership and co-operation,” Mr Blinken said.
Washington last week announced an agreement with Baghdad that will result in the withdrawal of American troops from parts of Iraq, where they have been stationed for a decade to help fight ISIS – but some forces will remain in the country for years to come.
While ISIS still poses a threat, Iraqi Prime Minister Mohammed Shia Al Sudani has been under internal pressure to end the US troop presence.
The US currently has about 2,500 troops based in Iraq, where they work with Iraqi and Kurdish partners against ISIS cells. Iraq is also a launch pad for US-led anti-ISIS operations in Syria, where the group continues to operate but no longer controls territory.
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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