Militants take sledgehammers to an ancient artifact in the Ninevah Museum in Mosul. AP Photo via militant social media account
Militants take sledgehammers to an ancient artifact in the Ninevah Museum in Mosul. AP Photo via militant social media account
Militants take sledgehammers to an ancient artifact in the Ninevah Museum in Mosul. AP Photo via militant social media account
Militants take sledgehammers to an ancient artifact in the Ninevah Museum in Mosul. AP Photo via militant social media account

Mosul attacks are an outrage


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Every time a bunch of barbarians destroy artefacts of cultural significance, there are calls to remember the human destruction as well. That is as it should be. The worst destruction to come out of the cancer of ISIL has been in human terms.

Hundreds of thousands have fled their homes, have lost family members and live in daily fear. That sort of suffering cannot be conveyed in the mass media.

Yet the destruction of artefacts is also a destruction of a people, a wiping out of their cultural heritage and memory. Whether with the Buddhas of Bamiyan in Afghanistan, the destruction of Syria’s great architecture and art during the civil war, the burning of old manuscripts in Timbuktu or ISIL’s rampages across Iraq, wiping out the traces of past civilisation diminishes those who live in the present.

It is right, then, to be outraged by ISIL’s destruction of the glories of Iraq’s past. And outraged not merely that the group committed such destruction, but outraged at why they claim to have done so. For the ISIL vision of the world and their understanding of theology that they claim justifies such acts, are profoundly warped.

They are warped philosophically – there is a tragic nihilism behind ISIL’s destruction, a belief that nothing can truly matter except their limited worldview, neither human life, nor cultural production. But their views are also warped theologically and historically. The narrow, austere beliefs about Islam that ISIL subscribes to are unsupported by the teachings of the faith nor by history. After the early Muslims conquered the Sassanian Empire (in what is now Iran), they neither destroyed places of worship nor forced the Persians to convert.

Indeed, the most damning evidence against ISIL’s belief is the most obvious: that these artefacts have been preserved, promoted and studied in Mosul for years. Mosul has been governed by Muslims since sometime in the mid-7th century. For 14 centuries, scholars have studied the Quran and none has come to the conclusion that these artefacts should be harmed. The truth is that the thugs of ISIL have brought no new theological understandings, just the oldest method of brutes with brute strength.

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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.”

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”