French soldiers pay their respects during a protestant service in Mali for the 13 French soldiers that were killed. EPA
French soldiers pay their respects during a protestant service in Mali for the 13 French soldiers that were killed. EPA
French soldiers pay their respects during a protestant service in Mali for the 13 French soldiers that were killed. EPA
French soldiers pay their respects during a protestant service in Mali for the 13 French soldiers that were killed. EPA

ISIS-affiliated group claims French crash in Mali


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An ISIS-affiliated group on Thursday claimed responsibility for a helicopter collision that killed 13 French soldiers this week in Mali.

The claim comes as France said it would reassess its military operation in West and Central Africa after its deadliest toll in almost four decades.

The claim by IS in the Greater Sahara, with no evidence, came almost three days after the low-flying helicopters collided on a moonless night while pursuing extremists near the Niger border.

An investigation has begun into the cause of the crash and the flight data recorders have been found.

French military spokesman Col Frederic Barbry said the military would not comment on the claim.

Shortly after the crash, Army Chief of Staff Gen Francois Lecointre said the helicopters had been supporting French forces who were pursuing fighters with the ISIS affiliate.

A national memorial ceremony will take place on Monday in Paris.

“Our mission there is important, yet what we are now living in the Sahel leads us to look into all strategic options,” French President Emmanuel Macron said.

Mr Macron said the government and military would work on the issue in the coming weeks.

He this week defended France’s largest overseas military mission, which involves 4,500 troops, saying it would enhance his country’s security and provide support to African nations.

The helicopter collision drew global attention to an emerging front for ISIS-linked groups after the extremists lost strength in their core area of Syria and Iraq.

Counter-terrorism officials have worried about the risk of fighters fleeing that region for Africa’s sprawling Sahel, the arid strip south of the Sahara Desert.

Before his death this year, ISIS leader Abu Bakr Al Baghdadi congratulated “brothers” in Mali and neighbouring Burkina Faso for pledging allegiance.

Extremist groups have been using wooded areas along the poorly defended border regions of Mali, Niger and Burkina Faso to find refuge while spreading south into more populated areas.

Nearly half a million people have fled their homes this year in once-peaceful Burkina Faso.

France has been outspoken on the need for more global support for counter-terrorism operations in the Sahel, especially funding for the five-nation G5 Sahel force formed two years ago.

France intervened in Mali in 2013 after extremists seized control of major towns in the north and introduced a harsh version of Islamic law.

They were forced back into the desert where they have regrouped.

A new surge in extremist attacks in Mali has killed more than 100 local troops in the past two months, with ISIS often claiming responsibility.

The extremists loot military posts and profit from mining operations.

Public frustration in Mali over the insecurity has also been directed at the French military presence.

The crash was France’s highest military toll since 1983, when 58 paratroopers were killed in a truck bombing in Lebanon.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Griselda
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ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

SPECS
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

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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