ABU DHABI // Bahrain says it has dismantled an Iran-linked terror cell that was planning attacks in the kingdom.
The cell, allegedly linked to Iran’s Revolutionary Guard and Lebanon’s Tehran-backed Hizbollah militia, was planning to carry out a “series of dangerous bombings” on Bahrain, the interior ministry said on Wednesday.
Members of the “secret terrorist organisation” have been identified and many arrested, the ministry said, adding that others remained at large.
Among those arrested were 33-year-old twins Ali and Mohammed Fakhrawi, identified as leaders of the group, the official BNA news agency reported, citing the ministry.
Bahrain had on Monday joined Saudi Arabia in cutting diplomatic ties with Iran over attacks on Saudi diplomatic missions by Iranian protesters.
On Wednesday, Qatar recalled its ambassador to Iran, joining other Saudi allies in curtailing diplomatic ties with Tehran over the incident.
“The ministry summoned this morning Qatar’s ambassador to Tehran against the backdrop of attacks on the embassy of the Kingdom of Saudi Arabia in Tehran,” the director of Qatar’s Asian Affairs Department said.
Oman expressed regret over the attacks on Wednesay, but stopped short of recalling its ambassador or cutting ties as fellow GCC states have done. The UAE has downgraded its ties with Iran and Kuwait has recalled its envoy to Tehran.
The sultanate is known for its historically strong ties with Iran and for maintaining a neutral stance in regional disputes.
It was Muscat’s the first response to the ongoing tensions between Saudi Arabia and Iran, which began with the kingdom’s execution of the Shiite cleric Nimr Al Nimr on Saturday. Iranian protesters, angered by the execution, later attacked the Saudi Embassy in Tehran and a consulate in Mashhad.
“The Sultanate considers this action unacceptable and at the same time affirms the importance of finding new rules that prohibit any kind of intervention in countries’ internal affairs,” Oman’s foreign ministry said.
Media reports in Tehran said Oman’s foreign minister was expected in the Iranian capital on Wednesday.
Djibouti also cut ties with Iran on Wednesday while Jordan summoned the country’s ambassador in Amman to condemn the attacks and “Iranian interference” in Arab affairs, the Jordanian state news agency Petra reported.
“You have various GCC members plus Turkey and Sudan reacting in different ways to the violence that occurred in Iran against Saudi interests,” said Dr Theodore Karasik, a UAE-based security analyst with Gulf State Analytics.
“Everybody has condemned the actions because it is against international diplomatic and legal norms but, at the same time, each of these countries has two particular interests, the relationship with Saudi at this time and what their own perspectives are on where they fit within this dispute.”
Meanwhile, Turkish president Recep Tayyip Erdogan refused to condemn Saudi Arabia for its execution Al Nimr and 46 other people convicted on terrorism charges.
“The executions in Saudi Arabia are an internal legal matter,” he said in his first public reaction to the incident. “Whether you approve or not of the decision is a separate issue.”
Mr Erdogan had last month visited Riyadh for talks with King Salman and the political elite, in a new sign of Ankara’s warm ties with the kingdom.
He dismissed suggestions that the executions were aimed at provoking tensions with Shiite Muslims and also said the attack on the Saudi mission was “unacceptable”.
“Clearly, Turkey and Saudi [Arabia] have a new relationship based on the outcome of the Riyadh conference but also because of [defence minister] Mohammed bin Salman’s announcement of the Islamic military alliance which fits in very well with Ankara’s outlook towards settling the Syrian political situation in their favour,” Dr Karasik said.
“It is a mix of personal relationships augmented by affiliation to the kingdom but also the fact that [King Salman] is the Custodian of the Two Holy Mosques.”
Staff of the Iranian embassy in Riyadh and the consulate in Jeddah left Saudi Arabia on board a private Iranian plane, Saudi state news agency SPA reported on Wednesday.
Iran’s official state broadcaster IRIB said the 54 diplomats arrived in Tehran after Saudi diplomats in Iran returned to the kingdom on Tuesday.
The Iranian ambassador to Saudi Arabia, Hossein Sadeghi, was quoted on state television as saying that anger at Al Nimr’s execution was natural but the response was not.
“Although protest is a civil right, an assault on an embassy and infringing commitments can damage the image of the Islamic republic,” he said.
“This move was unacceptable and wrong and we should learn a lesson so that, while preserving the right to protest, such an act should not happen.”
Iraq on Wedneday offered to mediate between Saudi Arabia and Iran to end their dispute, saying it could spill over into the rest of the region.
Iraqi foreign minister Ibrahim Al Jaafari said the row could have “wide-ranging repercussions”.
Analysts said Baghdad was particularly worried about anything that could disrupt its campaign against ISIL.
“We have solid relations with the Islamic Republic ... and also we have relations with our Arab brothers and therefore we cannot stay silent in this crisis,” Mr Al Jaafari said.
cmalek@thenational.ae
* With agencies
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
