BAGHDAD // A top US envoy said Iraqi troops would launch a major ground offensive against ISIL in the coming weeks, as a suicide bomber killed at least 14 people in Baghdad on Monday.
The extremist group spearheaded an offensive that swept through large areas north and west of Baghdad last June, and Iraqi forces are battling to regain ground with support from US-led air strikes.
John Allen, the US coordinator for the anti-ISIL coalition of Western and Arab countries, said on Sunday that Iraqi troops would begin a major offensive “in the weeks ahead”.
“When the Iraqi forces begin the ground campaign to take back Iraq, the coalition will provide major firepower associated with that,” he told Jordan’s official Petra news agency.
Iraqi forces have already carried out operations near Baghdad and in the provinces of Diyala and Salaheddin, north of the capital.
ISIL-led militants were stopped short of Baghdad in June and have since been pushed back, but still carry out deadly attacks.
On Monday, a suicide bomber attacked a Shiite-majority area of north Baghdad, killing at least 14 people and wounding at least 43, officials said.
The bomber struck near pavement vendors in Kadhimiyah district’s crowded Aden Square.
It was the second suicide bombing to hit the capital in three days. On Saturday, an attack inside a restaurant in the Baghdad Jadida area killed at least 23 people.
There was no immediate claim of responsibility for Monday’s attack, but suicide bombings are almost exclusively carried out by Sunni extremists in Iraq, including ISIL.
Jordanian air force chief Major General Mansour Al Jobour said on Sunday that the kingdom had launched 56 strikes against the extremists since Thursday as part of the US-led air campaign.
Jordan had vowed an “earth-shattering” response after ISIL captured one of its pilots and released gruesome video of him apparently being burned alive.
“On the first day of the campaign to avenge our airman Maaz Al Kassasbeh, 19 targets were destroyed, including training camps and equipment,” Gen Al Jobour said.
US secretary of state John Kerry said the air campaign, launched in Iraq in August and expanded to Syria the following month, was helping ground forces win back territory and depriving ISIL of key funds.
There have been 2,000 air strikes on ISIL so far, Mr Kerry told a global security conference in the German city of Munich.
These had helped ground forces retake some 700 square kilometres of territory from the militants, or “one-fifth of the area they had in their control”, he said.
Mr Kerry did not specify whether the recaptured territory was in Iraq or Syria.
But he added that the coalition had “deprived the militants of the use of 200 oil and gas facilities ... disrupted their command structure ... squeezed its finance and dispersed its personnel”.
Coalition warplanes launched three air strikes against ISIL in Syria in the 24 hours before 6am on Monday, the Pentagon said, with another six being launched in Iraq.
Syrian foreign minister Walid Muallem said on Monday that foreign troops would not be allowed on the ground in Syria to battle ISIL, adding that Jordan had not responded to a Damascus request to coordinate efforts against the extremists.
Also Monday, at least 15 people were killed and dozens wounded in government air strikes on an area outside the Syrian capital of Damascus, the Syrian Observatory for Human Rights monitoring group said.
There were no immediate details on the breakdown of those killed in the strikes, which are the latest to hit the town of Douma in the rebel stronghold of Eastern Ghouta.
The opposition bastion, east of Damascus, was still reeling from a massive government aerial assault on Thursday that came after rebels fired more than 120 rockets and mortar rounds into the capital.
The rebel barrage killed 10 people in Damascus, including a child, while the government air strikes and surface-to-surface missiles fired at Eastern Ghouta killed at least 82 people, among them 18 children.
Eastern Ghouta has been under government siege for nearly two years as the army tries to break the rebel hold over the area.
The siege has created medical and food shortages, exacerbating dire humanitarian needs created by regular government bombardment of the area.
* Agence France-Presse
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Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
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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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
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