The Iraqi prime minister Haider Al Abadi, centre, and US secretary of state John Kerry, right, listen as Britain's foreign secretary, Philip Hammond, speaks during a press conference at the Foreign and Commonwealth Office in London on January 22, 2015. Peter Nicholls / AP Photo
The Iraqi prime minister Haider Al Abadi, centre, and US secretary of state John Kerry, right, listen as Britain's foreign secretary, Philip Hammond, speaks during a press conference at the Foreign and Commonwealth Office in London on January 22, 2015. Peter Nicholls / AP Photo
The Iraqi prime minister Haider Al Abadi, centre, and US secretary of state John Kerry, right, listen as Britain's foreign secretary, Philip Hammond, speaks during a press conference at the Foreign and Commonwealth Office in London on January 22, 2015. Peter Nicholls / AP Photo
The Iraqi prime minister Haider Al Abadi, centre, and US secretary of state John Kerry, right, listen as Britain's foreign secretary, Philip Hammond, speaks during a press conference at the Foreign an

ISIL’s advance has been halted, Kerry tells coalition


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LONDON // The US-led coalition battling ISIL has made significant gains, killing thousands of the militant fighters and half of its leadership, US secretary of state John Kerry said on Thursday.

Mr Kerry said Iraqi ground troops backed by almost 2,000 airstrikes had retaken 700 square kilometres of territory and that ISIL’s advance had been “halted … and in some cases reversed”.

But he said the coalition “can do better” at stopping the militant group’s flow of funds and foreign fighters, as well as the global spread of its message.

Mr Kerry made the announcement at an anti-ISIL coalition meeting in London.

He met British foreign secretary Philip Hammond, Iraqi prime minister Haider Al Abadi, and officials from 21 countries, including the UAE, at the one-day conference.

The forum was called to seal the cracks in the international coalition against the extremist group, which controls huge areas of Syria and Iraq.

Mr Al Abadi complained recently that weapons and ammunition have not been reaching Iraqi forces fast enough, and accused the world of stalling on commitments to train Iraqi troops.

“We are in this almost on our own,” he said. “There is a lot being said and spoken, but very little on the ground.”

After Thursday’s meeting, however, Mr Al Abadi said: “I have asked people for more support and I think my call didn’t go unnoticed.”

Mr Kerry said Iraqi forces would be receiving large numbers of US-made M16 rifles “very, very shortly”.

“There is a pipeline here and it is working,” he said.

Apart from the US, UK and Iraq, other countries represented at the talks included France, Germany, Italy, Turkey, Australia, Belgium, Canada, Denmark, the Netherlands, Norway and Spain.

From the Mena region, the UAE, Saudi Arabia, Bahrain, Egypt, Qatar, Jordan, Kuwait attended.

The meeting was the first major conference since the Paris attacks on the office of a satirical magazine and kosher supermarket in which 20 people were killed.

The meeting allowed Iraq and its allies to present a united front after Mr Al Abadi’s complaints and Mr Hammond’s remarks on Thursday that Iraqi forces were in a “state of disarray”.

He said it would “be months yet before they are ready to start significant combat operations” against the extremists.

Mr Kerry’s comments that ISIL’s advance had been halted came despite the fact that a large area and the major city of Mosul remain in the militants’ control.

Another potential obstacle facing the coalition is falling oil prices, which Mr Al Abadi said had been “disastrous” for Iraq’s budget.

“We don’t want to see a reverse of our military victory due to our budget and fiscal problems,” he said.

Mr Hammond assured him that would not happen.

“This campaign is not going to fail for the want of some guns or some bullets in the hands of the Iraqi security forces,” he said.

Mr Kerry called eradicating ISIL was “the challenge of our time”.

“Their goal is to suppress and to take over and to expand a very nihilistic, unbelievably oppressive sense of how people ought to live,” he said.

“We’ve seen them carry it out in the most egregiously horrendous fashion with public beheadings, they’re now threatening two Japanese hostages.

“It’s the challenge of our time. And we need to step up and lead.”

Mr Kerry also said that members of the coalition would now meet on a monthly basis, but not necessarily at a ministerial level.

* Associated Press

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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 

 

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

UAE currency: the story behind the money in your pockets
THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

Golden Shoe top five (as of March 1):

Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points

Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

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Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

The specs
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UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5