The sons of Abbas Lazim grieve outside hospital after their father was killed in a bomb attack in Sadr City in Iraq yesterday.
The sons of Abbas Lazim grieve outside hospital after their father was killed in a bomb attack in Sadr City in Iraq yesterday.

Civil war fears rise as 72 killed in Iraq bombings



BAGHDAD // At least 72 people died in coordinated bomb attacks on Shiite pilgrims and neighbourhoods in Iraq yesterday on the bloodiest day since US forces withdrew from the country.

Explosions struck two Shiite areas in Baghdad early in the morning, killing at least 27. A few hours later, 45 died in a suicide attack on pilgrims heading for Karbala.

Since American troops left on December 18 there has been a wave of bombings, mostly targeting Shiites, threatening to drag Iraq back towards the sectarian conflict that ravaged the country after the US-led invasion that toppled Saddam Hussein.

The situation has been exacerbated by a political crisis pitting politicians from the Shiite majority who dominate the government against the Sunni minority, who reigned supreme under the dictatorship of Saddam.

There was no claim of responsibility for the bloodshed but the bombings carried the hallmarks of Sunni insurgents linked to al Qaeda.

The attacks began in Baghdad with the explosion of a bomb attached to a motorcycle near a bus stop where labourers gather to look for work in the Shiite Sadr City neighbourhood.

That attack was followed by the explosion of a roadside bomb. Police found a third bomb nearby and defused it. Less than two hours later, two explosions went off simultaneously in the Shiite neighbourhood of Kazimiyah in the north of the capital.

“I saw too much blood flood on to streets and bodies thrown to the side of the road,” said Abo Faris, who owns a shop near one of the bomb sites in Kazimiyah.

“They targeted a crowded Shia place. I’m sure now al Qaeda is strong and they can attack any day, any time.”

The attack on the pilgrims took place near Nasiriyah, about 320 kilometres south-east of Baghdad, in the run-up to Arbaeen, a Shiite holy day marking the end of 40 days of mourning that follow the anniversary of the death of Imam Hussein. During this time, Shiite pilgrims from across Iraq make their way to Karbala, south of Baghdad.

hmed Abdel Saheb Khaqani, director of the Hussein General Hospital in Nasiriyah, where the dead and injured were taken, said two suicide bombers wearing explosive belts blew themselves up and a bomb hidden by the road also exploded.

Baghdad military spokesman Maj Gen Qassim Al Moussawi said the aim of the attacks was “to create turmoil among the Iraqi people”. He said it was too early to say who was behind them.

The bombings were the deadliest in Baghdad since December 22, when a series of explosions killed 69 people in mostly Shiite neighbourhoods. An al Qaeda front group in Iraq claimed responsibility.

The increased violence comes as sectarian tensions have heightened after the Shiite prime minister Nouri Al Maliki’s government issued an arrest warrant for the country’s top Sunni politician last month.

Tariq Al Hashemi, the vice president, is in Iraq’s semiautonomous Kurdish region in the north, out of reach of state security forces.

Iraqi leaders feared a resurgence of Sunni and Shiite militants and an increase in violence after the US pullout, a fear that is coming to be realised.

On Wednesday, attacks targeted the homes of police officers and a member of a government-allied militia. Those attacks, in the city of Baqouba and the area of Abu Ghraib just outside Baghdad, killed four people, including two children.

Nouri Al Dulaimi, a former major-general in the Iraqi army, said the political conflict was fuelling the violence.

“Iraqi politics is in open war and that was reflected on the Iraqi streets through … today’s bombs,” he said.

Hakim Al Zamili, an MP from the Ahrar bloc, which is loyal to the radical Sadrist movement, blamed the recent attacks on cells belonging to al Qaeda and Baathists from the former regime.

“Al Qaeda and the Baathists are trying by all means available to them stoke dissension and sectarian war between Iraqi sects, and today’s bombs were just a proof of how strongly they want a civil war,” said Mr Al Zamili, a member of parliament’s security and defence committee.

“We must rebuild our security forces.”

* With additional reporting by the Associated Press

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

COMPANY PROFILE

Company name: Bedu

Started: 2021

Founders: Khaled Al Huraimel, Matti Zinder, Amin Al Zarouni

Based: Dubai, UAE

Industry: AI, metaverse, Web3 and blockchain

Funding: Currently in pre-seed round to raise $5 million to $7 million

Investors: Privately funded

COMPANY PROFILE

Name: Telr
Based: Dubai, UAE
Launch year: 2014
Number of employees: 65
Sector: FinTech and payments
Funding: nearly $30 million so far

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Inside Out 2

Director: Kelsey Mann

Starring: Amy Poehler, Maya Hawke, Ayo Edebiri

Rating: 4.5/5

COMPANY PROFILE

Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million

COMPANY PROFILE

Name: Carzaty, now Kavak
Based: Dubai
Launch year: Carzaty launched in 2018, Kavak in the GCC launched in 2022
Number of employees: 140
Sector: Automotive
Funding: Carzaty raised $6m in equity and $4m in debt; Kavak plans $130m investment in the GCC

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.