Iraqi protesters clash with security forces in Basra city on August 31, 2018. AFP
Iraqi protesters clash with security forces in Basra city on August 31, 2018. AFP

Iraqi protesters threaten to invade Basra oilfield



About 150 protesters gathered at the main entrance to Iraq's giant Nahr Bin Omar oilfield in Basra on Sunday amid growing unrest in southern cities over poor public services and corruption.

The protesters threatened to break into the field if the government did not respond to their demands to improve basic services and address their complaints over Basra's drinking water, which residents say is undrinkable due to high salt levels.

"We will not allow the oilfield to operate unless we get clean water. No services, no jobs and now no clean water. We are fed up," said Hassan Ali, a protest organiser.

Officials at the oilfield, operated by state-run Basra Oil Company, said production was running normally. Nahr Bin Omar produces about 44,000 barrels per day, they said.

Basra health officials said more than 17,000 people had been treated for illnesses caused by polluted drinking water in recent weeks.

On Friday, hundreds of protesters stoned and tried to break into Basra's provincial government headquarters, demanding better public services and an end to pervasive corruption.

Other protesters gathered at a main road to the east of Basra leading to a border crossing with Iran, trying to prevent trucks from moving, customs and police officials said.

Oil exports from Basra account for more than 95 per cent of Iraq's state revenues. Any potential disruptions to production could severely affect Iraq's limping economy.

Iraqi political blocs are attempting to form a coalition government after a May 12 parliamentary election tainted by allegations of fraud. The new parliament will convene for the first time tomorrow after the election results were finally ratified following a partial recount.

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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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