Mike Pompeo said Maj Gen Qassem Suleimani, centre, will now be treated like fugitive ISIS leader Abu Bakr Al Baghdadi. AFP
Mike Pompeo said Maj Gen Qassem Suleimani, centre, will now be treated like fugitive ISIS leader Abu Bakr Al Baghdadi. AFP

Qatar’s $275 million ransom went to US' most ardent foes in Iraq and Syria



UPDATE: Qatari hostage payments funded Al Qaeda group that is now Syria’s most powerful militant faction

A ransom deal involving Qatar, Iraq, Iran, Turkey and Syria could end up having implications for Washington, after it was reported that huge sums of cash went straight into the pockets of some of the US's most ardent foes in Iraq.

According to the Washington Post, Qatari officials in April of 2017 appeared "to consent to payments totaling at least $275 million (Dh1 billion) to free nine members of the royal family and 16 other Qatari nationals" who were kidnapped during a hunting trip to Iraq. The secret exchanges between Qatari officials and intermediaries revealed that $150m  more than was previously reported was paid, much of it to groups and leaders designated by the US government as terrorist actors.

Recipients of up to $75m included leaders from Iran's Islamic Revolutionary Guard Corps (IRGC), Iraq's Kataib Hezbollah and Jabhat Fateh Sham, formerly known as Jabhat Al Nusra, which is linked to Al Qaeda. Kataib Hezbollah was designated by the US government as a terrorist entity in 2009, and Jabhat Al Nusra in 2012. US President Donald Trump put the IRGC under terrorism designation last October. Some of the cash also went to senior IRGC leader Qassem Soleimani, who was designated a terrorist in 2011, The Washington Post reported.

A US State Department official asked about the deal told The National "we understand that the [25] hostages were freed.

“We have no additional comment beyond referring you to the governments of Iraq and Qatar.”

Phillip Smyth, a fellow at the Washington Institute for Near East Policy, who closely monitors Shia armed groups in the region, said that some of the militias involved in the deal are among the most aggressive in targeting the US. "Kataib Hezbollah is a registered US terror group and one of the most outwardly aggressive organisations when it comes to messaging and actions," Mr Smyth told The National.

"It's important to remember that the group targeted US forces during the Iraq war with advanced weapons, continues to threaten US interests, has backed materially and politically Bahraini Shia militants....so its involvement with IRGC in the deal means quite a bit" he said.

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What could be more troubling for the US, Mr Smyth said, is “it shows that some Gulf states, in this case, Qatar, are willing to act unilaterally despite US issues with these actors.

“This was an entire incident that appears to have not involved the US despite its much broader geopolitical implications, particularly the potentially more negative ones for Washington.”

The other troubling aspect for the US government is the intricacies and factions revealed in the deal.

“It shows that on an organisational level, an extremely anti-US group like Kataib Hezbollah may be more factionalised ... which could be cause for concern for US forces in Iraq.

“It also demonstrates how the Iranians could potentially use these now confusing networks against the US and its interests in the region,” he said.

The cash that went to Kataib Hezbollah from the ransom deal is almost five times the group's annual budget ($2m to $6m) for its fighters, said Mr Smyth.

More broadly, the deal goes against America's longstanding policy reaffirmed under successive governments  of refusing to make concessions or pay ransom to terrorist groups.

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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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UAE currency: the story behind the money in your pockets
Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

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

US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Ponti

Sharlene Teo, Pan Macmillan

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The specs

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Power: 435hp at 5,900rpm

Torque: 520Nm at 1,800-5,500rpm

Transmission: 9-speed auto

Price: from Dh498,542

On sale: now

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.