Series of attacks in Iraq kills at least 27 day after Sunni MP is killed


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KIRKUK, IRAQ // A wave of attacks in Baghdad and north of the capital today left at least 27 people dead a day after a Sunni member of parliament was killed in a suicide bombing, amid a worsening political crisis engulfing Iraq.

The latest violence, the deadliest of which targeted Kurdish political party offices, comes with Nouri Al Maliki, the prime minister, facing several protests hardening opposition against his rule and calls for his ouster from many of his erstwhile government partners.

No group immediately claimed responsibility for the attacks, which also left more than 220 people wounded, but Sunni militants often carry out waves of violence in a bid to destabilise the government and push the country back towards the sectarian violence that blighted it from 2005 to 2008.

Today's deadliest attack struck in the ethnically-mixed city of Kirkuk, where two car bombs in the same neighbourhood killed at least 16 people and wounded 190 others.

The first blast was detonated by a suicide attacker during the morning rush hour and appeared to target a compound housing local offices of the Kurdistan Democratic Party (KDP) of Kurdish regional president Massud Barzani.

A second car bomb parked on the side of a road nearby detonated shortly thereafter, apparently targeting a KDP official.

Another suicide car bombing in the town of Tuz Khurmatu killed two people and wounded 26 others. The attack struck near the offices of the Patriotic Union of Kurdistan of Iraqi President, Jalal Talabani.

In Baghdad, three separate attacks left five people dead, officials said.

The latest attacks come a day after the killing of a Sunni Iraqi MP in a suicide attack west of Baghdad, with Ayfan Al Essawi's funeral expected to be held in Fallujah later today.

Al Essawi was a former leader of the Sahwa, a collection of Sunni tribal militias that turned against Al Qaeda and sided with the US military from late 2006, helping turn the tide of Iraq's insurgency.

Sahwa fighters are regularly targeted for attacks by Sunni militants who view them as traitors.

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

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THE SPECS

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Power: 141bhp 

Torque: 250Nm 

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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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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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