Thirty-eight killed and more than 100 wounded in twin Baghdad bombings


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Thirty-eight people have died and 105 were wounded in central Baghdad on Monday morning following a double suicide attack.

The twin bombings took place in Tayyaran square during rush hour.

The number of dead and injured had risen from initial reports of 26 dead and about 90 injured.

"Two suicide bombers blew themselves up in Al Tayyaran square in central Baghdad," said Gen Saad Maan, spokesman for the Joint Operations Command, which includes the army and the police.

Tayyaran Square is a bustling centre of commerce and a place where day labourers gather in the early morning waiting for jobs.

It has been the site of deadly attacks in the past. Ambulances gathered at the site of the bombing and security forces had been sent in large numbers.

There was no immediate claim of responsibility, but most such attacks in Iraq are the work of ISIL.

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Read more:

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On Saturday, a suicide bomb attack near a security checkpoint killed at least five people in northern Baghdad. There was no immediate claim of responsibility.

The bombings come as Iraq gears up for elections in May.

Iraqi prime minister Haider Al Abadi has said he will stand for re-election in the parliamentary polls as the head of a new coalition.

Mr Al Abadi's newly created Victory Alliance will compete against the State of Law bloc of Nouri Al Maliki, his predecessor and a key rival who is now vice president.

Both are members of the Shiite Dawa party.

Mr Al Abadi was little known when he became premier three years ago, after Mr Al Maliki ceded power to him in August 2014 amid ISIL's sweeping attack.

Mr Al Abadi has rebuilt the armed forces and taken back disputed areas in the north from the Kurds, dashing their hopes for independence.

He has also succeeded in convincing the Hashed Al Shaabi, a Shiite-dominated paramilitary force that helped in the fight against ISIL, to join his Victory Alliance.

The Hashed, or Popular Mobilisation Units, are now looking to become a key political player in Iraq after proving to be a formidable force on the battlefield.

In November, ISIL claimed an attack by suicide bombers on a market on the outskirts of Baghdad that killed 11 people.

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 tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

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