U.S. envoy to the coalition against Islamic State Brett McGurk attends the Kuwait International Conference for Reconstruction of Iraq, in Bayan, Kuwait February 13, 2018. Stephanie McGehee / Reuters
U.S. envoy to the coalition against Islamic State Brett McGurk attends the Kuwait International Conference for Reconstruction of Iraq, in Bayan, Kuwait February 13, 2018. Stephanie McGehee / Reuters

US envoy says fight against ISIL is not over



The US envoy to the anti-ISIL coalition says that the battle against the insurgents in Iraq and Syria is not over.

Brett McGurk said on Wednesday that more than three years after ISIL swept into northern Iraq and Syria, the extremists remain a threat.

"Even though there has been progress made against ISIS- the fight is not over, we have to make sure we follow through", he told The National, in reference to the US' military and humanitarian support mission.

Although Iraq’s Prime Minister Haider Al Abadi announced victory against ISIL in December, he ordered security forces, last month, to eliminate “ISIL sleeper cells” and protect civilians

“The operations aim to put pressure on both the Syrian and Iraqi sides of the border, that particular fight is not over yet,” Mr McGurk said.

The US-led coalition against the insurgents continues to support Iraqi forces three years after the militant group captured a third of Iraq’s territory.

“Iraq has cleared 100 per cent of its territory that used to be controlled by ISIS and 3.2 million Iraqis have returned to their home in areas that used to be controlled by ISIS," Mr McGurk said. "We have to make sure the defeat of ISIS is an enduring one.”

The extremists have not been able to reclaim any of the liberated territories due to military, humanitarian and comprehensive stabilisation plans that were put in place three years ago with the Iraqi government, the special presidential envoy for global coalition to defeat ISIL said.

However, the militant group's collapse in its Iraqi and Syrian strongholds does not spell the end of its violence.

Referring to Syria, Mr McGurk said the coalition is working to ensure that none of the detained insurgents are released.

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Read more:

UAE and Gulf states pledge billions for Iraq

Comment: Miscalculation and vulnerability simmer beneath the surface of the Syrian conflict

Beyond the Headlines podcast: Iraq's reconstruction and the challenges ahead

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The Syrian Democratic Forces (SDF), who served as the coalition’s main partner in Syria have managed to capture hundreds of foreign fighters.

“We are working together to ensure that none of the fighters can get out and threaten their communities and that justice is done in a way that [is consistent] with international law.”

The focus is now on the immediate stabilisation and reconstruction of areas in need. “That is going to be a ten-year process,” Mr McGurk said referring to an Iraq fundraising international conference in Kuwait attended by dozens of potential donors.

Iraqi officials said rebuilding and developing hospitals, schools, homes, roads and telecommunications was the key to providing jobs, returning hundreds of thousands of displaced people to their homes and ending several decades of violence.

Mr Al Abadi stressed that the entire Middle East had a stake in his country's fate.

“It was a bloody and tough war, our homes were destroyed, schools devastated, streets turned into battlefields, we tolerated this because not only were we fighting for Iraq but for all humanity,” he said during the conference.

Iraq wants to raise the estimated $88 billion needed to rebuild ravaged areas. Numerous Iraqi cities were reduced to rubble during the fight against ISIL.

Mosul, the country’ second largest city was one of the hardest hit places, with nearly 40,000 homes needing to be rebuilt or repaired before residents displaced by the war can return, according to the UN.

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

The Equaliser 2

Director Antoine Fuqua

Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders

Three stars

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 

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.”

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

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The Good Liar

Starring: Helen Mirren, Ian McKellen

Directed by: Bill Condon

Three out of five stars

The years Ramadan fell in May

1987

1954

1921

1888

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The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

UAE currency: the story behind the money in your pockets
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5