U.S. soldiers are seen during a handover ceremony of Taji military base from US-led coalition troops to Iraqi security forces, in the base north of Baghdad, Iraq August 23, 2020. Reuters
U.S. soldiers are seen during a handover ceremony of Taji military base from US-led coalition troops to Iraqi security forces, in the base north of Baghdad, Iraq August 23, 2020. Reuters
U.S. soldiers are seen during a handover ceremony of Taji military base from US-led coalition troops to Iraqi security forces, in the base north of Baghdad, Iraq August 23, 2020. Reuters
U.S. soldiers are seen during a handover ceremony of Taji military base from US-led coalition troops to Iraqi security forces, in the base north of Baghdad, Iraq August 23, 2020. Reuters

US warns it will review policies in Iraq if missile attacks continue


Mina Aldroubi
  • English
  • Arabic

Missile attacks on US personnel and diplomatic missions in Iraq will push Washington to review its policies, the US ambassador to the country, Mathew Tuller said on Monday.

His remarks come after two Katyusha rockets fell near Baghdad airport on Sunday night. It was the third such attack on sensitive sites hosting US and foreign troops in the capital this week.

Washington blames such attacks on Iranian-backed militias but Tehran has not directly commented on the incidents.

"There are extremist voices that prompt the targeting of the US’s military and diplomatic presence, and this does not represent the Iraqi people or the interest of Iraq," Mr Tuller told reporters.

If such attacks continue then it will “prompt a review of many issues, not between Iraq and America, rather, between Iraq and the international coalition in general.”

There are around 5,000 US personnel and hundreds more from other countries in Iraq which are deployed at the request of the government to assist Iraqi forces in their fight against ISIS.

Yet the Iraqi oarliament passed a bill following the US killing of top Iranian general Qasem Suleimani and Kataib Hezbollah commander Abu Mahdi Al Muhandis in January, that demanded the invitation be revoked.

Mr Tuller said that Washington does not want to have permanent military bases in Iraq, indicating that the US will make its decision on whether or not its troops will remain in Iraq based on the “readiness of the Iraqi forces.”

"There is some misunderstanding and intended confusion regarding the nature of the relationship between the international coalition and the Iraqi government. America does not want permanent military presence or permanent bases in Iraq,” Mr Tuller said.

The Pentagon said last wekk that it will reduce US force stationed in Iraq to about 3,500 troops within the next few months.

The killing of an American civilian last December triggered a round of violence which ultimately led US President Donald Trump to order the killing of Suliemani and Al Muhandis.

It resulted in deadly tit for tat attacks between US and Iran on Iraqi soil.

"We hope that the Iraqi parliament will not reject the recent agreements between Baghdad and Washington," noting that "the strategic framework agreement was ratified by Parliament in 2008, and anything we do within this framework is in force as a law,” he said.

For months Iraqi officials have said they are seeking to avoid being drawn into any regional conflagration.

Iraqi Prime Minister Mustafa Al Kadhimi concluded a trip to Washington earlier this month where he held talks with Mr Trump and various top US officials.

The meeting in Washington shows “the strength of the relationship” Mr Tuller said.

"We all understand the challenges that Iraq suffers from the outbreak of the coronavirus and the drop in oil prices, especially as it does not have a strong position to attract foreign investment,” Mr Tuller said.

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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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Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The specs
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  • Power: 640hp
  • Torque: 760nm
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Polarised public

31% in UK say BBC is biased to left-wing views

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Source: YouGov

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

UAE currency: the story behind the money in your pockets
MATCH INFO

West Ham United 2 (Antonio 73', Ogbonna 90 5')

Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')