Iraqi security search men as they arrive to volunteer to join the fight against Islamist militants in the central Shiite Muslim shrine city of Najaf on June 12, 2104. Haidar Hamdani / AFP
Iraqi security search men as they arrive to volunteer to join the fight against Islamist militants in the central Shiite Muslim shrine city of Najaf on June 12, 2104. Haidar Hamdani / AFP

Obama talks of military options to assist Iraq



WASHINGTON // President Barack Obama said on Thursday the US was considering military options to help the Iraqi government as Islamist militants advanced to 90 kilometres from the capital.

“I don’t rule out anything,” Mr Obama said when asked whether the US was willing to send drones or warplanes to Iraq.

Iraq “clearly is an emergency situation” and the government there needs more help, he said.

“Short-term, immediate things” need to be done militarily, he said, and the US was looking at “all the options” short of sending troops into the fight.

Three years after the US and other international coalition members withdrew forces from Iraq, the Shiite-led government’s army is collapsing and Islamic militants are sweeping through northern Iraq.

Fighters from the Islamic State of Iraq and the Levant (ISIL) are threatening the stability of Opec’s second-biggest oil producer.

On Thursday they pushed closer to Baghdad after capturing a town just hours to the north.

The ISIL militants have swept up a huge swath of mainly Sunni territory in northern and north-central Iraq since launching their offensive with the capture of Iraq’s second city Mosul on Monday.

With government forces abandoning their positions in the face of the ISIL push, forces from Iraq’s Kurdish autonomous region on Thursday took control of the northern oil city of Kirkuk.

On Wednesday, ISIL fighters moved south to seize Tikrit, hometown of the former dictator Saddam Hussein, who was deposed after the US invasion of Iraq in 2003 and later executed.

On Thursday, they moved into the ethnically divided Diyala province, capturing the town of Dhuluiyah just 90km from Baghdad, army officers said.

An ISIL spokesman, Abu Mohammed Al Adnani, said the militants would press on to the capital and the Shiite shrine city of Karbala.

The government in Baghdad has been left floundering by the speed of the ISIL assault.

Prime minister Nouri Al Maliki said he would seek parliament’s authorisation to declare a state of emergency, but legislators failed to muster a quorum on Thursday.

Only 128 out of 325 MPs showed up for the session, which was announced two days before, a senior official said.

The swift collapse of Baghdad’s control comes on top of the loss of Fallujah, west of Baghdad, at the start of the year. It has been a blow for western governments that invested lives and money in the invasion that toppled Saddam.

Iraqi foreign minister Hosyhar Zebari acknowledged the security forces in which Washington invested billions to train and equip before withdrawing its troops in 2011 had simply melted away.

“It is a setback definitely for the Iraqi security forces, who collapsed in the largest city and abandoned their weapons and equipment,” he said.

Mr Zebari said the forces were mounting a fightback in Tikrit, and residents reported an airstrike on the dictator’s former palace in the town.

Russia said the lightning gains by ISIL, a movement so radical it has been disavowed even by Al Qaeda, showed the pointlessness of the 2003 US-led invasion, carried out after the 9/11 attacks.

The offensive by ISIL militants, boosted by cash and government weapons seized in Mosul, has triggered global concern over the possible destabilisation of large parts of Iraq.

Signs have emerged that ISIL is backed by former military officers and other members of Saddam’s regime, including a force led by Izzat Al Douri, the late leader’s former deputy who has escaped capture.

The involvement of Saddam-era figures raises the potential to escalate the militants’ campaign to set up an Al Qaeda-style enclave into a wider Sunni uprising.

The UN Security Council on Thursday convened for a closed-door meeting on the Iraq crisis, although it remains unclear what further steps the council could take.

The Nato chief Anders Rasmussen said he saw no role in Iraq for the western alliance in the battle against the thousands of Islamist militants.

Mr Rasmussen also demanded the immediate release of Turkish citizens who were captured by militants when they overran Mosul.

“Let me stress that I do not see a role for Nato in Iraq, but of course we follow the situation closely and we urge all parties involved to stop the violence,” he said.

Turkey said it was talking to militants in Mosul about freeing 80 people being held there, including 49 people who were seized in the Turkish consulate. They include the general consul and 31 truck drivers, the Turkish prime minister’s office said.

Washington found rare common cause with its long-time foe Iran, as both voiced dismay at the extremists’ advance and pledged to boost aid to Iraq’s beleaguered prime minister.

Iranian president Hassan Rouhani went live on television on Thursday to denounce the “extremist, terrorist group that is acting savagely”.

He said he would meet later with the Supreme National Security Council, which would have to approve any military support Tehran might want to provide to Baghdad.

* With reporting by Agence France-Presse, Bloomberg and Associated Press

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. 

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

India squad for fourth and fifth Tests

Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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On sale: December
Price: From Dh330,000 (estimate)

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.”

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

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WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?
MATCH INFO:

Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

Entrance is free