Turkey's prime minister Ahmet Davutoglu addresses MPs from his AK Party before an emergency session of parliament to discuss Ankara's "anti-terror" operation . EPA/STR
Turkey's prime minister Ahmet Davutoglu addresses MPs from his AK Party before an emergency session of parliament to discuss Ankara's "anti-terror" operation . EPA/STR

Turkish warplanes pound Kurdish rebel targets in Iraq



ANKARA // Turkish warplanes pounded Kurdish rebel targets in northern Iraq on Wednesday in a new wave of strikes as part of its “antiterror” operation against militant groups.

It came as parliament held an emergency session to discuss the controversial operation that is inflaming tensions in Turkey.

Ankara is simultaneously fighting ISIL in Syria and the Kurdistan Workers Party (PKK) in Iraq, in a campaign that began last week after a string of deadly attacks in Turkey blamed on the two starkly opposed groups.

However, reports of Turkish raids against ISIL have been less frequent than the repeated bombing of PKK targets.

The strikes were initially aimed at ISIL extremists but the focus rapidly expanded to include the bombing of PKK camps at their stronghold in the mountains of northern Iraq.

“Air operations were conducted throughout the night 28-29 July against the PKK terrorist group inside Turkey and outside,” said the prime minister’s office, listing six PKK locations in northern Iraq hit by the warplanes.

“The Turkish Republic will continue its rightful fight on legitimate grounds within the framework of national and international law, without succumbing to the threats of terrorist organisations.”

Massud Barzani, the president of northern Iraq’s autonomous Kurdish region, has expressed disquiet to Ankara over the air raids.

Turkey’s foreign ministry undersecretary, Feridun Sinirlioglu, was in the Iraqi Kurdish city of Erbil on Wednesday for meetings with Iraqi Kurdish leaders, in a clear bid to calm tensions.

The pro-Kurdish opposition in Turkey has furiously accused oresident Recep Tayyip Erdogan of ordering the air strikes as revenge for its strong performance in June 7 general elections which cost the ruling party its overall majority and failed to produce a conclusive result.

Deputy prime minister Bulent Arinc told the emergency session of parliament that this was now the “last chance” for a peace process with the Kurdish militants.

“The peace process has been continuously used and abused by some sides,” he said.

The PKK has waged an insurgency for self-rule and greater rights in Turkey’s south-east since 1984. It has claimed tens of thousands of lives.

The two sides had appeared to be inching towards a final peace deal after a ceasefire was agreed in 2013. But the current fighting has left the prospects of a settlement as far off as ever.

The crisis erupted on July 20 when 32 people were killed in a suicide bombing blamed on ISIL extremists in the Turkish town of Suruc, close to the Syrian border.

Kurdish militants, who accuse Ankara of collaborating with ISIL, responded by murdering two Turkish police in their sleep and launching a string of deadly attacks against the country’s security forces in the mainly Kurdish south-east.

Mr Erdogan said on Tuesday that it was “not possible” to carry on with a peace process in the face of current attacks by the PKK.

But the pro-Kurdish Peoples’ Democratic Party (HDP) – which won 13 per cent of the vote in the June 7 elections – hit back, saying that Mr Erdogan simply wanted to trigger snap elections and score a political revenge over the party.

“Parliament could stop this war in 48 hours if it wanted,” HDP lawmaker Osman Baydemir told parliament on Wednesday.

In the latest unrest in the southeastern province of Mardin, police and protesters clashed around the town of Nusaybin on the Syrian border when PKK supporters blocked a road and threw Molotov cocktails at security forces, Turkish media reports said.

Meanwhile, in the eastern region of Agri, one soldier was killed and two wounded in a rocket attack on their armoured vehicle blamed on the PKK, the Anatolia news agency reported.

Turkish police are pressing on with nationwide raids against suspected ISIL, PKK and Marxist militants across the country, with at least 1,302 people arrested so far, according to the prime minister’s office.

Deputy prime minister Arinc revealed to parliament on Wednesday that the vast majority of those arrested had so far been PKK suspects, with 847 people detained over links to the group and 137 detained over links to ISIL.

* Agence France-Presse

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Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.

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.”