Iraqis deserved an apology that never came for decades of sanctions and war unleashed on the country, not least the fact Britain and America have never given a clear reason for the 2003 invasion, the former head of the International Atomic Energy Agency has said.
Speaking at Chatham House, former director general of the IAEA Mohamed ElBaradei said it was chilling to think that the two allies were able to recklessly churn out unfounded claims of Iraq possessing weapons of mass destruction to try to justify their war — and get away with it when the reason proved to be unfounded.
The event marked the 20th invasion of the Iraq war at which Mr ElBaradei bemoaned the lack of justice for the Iraqi victims.
“It is scary, frankly, that after 20 years as we are sitting here today, no one can pin down exactly the reason why this war took place,” Mr ElBaradei said.
“Was it regime change, democracies spreading, WMDs, Iraq oil, extremism [or] Al Qaeda?
“What is really concerning is that there has been zero accountability."
He said while the Chilcot report was “proper and eloquent” it stopped short of achieving justice for the Iraqi people.
“No one was really held accountable, no criminal charges were made,” Mr ElBaradei added.
A report by a committee of the US Senate identified numerous failures officials’ gathering and processing of intelligence in the lead up to the invasion.
But the probe stopped short of holding anyone to account, Mr ElBaradei said, and was simply “the end of the story”.
“Basically both sides [were] saying ‘oops, we made the mistake',” said Mr ElBaradei.
“But aside from the technical individual accountability — or absence of it — we haven't seen any effort to learn from the mistakes to avoid a repeat.”
Mr ElBaradei and Hans Blix, the former chairman of the Weapons of Mass Destruction Committee, were in charge of UN weapons inspections in Iraq in the lead up to the war.
George W Bush used the threat of Saddam Hussein using WMD against America and its allies as a pretext to invade Iraq. His claims, supported by Tony Blair, were later found to be untrue.
Mr ElBaradei noted comments made by Paul Wolfowitz, the then-US deputy defence secretary, in an interview with Vanity Fair, saying the claim was used by Bush administration officials “because it was the one reason everyone could agree on”.
Mr ElBaradei said while the claim was not a “serious pretext” for a foreign army to invade a sovereign nation, it provided a “rallying point for all these people who thought that after the end of the Soviet Union, this has to be sort of Pax Americana, if you like”.
The Egyptian diplomat said the lack of accountability in Washington and London is regrettable.
“It is very sad, speaking also here in England, that the UK was a major accomplice and enabler in all the planning, preparation and execution of this horrendous war,” Mr ElBaradei said.
'Like a bull in a china shop'
He said noted how the strategy employed by the US and Britain to attempt to use the UN and IAEA inspectors to legitimise their invasion plan “was bad for them and was bad for us”.
“From an international order perspective, and that's really what is more important to me, it was like a bull in a china shop — completely rogue behaviour,” Mr ElBaradei said.
“They violated every aspect of international order, they violated international law, they disregarded the Security Council, they disregarded international inspections.”
Fast forward to the present day, with a war raging in eastern Europe, Mr ElBaradei warned the West cannot claim to have learnt any valuable lessons from the Iraq War blunders.
“Then we haven't learnt anything,” added Mr ElBaradei.
“Unless we all know unless we own up to the horror, to the mistakes we made, then where we are going nowhere.”
The Iraq War, a timeline of events — in pictures
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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.”