ISIS carried out acts of genocide when it attacked the Yazidi people, the UK government said on Tuesday.
The Islamic extremist group held large swathes of territory in Iraq and Syria when it persecuted members of the Yazidi religious minority in 2014, killing thousands, enslaving 7,000 women and girls and displacing most of the 550,000-strong community from their ancestral home in northern Iraq.
The House of Commons voted to condemn ISIS’s treatment of Yazidis and Christians in Iraq as genocide two years later in 2016, in a rare instance of parliamentary determination of the practice.
But at the time the foreign ministry refused to acknowledge it officially, in keeping with a long-standing policy on the determination of genocide by “competent courts” rather than governments.
This occurred this year in Germany, when the conviction of a former ISIS fighter for acts of genocide and crimes against humanity was confirmed.
The verdict, originally delivered in 2021, was upheld in January after the court rejected the defendant's appeal.
The UK Government's ruling, the first worldwide to recognise crimes against the Yazidi community as genocide, was praised by activists as a historic win for the minority.
“The Yazidi population suffered immensely at the hands of [ISIS] nine years ago and the repercussions are still felt to this day. Justice and accountability are key for those whose lives have been devastated,” said the UK's Minister of State for the Middle East, Lord Ahmad.
“Today we have made the historic acknowledgement that acts of genocide were committed against the Yazidi people. This determination only strengthens our commitment to ensuring that they receive the compensation owed to them and are able to access meaningful justice.
“The UK will continue to play a leading role in eradicating [ISIS], including through rebuilding communities affected by its terrorism and leading global efforts against its poisonous propaganda.”
The decision marks the fifth time the UK has acknowledged the occurrence of genocidal acts, after the Holocaust, Rwanda, Srebrenica and Cambodia.
Yazidis, who are ethnically Kurdish, follow a religion derived from elements of Zoroastrianism – an ancient Persian faith, Christianity, Islam and Judaism.
Iraqi artist depicts Yazidi heritage – in pictures
Yazidis believe in a supreme being, known as Yasdan, the creator, who has seven angels. They include Melek Tawwus, or the Peacock angel, who fell from grace but was forgiven and returned to God, to whom he is considered inseparable.
Yazidis pray to Melek Tawwus five times a day. He is also known as Shaytan, meaning devil in Arabic, which led to unjust claims that members are devil worshippers.
UN investigators had claimed to have found clear evidence that genocide was committed by ISIS against Yazidis.
A UN report in 2016 found an ISIS offensive against the group which began in August 2014 “sought to destroy the Yazidis”, with killings and “sexual slavery, enslavement, torture and inhuman and degrading treatment and forcible transfer”.
More than 5,000 people were reportedly killed by the terrorist group.
Lord Ahmad made the announcement ahead of events marking the nine-year anniversary of the atrocities.
A commemoration event in Baghdad to mark the decision has been organised by Yazidi civil society organisations.
The UK’s Ambassador to Iraq, Steve Hitchen, will attend and confirm the UK’s announcement, said the government.
Drought in Iraq reveals Yazidi shrine, cemetery and school – in pictures
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More about Middle East geopolitics
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.”