Security services across Europe have uncovered an ISIS plot to use explosives to target churches.
Counter-terrorism experts say the group remains a “serious threat” and is taking advantage of the conflict in Gaza to motivate its supporters.
Over the Christmas period, police have made several arrests in Spain, Austria, France and Germany.
In Germany, police fear terrorists are plotting an attack on Cologne Catherdral and have increased security.
They are now carrying out strict controls on people entering the cathedral following a “danger warning” for New Year's Eve.
Austrian police have also stepped up checks around churches, religious events and Christmas markets in Vienna, citing an “increased risk”.
“These arrests demonstrate once again that ISIS remains a serious threat to the West,” Counter Extremism Project chief executive Ambassador Mark Wallace said.
“ISIS is not only trying to take advantage of Hamas’s war against Israel to motivate its supporters and sympathisers but is also attempting to organise terror attacks in Europe to demonstrate its continued relevance within the terrorist milieu.
“Authorities must continue to increase their co-operation to ensure the futility of these efforts.”
Austria on Sunday said three people were detained for suspected involvement in an “Islamist network”.
However, the interior minister said there was “no immediate threat” of an attack in Vienna.
“Terrorist actors across Europe are calling for attacks on Christian events,” Vienna police said.
One person has been arrested in Germany and the country's Interior Minister Nancy Faeser has pledged a firm response to any extremist threat.
“We all love our Christmas traditions and won't allow ourselves to be intimidated or have our way of life hemmed in,” she said.
“Our security authorities have their sights on the Islamist scene and are acting decisively as the current measures show.”
Spain also received indications that an Islamist group was planning several attacks in Europe, possibly on New Year's Eve.
Last week, five people were apprehended in northern France as part of an investigation into a criminal terrorist conspiracy.
They had been arrested following fears that an attack was being planned.
CEP senior director Dr Hans-Jakob Schindler said Afghanistan continues to be an active terrorist zone and, despite the war in Gaza, nations need to ensure the situation there is not ignored.
“Afghanistan remains a very active terrorist zone. The Taliban regime is not only extremely repressive domestically, violating all basic human rights including women’s rights, but also maintain their symbiotic relationship with al-Qaida and its various affiliates in the country,” he said.
“In addition, the Taliban are not a reliable partner in the fight against ISIS in Afghanistan. Therefore, rather than further relaxing the control mechanisms that are deployed to ensure that humanitarian deliveries are not diverted to terrorist groups in Afghanistan, as some propose, strict monitoring structures continue to be necessary to ensure that finances flowing into Afghanistan are not diverted. Ignoring the situation in Afghanistan will only come at our collective peril.”
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
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.”
