The new commander of the Iranian Revolutionary Guards Corps is struggling to exert control over Tehran's proxies, a top US general said on Thursday, giving warning that it was only a matter of time before an Iran-backed militia kills Americans in Iraq.
Esmail Qaani took over as head of the IRGC's elite Quds Force following the US assassination of his predecessor Qassem Suleimani in 2020, but he “does not exercise the same degree of control over Iranian-aligned militia groups”, Gen Frank McKenzie, head of the US military's Central Command, told the Middle East Institute.
This is increasingly the case in places like Iraq, where Gen McKenzie argued Iran could be dragged into a wider confrontation with the US as Tehran-backed militias carry out attacks on US forces.
“Tehran is well aware of our red lines [in Iraq], yet the evidence is also clear that many of these militia groups are trying in earnest to kill Americans with these attacks. Sooner or later, it’s almost inevitable that they will succeed, and Iran will provoke precisely what it seeks to avoid,” he said.
He called Iran a “main threat” and noted that the regime relies “on proxies to do its dirty work, by funnelling them arms and other resources".
The war in Yemen has dragged on for more than seven years largely because of Iran's support of the Houthi rebels, he added.
“As we have recently seen with their complex attacks on the UAE, not to mention their persistent campaign against the Kingdom of Saudi Arabia, the Houthis are less interested than Iran in waging a limited war,” he said.
“Rather, they will recklessly use whatever capabilities that Iran puts in their hands in pursuit of victory, regardless of the risk to human life.”
The US commander accused the Houthis and Iran of “using the population of the southern Arabian peninsula as human lab rats and in the Yemeni civil war as an inhuman experiment in modern war".
He listed ballistic missiles, land-attack cruise missiles and unmanned aerial vehicles as some of the weaponry that Iran provides to the Houthis.
The four-star general urged an integrated, regional strategy that includes Israel to counter the threat.
“Centcom is prepared for all contingencies,” he said, and added that Iran is weighing various moves including “everything from de-escalation and diplomatic normalisation to ramping up attacks against coalition forces".
While arguing that de-escalation and normalisation serve Iran best, Gen McKenzie expressed doubt Tehran would take such a path.
“Tehran has an established habit, ordering a little bit of everything on the menu, including incompatible courses that should never be paired,” the general said.
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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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
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