US Secretary of State Antony Blinken and Iraqi Foreign Minister Fuad Hussein at the State Department in Washington on February 9. AFP
US Secretary of State Antony Blinken and Iraqi Foreign Minister Fuad Hussein at the State Department in Washington on February 9. AFP
US Secretary of State Antony Blinken and Iraqi Foreign Minister Fuad Hussein at the State Department in Washington on February 9. AFP
US Secretary of State Antony Blinken and Iraqi Foreign Minister Fuad Hussein at the State Department in Washington on February 9. AFP

Blinken meets Iraqi foreign minister Hussein in Washington


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US Secretary of State Antony Blinken on Thursday met Iraqi Foreign Minister Fuad Hussein in Washington in what he described as an important meeting.

Mr Blinken said he and Mr Hussein would continue to work on a strategic framework agreement between Washington and Baghdad.

“We are now focused very intensely on the economic dimension of that agreement,” he said.

“The work that we can do together, the United States and Iraq, to continue to strengthen Iraq’s economy, its integration, reintegration in the region in ways that make a material difference in the lives of the Iraqi people, Iraqi citizens.”

The two were also expected to discuss Iraq's efforts for energy independence.

“One particular focus will be on energy, on electricity," Mr Blinken said.

"Iraq can and should be strongly energy independent, and this is something that I think the United States and others can continue to support Iraq as it moves in that direction."

Calling Mr Blinken a “friend to the Iraqi people”, Mr Hussein said he looked forward to continue working together to rebuild the Iraqi economy.

Other topics included strengthening Iraq's economy and battling climate change, State Department spokesman Ned Price said.

In Baghdad earlier this week, Mr Hussein said he would discuss how Iraq would pay its dues to Russian oil companies, even though Moscow is under international sanctions.

“There are sanctions in place that should not be imposed on the Iraqi side because the co-operation with Russian companies is continuing and there are active Russian companies in Iraq,” he said alongside Russian Foreign Minister Sergey Lavrov on Monday.

When pressed on the matter on Thursday, Mr Price said it was not Washington's approach to “issue demands [or] to issue decrees” with Iraq or other partners.

Associated Press contributed to this report

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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.”

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Day 3, Abu Dhabi Test: At a glance

Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.

Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.

The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.

MATCH INFO

Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

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Updated: February 09, 2023, 10:05 PM