Iranian proxies attack after US strike in Syria, Pentagon says


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Iran-backed forces launched four drone or rocket attacks against US and coalition troops in Iraq and Syria, the Pentagon said on Thursday, the day after American F-15 fighter jets destroyed a weapons storage centre in Syria.

This brings the number of attacks by Iranian proxies to 46 since October 17, causing minor injuries to 56 US troops, Pentagon spokeswoman Sabrina Singh said.

The attacks began 10 days after Israel started its Gaza Strip offensive in response to the Hamas attack on southern Israel.

The US has repeatedly warned proxy groups and Iran that it will not tolerate attempts to broaden the war into a regional conflict.

“We want to make sure that we can contain this conflict to Israel and Hamas," Ms Singh said. "We are not and have not seen this conflict widen beyond Israel.

“We are sending a message. I think the messages have been received.

"If any attacks continue on our service members and we feel the need to respond, we will, at a time and place of our choosing.”

US jets bombed a weapons storage centre in Syria on Wednesday night, the second such “self-defence” measure the Pentagon has taken during the current spate of attacks.

The Pentagon said the depot destroyed in Maysulun, Deir Ezzor province, was being used by Iran's Islamic Revolutionary Guard Corps.

“By specifically targeting these associated facilities, we seek to convey a clear message to Iran that we hold it accountable for the attacks on US forces, and we expect Iran to take measures to direct its proxies to stop,” Ms Singh said.

In addition to Thursday's wave of attacks, a US coalition convoy was hit by a roadside bomb blast near Mosul Dam, a defence official told The National. No casualties were reported.

Earlier, coalition forces were attacked on Wednesday at Bashur and Al Harir base in Iraq.

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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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Updated: November 10, 2023, 1:56 PM