US sends 350 more troops to Baghdad


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WASHINGTON // President Barack Obama on Tuesday ordered about 350 more US troops to Baghdad to safeguard American diplomats in the Iraqi capital, increasing the US military presence to more than 1,000 forces.

The move comes after a request last month from the state department for additional US troops to bolster security for the US embassy and other facilities in Iraq, where the Islamic State of Iraq and the Levant extremists have seized territory in the north and west of the country.

White House and Pentagon officials issued the announcement hours after the ISIL released another grisly video showing a masked militant with a British accent cutting the throat of a US captive.

In the latest footage, the 31-year-old reporter Steven Sotloff calmly addresses the camera to say he is a victim of President Barack Obama’s decision to press on with air strikes in Iraq against the militants.

The Sunni extremist group has declared an Islamic “caliphate” in regions under its control in Iraq and Syria, after it swept through much of the Sunni Arab heartland north of Baghdad and then stormed minority Christian and Yazidi areas.

US aircraft have been bombing ISIL extremists in Iraq since August 8, particularly around the Mosul dam in the north, and Washington already has deployed hundreds of troops to shore up security for its diplomats in Baghdad.

“The president authorised the Department of Defence to fulfill a Department of State request for approximately 350 additional US military personnel to protect our diplomatic facilities and personnel in Baghdad, Iraq,” the White House said.

The United States will “continue to support the government of Iraq’s efforts to counter ISIL, which poses a threat not only to Iraq, but to the broader Middle East and US personnel and interests in the region,” it said.

Mr Obama, on his way to Estonia and a Nato summit in Wales, said Washington “will be consulting this week with Nato allies regarding additional actions to take against ISIL and to develop a broad-based international coalition to implement a comprehensive strategy to protect our people and to support our partners in the fight against ISIL”.

The latest troop deployment brings the number of forces devoted to security for US diplomats in Iraq to 820, the Pentagon said. An additional 300 troops are serving as advisers to Iraqi security forces, for a total footprint of more than 1,000 troops.

Under the president’s decision, about 400 troops will head to Baghdad and about 55 forces that have been on the ground will rotate out of the country, officials said.

The additional US forces will come from bases in the Middle East and will include a headquarters element, medical personnel, an air liaison team and a number of helicopters, according to Pentagon spokesman Rear Admiral John Kirby.

The troop deployment is designed “to provide a more robust and sustainable security presence to help the Department of State continue their critical mission”, Adm Kirby said.

Mr Obama was elected in 2008 on a promise to end the US war in Iraq and he touted the departure of all US forces from the country in 2011 when he ran for re-election in 2012.

But the onslaught of ISIL militants has prompted a reluctant Mr Obama to reverse course, sending in troops and ordering air strikes to try to counter the advance of the extremists.

The Obama administration has said the US military intervention is limited to safeguarding US personnel, supporting humanitarian efforts to protect threatened civilians and assisting Iraqi government forces battling the extremists.

But Mr Obama’s critics say he has moved too slowly in the face of the threat posed by the ISIL militants.

* Agence France-Presse

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.”

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

UAE currency: the story behind the money in your pockets

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now