An Iranian shipping company said on Friday that one of its vessels was targeted this week in a "terrorist attack" using an explosive device in the Mediterranean Sea.
The alleged incident came less than two weeks after Tel Aviv had accused Tehran of being behind an attack on an Israeli-owned ship in the Gulf of Oman. Iran has denied this.
The cargo ship Iran Shahr e Kord – which is owned by the Islamic Republic of Iran Shipping Lines group (IRISL) – was en route from Iran to Europe when its hull was hit by "an explosive device" on Wednesday, group spokesman Ali Ghiasian was quoted on state television as saying.
Mr Ghiasian called the incident a "terrorist action and an example of maritime piracy".
"A small fire started where the explosion had ocurred, but it was quickly extinguished ... and none of the crew were hurt," he said.
"Legal proceedings will be taken to identify the perpetrators through related international bodies," he added.
The company official did not disclose the ship's current location and cargo but said "it will continue its route after assessing and repairing the damage".
In a Thursday report quoting US and Middle East officials, The Wall Street Journal said that since late 2019, Israel has targeted at least a dozen vessels bound for Syria, mostly carrying Iranian oil.
Responding to a question on the Iranian claims, Israeli Defence Minister Benny Gantz said: "We do not comment on reports by foreign media.
"But we will continue to fight against the terrorism and everything that helps terrorism, including its sources of revenue."
IRISL was blacklisted by the US in mid-2020 over what the Department of State described as the transportation of items related to Iran's missile and nuclear programme.
Former US president Donald Trump withdrew Washington from a landmark nuclear deal with Iran and world powers in 2018 and re-imposed sanctions on the country.
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Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
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Monday, February 4
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Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
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5pm: arrival at the Rome / Ciampino International Airport
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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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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
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