Turkish soldiers take part in operations in the Metina and Avasin-Basyan regions of northern Iraq. Getty
Turkish soldiers take part in operations in the Metina and Avasin-Basyan regions of northern Iraq. Getty
Turkish soldiers take part in operations in the Metina and Avasin-Basyan regions of northern Iraq. Getty
Turkish soldiers take part in operations in the Metina and Avasin-Basyan regions of northern Iraq. Getty

Turkish military base in northern Iraq comes under attack


Ismaeel Naar
  • English
  • Arabic

A military base that hosts Turkish troops in the Iraqi district of Bashiqa, north-east of Mosul, has been attacked.

Several rockets and drones were used to hit the Zlikan base in the northern Nineveh province, the Kurdish Rudaw network reported, quoting a security source. No casualties have been reported yet.

The presence of Turkish troops at the base has caused tensions between Iraq and Turkey, which justifies its presence in the region on its fight against the Kurdistan Workers' Party, or PKK, which is outlawed by Ankara.

Turkey has maintained several outposts in northern Iraq since 2016 and in April Ankara began one of its largest military operations in northern Iraq against the PKK, Operation Claw-Lock.

In addition to the PKK, several Iran-backed groups in Iraq strongly oppose the presence of Turkish troops and have launched rocket and drone attacks.

Those attacks have followed public threats by groups in Iraq's Popular Mobilisation Forces, an umbrella group of militias ostensibly under federal government control, but that are largely tied to Iran.

The Iraqi government has condemned PMF attacks on Turkish forces in northern areas, but has limited control on PMF units. An Iraqi citizen was killed in an attack on May 22.

The latest strike comes a day after Turkish President Recep Tayyip Erdogan said the military would soon “clear” what he called terrorists from the northern Syrian towns of Manbij and Tel Rifaat.

It was a reference to Syria’s main Kurdish militia, known as the People’s Protection Units, or YPG.

Mr Erdogan has been speaking about a new incursion for weeks without saying when such an offensive would start.

Turkey has launched four major operations in northern Syria since 2016, mainly against the YPG. Ankara considers the PKK and YPG as one and the same.

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Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
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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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Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
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Updated: June 02, 2022, 2:24 PM