Civilians run from the scene of an explosion in Maka al Mukaram road in Mogadishu, Somalia, July 30, 2017 - the day on which the US military said it killed Ali Mohamed Hussein,  a senior Al Shabab commander in a drone air strike. Feisal Omar / Reuters
Civilians run from the scene of an explosion in Maka al Mukaram road in Mogadishu, Somalia, July 30, 2017 - the day on which the US military said it killed Ali Mohamed Hussein, a senior Al Shabab comShow more

US confirms airstrike killed Al Shabab commander in Somalia



The US military on Friday confirmed it killed a high-level commander of the Al Shabab extremist group with an airstrike in Somalia, targeting a man blamed for planning deadly attacks in the Somali capital.

A statement from US Africa Command said the strike on July 30 killed Ali Mohamed Hussein, also known as Ali Jabal. The statement said he was "was responsible for leading Al Shabab forces operating in the Mogadishu and Banadiir regions  and in planning and executing attacks against the capital of Mogadishu."

Hours after the announcement, at least two people were killed in an apparent car bomb blast on a major street in Somalia's capital. The exact target was not clear and there was no immediate claim of responsibility.

The US statement said Ali also had served as Al Shabab's shadow governor for Mogadishu and had been one of the group's most outspoken officials.

He was killed by a drone strike near Tortoroow, an Al Shabab stronghold in Lower Shabelle region in southern Somalia "as a direct response to Al Shabab actions, including recent attacks on Somali forces." It said no civilians were killed in the strike.

President Donald Trump earlier this year approved expanded military operations against Al Shabab, which is linked to Al Qaeda and is the deadliest extremist group in Africa.The expanded measures include  more aggressive airstrikes and treating parts of southern Somalia as areas of active hostilities.

Al Shabab often carries out deadly attacks on high-profile targets in Mogadishu, including Somali military and African Union checkpoints and facilities, hotels and the area around the presidential palace.

The killing of Ali "disrupts Al Shabab's ability to plan and conduct attacks in Mogadishu and coordinate efforts between Al Shabab regional commanders," said US Africa Command.

The US has carried out a handful of airstrikes since President Trump's expansion of military efforts. In early July  it carried out an airstrike against Al Shabab in Somalia but gave few details. That airstrike followed one in June that the US said killed eight extremists at a rebel command and logistics camp in the south.

The Somalia-based extremists recently mocked Mr Trump in a video that called him a "brainless billionaire." They have also vowed to step up attacks in Somalia after the president elected in February declared a new offensive against Al Shabab.

The extremist group has also carried out deadly attacks in neighbouring countries, notably Kenya, calling it retribution for Kenyan troops being sent to Somalia to fight against Al Shabab.

COMPANY PROFILE
Name: Kumulus Water
 
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Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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HOW TO WATCH

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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
The six points:

1. Ministers should be in the field, instead of always at conferences

2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation

3. Emiratisation is a top priority that will have a renewed push behind it

4. The UAE's economy must continue to thrive and grow

5. Complaints from the public must be addressed, not avoided

6. Have hope for the future, what is yet to come is bigger and better than before

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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