Al Qaeda group claims wave of Iraq attacks, says Iraq is run by Iran



BAGHDAD // Al Qaeda's front group in Iraq has claimed a wave of violence in the past week that killed at least 88 people, including a Sunni member of parliament who was assassinated by a suicide bomber, a statement said.

The Islamic State of Iraq (ISI) described lawmaker Ayfan Al Essawi as an "arrogant criminal" and said the spate of violence last week was carried out as revenge for Iraq's government holding Sunni female detainees.

In a statement distributed by the Al Fajr Media Centre and posted on the Iraqiyoon website on January 18, ISI claimed the "cutting of the head of the dog of the Americans, and the tail of the Safavid apostate, the criminal Essawi," going on to describe the dead lawmaker as an "arrogant criminal".

It was making a pejorative reference to the Shiite-led government in Baghdad, implying that it was under the domination of formerly Safavid-ruled Iran.

"God helped the mujaheddin tear him away from his followers, and send him with the former Sahwa sheikhs," the group said, referring to Essawi's past as a former leader of the Sahwa, or anti-Qaeda Sunni militia.

Sahwa fighters are viewed by Sunni militants as traitors for having sided with the US army from late 2006, and are often targets of violence.

The statement also claimed responsibility for a "series of invasions which were launched as revenge for Sunni females in the prisons of the Safavids" and promised to publish details of the attacks in a further statement.

"The military and security units of the Islamic State of Iraq launched a third blessed wave by striking several criminal strongholds in different areas of Iraq in a well-coordinated way despite all the measures taken by the apostate government," the statement said.

The three days of violence, from January 15 to 17, left 88 people dead in a series of attacks that targeted all of Iraq's major sects and ethnic groups, including 33 people who were killed in twin car bombs.

Al-Qaeda's front group is widely seen as weaker than during the peak of Iraq's sectarian bloodshed from 2006 to 2008, but is still capable of carrying out mass-casualty attacks on a regular basis.

* Agence France-Presse

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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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