A firefighter hoses down the site of a car bomb attack at Jamila market in Sadr City, Baghdad, on August 28, 2017. Wissm Al Okili / Reuters
A firefighter hoses down the site of a car bomb attack at Jamila market in Sadr City, Baghdad, on August 28, 2017. Wissm Al Okili / Reuters

Baghdad car bomb rips though busy market



At least 10 people were killed in eastern Baghdad on Monday morning in a car bombing that ripped through a busy market.

A police officer said the explosives-laden car went off on Monday morning at the wholesale Jamila market in the Shiite district of Sadr City.

The explosion wounded 28 other people and the death toll is expected to rise, he added.

A medical official confirmed the casualty figures.

"It was a thunderous explosion," said Hussein Kadhim, a 35-year old porter and father of three who was wounded in his right leg. "It sounds that the security situation is still uncontrollable and I'm afraid that such bombings will make a comeback."

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Read more:

The liberation of Mosul: Victory at a price

Baghdad bombings kill at least 27

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At least one soldier was seen being evacuated from the scene, which was sealed off by security forces.

ISIL quickly claimed responsibility for the bombing. The Sunni militants consider Shiites to be apostates and have frequently claimed attacks on Shiite-dominated areas of Iraq.
The attack comes as US-backed Iraqi forces are in the final stages of recapturing the northern town of Tal Afar from ISIL, about 150 kilometres from Syria's border.

On Sunday, the Iraqi military said it had "fully liberated" the centre of Tal Afar from the extremists. On Monday, troops fought the militants on the outskirts of Al Ayadia district, about 10 kilometres north-west of Tal Afar, where most of the remaining ISIL fighters fled to.

Tal Afar was one of the few remaining towns in Iraq still in ISIL hands following the liberation of Mosul in July from the extremist group. The militants still control the northern town of Hawija, however, as well as Qaim, Rawa and Ana, all in western Iraq near the Syrian border.

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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.”

Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco