BAGHDAD // Iraq will allow armed Iranian security teams to operate in the country, protecting pilgrims visiting holy sites from attacks, an ally of the prime minister says.
The source, a prominent Shiite politician closely aligned with the Iraqi leader, Nouri al Maliki, said the interior ministry had recently been instructed to issue operating permits to Iranian security contractors to work in the country. Western firms offering similar services have been working in Iraq for years.
"Iranian security companies will be able to get licences that allow small protection units to carry weapons and use armoured [SUV-style] vehicles inside Iraq to escort pilgrims and to protect them from al Qa'eda," the politician said. He spoke on condition of anonymity because of the sensitive nature of the subject. He said senior officials did not want the information made public.
"Iraq has a difficult history with contractors and a difficult history with Iran, so the government does not want this agreement to be advertised," he said.
It has not been possible to independently verify the claims. Government officials and MPs said they did not believe Mr al Maliki would give a green light to such a controversial measure at this time, warning that few, if any, Iraqis would support it.
Officials at the ministry of interior said they had not received any directives relating to Iranian security teams.
"There has been no communication from the prime minister's office on this subject, so we have no reason to think it is true. We know nothing about it," said one interior ministry official, who spoke on condition of anonymity because he was not authorised to speak to the media. "I doubt Mr al Maliki would have taken any such decision; I can't imagine he would think there was any need for them [Iranian security teams] here."
On Tuesday, a local Iraqi newspaper quoted Abu Fadhil Mohammad Ali Khani, an Iranian official at Tehran's consulate in Najaf, confirming that licences had been granted. He said there had been an agreement between Baghdad and Tehran to allow private Iranian security firms to provide protection to Iranian pilgrims inside Iraq.
The Shiite Iraqi politician who disclosed the deal to The National said he had not been privy to all the details but was certain that Iranian private security teams could now, in principle at least, get operating licences. He said Mr al Maliki gave the project the go-ahead after he assumed his second term as prime minister at the end of last year. He did so in part as a way of ensuring the political and trade ties between Baghdad and Tehran remained strong.
Hundreds of thousands of Iranians visit Iraq each year as part of a highly lucrative religious tourism industry that Baghdad is keen to develop further. They have been targeted on numerous occasions by insurgent groups, which the authorities say are linked to al Qa'eda.
"I do not know all of the details of the arrangement and have no details of the timing or how many companies or people might be involved," the source said. "But Iranian security firms will be allowed to accompany Iranian pilgrims to give them security in Najaf, Kerbala and Samarra, and perhaps in some parts of Diyala where there are Shiite shrines," he said.
If true, the move would be highly contentious. The presence of US private security firms, such as Blackwater, which has been barred from working in Iraq and since rebranded itself as Xe to operate in Afghanistan, has long been controversial. A series of fatal shootings involving private contractors since the US-led invasion of 2003 led to their being widely viewed in Iraq as trigger-happy mercenaries.
With sectarian tensions still simmering, the arrival of Iranian security firms would not be welcomed by Iraqi nationalists who remember the eight-year war the two countries fought during the 1980s. In particular, hard-line Sunni factions have accused Mr al Maliki's Shiite-dominated government of being too closely allied with Tehran, and have resented the rise in Iranian influence over Iraq since Saddam Hussein was overthrown.
Iran has also been accused, both from inside Iraq and by the US, for playing a role in the insurgency that has raged since 2003. The Iranian Revolutionary Guard Corps has repeatedly been accused of training Iraqi guerrillas to fight US troops and of supplying Shiite militants with explosives capable of penetrating the latest US armoured vehicles, allegations Tehran consistently denies.
Saadoun al Najafii, a private security consultant from Najaf, in southern Iraq, said bringing in armed teams from Iran to protect its tourists was not a new idea. Every day thousands of Iranian pilgrims flock to Najaf and Kerbala, two of the most important sites in Shia Islam, and the religious tourism industry is the backbone of the local economy.
"We have heard people talking of Iranian security coming here before and the likelihood of it happening will only have increased with the attacks by al Qa'eda on Shiite pilgrims," he said.
During Shiite religious festivals, Iraqi security forces are always on high alert. Despite the precautions, Sunni militants have been able to carry out deadly attacks on pilgrims and dozens of Iranian visitors have fallen as victims.
Haider al Abadi, an MP from Mr al Maliki's National Alliance coalition, insisted that armed Iranian forces would not be allowed to work in Iraq, and said Baghdad's own forces would provide security.
"The prime minister has been working hard to ensure that Iraqi forces are strong and capable and trusted by the people," he said. "I don't think he [Mr al Maliki] wants any foreign security firms working here, Iranian or from other places. All of these firms have a bad reputation in Iraq."
Mr al Abadi also said it "made no sense" for Iraq to issue permits to armed Iranian contractors just as US forces were pulling back. US troops are scheduled to leave the country entirely by the end of the year under a "status of forces agreement" between Washington and Baghdad.
"We are working to end foreign interference in Iraq by the end of the year, so why would we make a deal with Iranian security firms?" he said.
A leading Kurdish MP, Mahmoud Othman, said the Iraqi people would refuse to accept Iranian security teams operating on their soil.
"This would create new problems," he said. "In the past the security situation was bad and these firms were needed in some cases for protection, but that is not the situation now. If these companies do turn up, it will be a step backwards. It is the job of the Iraqi security forces to provide protection to people here."
nlatif@thenational.ae
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
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania
League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The%20specs
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
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.”
