GENEVA // About 100,000 civilians remain trapped behind ISIL lines in Mosul as a US-backed government offensive to recapture the Iraqi city enters its ninth month, the United Nations refugee agency said on Friday.
ISIL snipers are shooting at families trying to flee on foot or by boat across the Tigris River, the UNHCR said.
“These civilians are basically held as human shields in the Old City,” UNHCR’s Iraq representative Bruno Geddo said, referring to Mosul’s historic district where the militants are besieged by Iraqi government forces.
“There is hardly any food, water, electricity, fuel. These civilians are living in an increasingly worsening situation of penury and panic because they are surrounded by fighting.”
The offensive to retake Mosul, ISIL’s de facto capital in Iraq, started on October 17 with air and ground support from a US-led international coalition.
Iraqi government forces regained eastern Mosul in January, then a month later began the offensive on the western side that includes the Old City.
The Old City “is a very dense labyrinth, a maze of narrow alleyways where fighting will have to be done on foot, house by house”, Mr Geddo said.
“ISIS snipers continue to aim at people trying to flee because there is this long-standing policy of executing people trying to flee the territory of the caliphate.” .
The fall of Mosul would, in effect, mark the end of the Iraqi half of the “caliphate” that ISIL leader Abu Bakr Al Baghdadi declared in a speech from a mosque in the Old City three years ago, covering parts of Iraq and Syria.
About 200,000 people were estimated to be trapped behind ISIL lines in Mosul in May, but the number has declined as government forces have thrust further into the city.
About 800,000 people, more than a third of the pre-war population of the northern Iraqi city, have fled, seeking refuge with friends and relatives or in camps. UNHCR has provided many with shelter, food and other necessities.
Mr Geddo also voiced concern about collective punishment of families whose relatives may have been ISIL fighters.
“Collective punishment means in a deeply tribal society that you see evictions, destruction of property, confiscation of property for families perceived as being associated with ISIS because one family member might have been having that link.
“This is a very critical point for the future of Iraq. Because it is essential to uphold the rule of law, to pursue those who committed crimes through the court system, the judicial system, rather than applying tribal custom,” he said.
* Reuters
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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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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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.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
