Iranian refugees rally against executions in Iran in Brussels, Belgium. EPA
Iranian refugees rally against executions in Iran in Brussels, Belgium. EPA
Iranian refugees rally against executions in Iran in Brussels, Belgium. EPA
Iranian refugees rally against executions in Iran in Brussels, Belgium. EPA

Iran executed at least 354 people in first six months of 2023, says human rights group


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Iran executed at least 354 people in the first half of 2023, a human rights group said on Monday as they renewed calls for action against Tehran.

The majority of people – 206 – were put to death for drug-related offences, the Norway-based Iran Human Rights said.

Among those put to death were six women and five protesters.

At least 122 others were executed on murder charges, the organisation said.

Iran is notorious for its use of the death penalty, coming second only to China for its use of capital punishment in 2020.

The nation regularly executes people convicted of drug-related charges and moharebeh, or “enmity against God”, and often executes juvenile offenders.

“The death penalty is used to create societal fear and prevent more protests. The majority of those killed are low-cost victims of the killing machine, drug defendants who are from the most marginalised communities,” said Iran Human Rights director, Mahmood Amiry-Moghaddam.

He called on the UN's drugs and crime task force and member states funding joint projects with Iran to “break their meaningful silence” on the executions and to “make all collaborations contingent on halting drug executions”.

Members of the Baloch minority made up 20 per cent of those executed, the organisation said.

Baloch-majority areas bore the brunt of the state crackdown on anti-regime protesters last autumn and the community has suffered from long-standing persecution.

At least 82 were killed during Bloody Friday, when security forces gunned down protesters, bystanders and worshippers following Friday prayers at a Zahedan mosque in September.

It was the worst single incident of violence in the response to protests that have resulted in more than 500 people being killed and more than 18,000 imprisoned amid calls for an end to Tehran's decades-long repressive rule.

Several protesters were executed after being accused of killing security officers responsible for suppressing the demonstrations. It was unclear if they were included in the murder tally.

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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.”

Updated: July 03, 2023, 2:04 PM