An Iraqi woman carries a portrait of killed Iranian general Qassem Suleimani and Iraqi commander Abu Mahdi Al Muhandis. AFP
An Iraqi woman carries a portrait of killed Iranian general Qassem Suleimani and Iraqi commander Abu Mahdi Al Muhandis. AFP
An Iraqi woman carries a portrait of killed Iranian general Qassem Suleimani and Iraqi commander Abu Mahdi Al Muhandis. AFP
An Iraqi woman carries a portrait of killed Iranian general Qassem Suleimani and Iraqi commander Abu Mahdi Al Muhandis. AFP

We must remember what Suleimani stood for


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Yesterday marked a year since the killing of Iranian Quds Force leader Qassem Suleimani. One year on, a carefully crafted and tactical story in which he is the saviour of Iran and a regional leader to be reckoned with is being built up. Despite his death, Suleimani's grand strategy remains.

He was the former leader of the foreign branch of the Islamic Revolutionary Guard Corps (IRGC), a hugely influential state within a state that is tasked with preserving the revolutionary zeal of Iran's regime and exporting its ideology. During his long career, he became the prime architect of Tehran's militant and destabilising web of proxies across the Middle East.

He had profited from a symbolic power even before his death, enjoying a unique degree of popular appeal in Iran, rarely the case for IRGC officials,  who many view as corrupt. Over the years, he cast himself as a nationalistic defender of Iran's sovereignty, even though the battles he fought were on the lands of others, using foot soldiers from countries as varied as Afghanistan and Yemen. The entire purpose of Suleimani's organisation was to sow extra-territorial subversion.

Nonetheless, images repeatedly circulate in Iran of huge turnouts at his funeral last year, his coffin touring the country draped in flags, flowers and religious symbols. This  ignores the killings for which he is responsible, and the hypocrisy at the heart of his mission. Victims of his militias enjoy no such ceremony. And yet, anniversary gatherings in his support, such as one recently outside Baghdad airport, show that even abroad some remain enraptured by his mythical status, and willing to mourn a man responsible for the deaths of many of their fellow countrymen.

Constant circulation of images from his funeral whitewashes the many deaths for which he was responsible

He was instrumental to Iran’s war effort in the Iran-Iraq War, sometimes referred to as the "Middle East's First World War", given the widespread use of trench warfare and its huge death toll. He is lionised as Iran's bulwark against ISIS, even though he was allied with the US in that battle and relied on the international coalition to operate in ISIS-controlled areas. And while his forces did play a role, it is important to remember that subversion by Iranian-backed militias stunted Iraqi security for years, paving the way for ISIS to spread as much as it did. This, unsurprisingly, is not part of Tehran's version of events. Mention is also not given to the fact that outside Iran, he was widely resented, especially in countries central to his strategy, such as Iraq, Syria, Lebanon and Yemen. His freedom to do as he pleased under the flawed terms of the 2015 Iran nuclear deal was a primary reason many in the region opposed the agreement.

A man lights a candle at the sight of the strike ordered by President Trump last January. EPA
A man lights a candle at the sight of the strike ordered by President Trump last January. EPA

The collective memory of Suleimani that Iran's leadership is manufacturing cannot go on unchallenged. Showing Tehran's belligerence for what it is will require a more realistic picture of Suleimani. Providing one should not be difficult, however, given the many crimes that he committed. Winning this battle of narratives, and countering an image of Suleimani as a type of freedom fighter when in reality he committed great crimes, will benefit the people of the Middle East, including Iranians, who live under the constant threat posed by the paranoid alternative reality provided by Tehran's leadership.

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
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Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

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The specs: 2018 Infiniti QX80

Price: base / as tested: Dh335,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 400hp @ 5,800rpm

Torque: 560Nm @ 4,000rpm

Fuel economy, combined: 12.1L / 100km

Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

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.”

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Jeff Buckley: From Hallelujah To The Last Goodbye
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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en