The first signs emerged yesterday of an international military coalition to combat Islamic State extremists and avert genocide in northern Iraq.
France joined the United States in supplying weapons to Kurdish forces, Barack Obama is considering US military options and is expected to make a decision in days, and the British prime minister David Cameron said an international plan was under way to rescue thousands of refugees trapped on a mountain.
“I can confirm that detailed plans are now being put in place,” Mr Cameron said.
He gave no details but said Britain would play a role, just as it had worked with the US in flying in humanitarian aid to thousands of Yazidis and other minorities who have taken refuge on Mount Sinjar.
The US deputy national security adviser Ben Rhodes said it was unsustainable to let the refugees remain on the mountain. “There needs to be a lasting solution that gets that population to a safe space where they can receive more permanent assistance,” he said.
The Pentagon sent 129 troops to Iraq on Tuesday to assess the scope of the humanitarian crisis and the options for moving the refugees safely off the mountain. Mr Rhodes said the US president was expected to receive their final recommendations quickly and make a decision within days.
Until France’s intervention yesterday the US was the only country to have openly stated it was delivering weapons to the Kurdish regional government, although US officials have said other countries in the region are also delivering arms.
The US has also struck Islamic State positions from the air in attacks that Mr Obama authorised last Thursday to stop the advance of the extremists, who have seized control of large parts of Iraq since June, and to protect US interests. However, he had ruled out sending combat troops back into Iraq.
Kurdish troops, bolstered by US airstrikes, were battling the militants yesterday near the town of Sinjar, whose capture last week forced thousands from minority comunities to flee to Mount Sinjar.
The Islamic State fighters view members of the Yazidi sect as devil-worshippers, and have already killed hundreds of them. “All possible measures must be taken urgently to avoid a mass atrocity and potential genocide within days or hours,” said UN monitor Rita Izsak.
The European Union foreign policy chief Catherine Ashton called an emergency meeting of EU foreign ministers for Friday after calls by the French and Italian governments for talks on Iraq.
The ministers may put together a European package, with Germany focusing on delivering humanitarian and non-lethal supplies and other countries supplying weapons, said Karl Lamers, the deputy chairman of the defence committee in Germany’s lower house of parliament.
Others in Germany want to go further and break with the country’s strict arms-export policies. That would allow consideration of providing Iraq with “lethal means” should Kurdish troops fail to stop mass killings among religious minorities, said Henning Otte, a parliamentary defence policy spokesman.
“We’re witnessing genocide against Yazidis and Christians by the Islamic State extremists,” Mr Otte said. “We in Germany – especially we Germans – can’t just look away and rule out aid options pre-emptively.”
In Iraqi Kurdistan, scores of young men and children held a protest yesterday to demand more aid at a camp sheltering thousands of desperate Yazidis who fled the militant onslaught on Sinjar. “We have no bread, and very little water. We need help. We want to get out of here. We are so desperate we want to leave Iraq,” said Nasser, a 30-year-old protester at the Bajid Kandala camp.
“There is no UN here, no human rights groups. We have very little food. The lucky ones get a meal a day. Many others go hungry,” said Khodhr Hussein, 44.“Many people are sleeping in the sun, the camp is not big enough for everybody.”
Saadullah Abdullah Hamid, a Kurdish official running the camp, said the local authorities had a partnership with the United Nations’ refugee agency. He said Bajid Kandala served as a transit camp and every day families were moved to other camps elsewhere in the north.
* Reporting by Bloomberg News, Associated Press and Agence France-Presse
CREW
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Company%20profile
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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.”
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
FA%20Cup%20semi-final%20draw
%3Cp%3ECoventry%20City%20v%20Manchester%20United%C2%A0%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Chelsea%3C%2Fp%3E%0A%3Cp%3E-%20Games%20to%20be%20played%20at%20Wembley%20Stadium%20on%20weekend%20of%20April%2020%2F21.%C2%A0%3C%2Fp%3E%0A
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
UAE currency: the story behind the money in your pockets
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
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20specs
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COMPANY%20PROFILE%20
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
THE%20SPECS
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COMPANY%20PROFILE
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ABU%20DHABI%20CARD
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What's%20in%20my%20pazhamkootan%3F
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The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
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
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
COMPANY%20PROFILE
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PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
