This video grab shows launching underground ballistic missiles by the Iranian Revolutionary Guard during a military exercise. Iran's paramilitary Revolutionary Guard launched underground ballistic missiles as part of an exercise involving a mock-up aircraft carrier in the Strait of Hormuz, state television reported Wednesday. (IRGC via AP)
This video grab shows launching underground ballistic missiles by the Iranian Revolutionary Guard during a military exercise. Iran's paramilitary Revolutionary Guard launched underground ballistic missiles as part of an exercise involving a mock-up aircraft carrier in the Strait of Hormuz, state television reported Wednesday. (IRGC via AP)
This video grab shows launching underground ballistic missiles by the Iranian Revolutionary Guard during a military exercise. Iran's paramilitary Revolutionary Guard launched underground ballistic missiles as part of an exercise involving a mock-up aircraft carrier in the Strait of Hormuz, state television reported Wednesday. (IRGC via AP)
This video grab shows launching underground ballistic missiles by the Iranian Revolutionary Guard during a military exercise. Iran's paramilitary Revolutionary Guard launched underground ballistic mis

Iran's Revolutionary Guards unveil new naval ballistic missile


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Iran's Revolutionary Guards on Sunday unveiled a new naval ballistic missile with a potential range of over 700 kilometres (430 miles), local media reported, following months of tensions with arch-enemy the United States.

The missile, dubbed "Zolfaghar Basir", is the naval variant of the surface-to-surface Zolfaghar ballistic missile, according to Tasnim news agency.

Its range is more than twice that of the Islamic republic's other naval missiles, including the "Hormuz-2", with a range of 300 kilometres, which Tehran said it successfully tested in March 2017.

Tasnim did not specify whether or not the new missile has been tested yet.

Images published by Tasnim showed the Zolfaghar Basir installed on a launcher truck during the inauguration of Tehran's National Aerospace Park on Sunday.

"This exhibition shows the comprehensive plan of the deterrent power of the (Islamic republic's) system," Guards commander Major General Hossein Salami said at the inauguration, according to Tasnim.

Iran's Guards used the Zolfaghar in 2017 and 2018 against the Islamic State group in Syria in retaliation for terrorist attacks carried out in the country.

The missile was also used in January to target bases in Iraq housing US troops, according to IRNA news agency, days after the US killed Iran's top general Qasem Soleimani in a drone strike in Baghdad.

The unveiling of the Zolfaghar Basir comes more than a week after an American aircraft carrier crossed the strategic Strait of Hormuz, and days after the Guards opened a new naval base near the waterway, through which a fifth of the world's oil passes.

The vital shipping lane and nearby Gulf waters were the scenes of heightened US-Iranian tensions late last year when ships were mysteriously attacked, drones downed and oil tankers seized.

Tensions have soared between Washington and Tehran under US President Donald Trump, who pulled out of a landmark 2015 nuclear accord and unilaterally reimposed sanctions on Iran.

The arch-enemies have twice come to the brink of direct confrontation since June 2019.

Washington suffered a setback in mid-August when it failed to win support from the United Nation's Security Council to extend an arms embargo against Tehran that will progressively expire starting on October 18.

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Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

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Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

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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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