Mohammed Al Halbousi, Iraq's newly-elected speaker, at parliament in Baghdad. Reuters
Mohammed Al Halbousi, Iraq's newly-elected speaker, at parliament in Baghdad. Reuters
Mohammed Al Halbousi, Iraq's newly-elected speaker, at parliament in Baghdad. Reuters
Mohammed Al Halbousi, Iraq's newly-elected speaker, at parliament in Baghdad. Reuters

Iraq's Halbousi was always front-runner for re-election as Speaker, say experts


Mina Aldroubi
  • English
  • Arabic

Sunni politician Mohammed Al Halbousi, who has been re-elected as Speaker of Iraq's parliament, had always been the front-runner because of his strong performance and the country's system of government, experts have told The National.

Efforts to establish a new government officially began on Sunday.

During parliament’s heated session late on Sunday, Mr Al Halbousi, 41, won 200 votes from the 228 MPs present.

He had previously served as the governor of Anbar province, in the country’s west. When taking the post in 2018, he became the country's youngest politician to hold a prominent position.

“What was clear from the beginning was that out of the three presidencies — the speaker, president and prime minister — Mr Al Halbousi as speaker was most likely to keep his position because he had done well in the elections and his province of Anbar,” said Renad Mansour, director of the Iraq Initiative at London's Chatham House.

“It was less of a surprise for those making predictions,” Mr Mansour told The National.

On paper, Iraq’s governing system is outlined in the post-Saddam Hussein constitution, adopted in 2005. But informally, post 2003 has seen an agreement where the prime minister is a member of the Shiite majority, the speaker is a Sunni and the largely ceremonial role of president is held by a Kurd.

Politically, Mr Al Halbousi has “moved quickly through the ranks and has done well,” Mr Mansour said.

Mohammed Al Halbousi attends parliament in Baghdad on Sunday. Reuters
Mohammed Al Halbousi attends parliament in Baghdad on Sunday. Reuters

During the last few months, however, Iraqi politics has been dominated by the Muhasasa system in which “ethnic groups retreat and go in their own sides and decide on the three big positions,” he said.

“In this regard, Mr Al Halbousi was the clear front-line winner and the key was to unite the Sunni groups. It put him in the driving seat,” Mr Mansour said.

Mr Al Halbousi has been smart in building a strong Sunni base while accommodating the dominant Shiite parties, said Balsam Mustafa, a Leverhulme Early Career Fellow in the department of Politics and International Studies at the University of Warwick.

“Smart doesn't mean he is decent, competent or not corrupt,” Ms Mustafa added, however.

Mr Halbousi’s re-election is an “indictment of the post-2003 status-quo and perpetuates the Muhasasa system, which Tishreenies have sought to change,” she told The National, in reference to anti-government protesters.

The state’s system, known as the Muhasasa, ensures senior positions in government are divided among ethno-sectarian groups by quotas and often finalised in secretive back room deals.

Electoral results showed Mr Al Halbousi’s party, Taqadum, won 37 seats out of the 329 majority.

To the extent to which electoral mandates mean anything in Iraq, Mr Al Halbousi was unstoppable, Kirk Sowell, principal of the Utica Risk Services consulting firm said on Twitter.

“Of course, he could have been stopped, but given the custom of the speaker being Sunni, no other Sunni leader stands next to him given the election result,” Mr Sowell said.

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UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs

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Free admission. All fixtures broadcast live on icc.tv

Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

South Africa World Cup squad

South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

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.”

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
UAE%20PREMIERSHIP
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UAE's role in anti-extremism recognised

General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.

He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.

"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.

He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.

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Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

Updated: January 26, 2022, 6:38 AM