Hoshyar Zebari's nomination for Iraqi presidency suspended

Iraq’s Supreme Federal Court has suspended the nomination of prominent Kurdish politician and former minister Hoshyar Zebari for the post of president.

Mr Zebari, a nominee of the Kurdistan Democratic Party, is among 25 candidates approved by Parliament to stand for the largely ceremonial role.

According to a ruling seen by The National, Mr Zebari's suspension is temporary until the court reaches a decision on a case demanding his disqualification over corruption and mismanagement allegations.

Parliament is scheduled to meet on Monday to vote for the republic's next president — an important step towards the formation of a new government after October's general election.

But it is unclear whether the session will have a quorum after populist Shiite cleric Moqtada Al Sadr, head of the biggest bloc in the 329-member Parliament with 73 seats, called on his politicians not to attend.

Iraq’s Kurds disagree over the choice of candidate for the presidency, which is reserved for their community.

Tension is running high between the two major Kurdish parties, the KDP and the rival Patriotic Union of Kurdistan, which is backing President Barham Salih for a second term.

A long-standing agreement among Kurds stipulates that the president's post goes to the PUK, while the leadership of Iraq's autonomous Kurdish region is held by a KDP politician.

However, that changed after the KDP swept the polls in Kurdistan, winning 31 seats compared to 17 for the PUK.

A Sadrist MP said on Saturday that the bloc's boycott decision was “a message to the Kurds, in particular to the KDP, for them to agree on a single candidate".

As Iraq's foreign minister for more than a decade, Mr Zebari was among the most internationally prominent Iraqi Kurds after the 2003 US-led invasion that toppled Iraqi dictator Saddam Hussein.

While serving as finance minister in 2016, he faced a no-confidence vote in Parliament over corruption allegations and accusations of misuse of funds that led to his dismissal. He denied any wrongdoing.

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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

Europe’s rearming plan

Suspend strict budget rules to allow member countries to step up defence spending
Create new "instrument" providing €150 billion of loans to member countries for defence investment
Use the existing EU budget to direct more funds towards defence-related investment
Engage the bloc's European Investment Bank to drop limits on lending to defence firms
Create a savings and investments union to help companies access capital

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.”

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

Sellers should focus on providing high-quality used goods at attractive prices to buyers.
It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
Be creative and look around your home for valuable items that you no longer need but might be useful to others.

Hoshyar Zebari's nomination for Iraqi presidency suspended

Court's temporary bar adds to uncertainty over selection after Sadrist bloc announces boycott of vote

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