A handout picture released by Iraq's Prime Minister's Media Office on January 9, 2022 shows Iraqi lawmakers attending the inaugural session of the parliament in Baghdad, three months after legislative elections. AFP
A handout picture released by Iraq's Prime Minister's Media Office on January 9, 2022 shows Iraqi lawmakers attending the inaugural session of the parliament in Baghdad, three months after legislative elections. AFP
A handout picture released by Iraq's Prime Minister's Media Office on January 9, 2022 shows Iraqi lawmakers attending the inaugural session of the parliament in Baghdad, three months after legislative elections. AFP
A handout picture released by Iraq's Prime Minister's Media Office on January 9, 2022 shows Iraqi lawmakers attending the inaugural session of the parliament in Baghdad, three months after legislative

Iraq parliament session to elect president boycotted by parties


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Iraq's parliamentary session to elect a new president on Monday fell into disarray following a boycott by major political parties.

By late afternoon, quorum had not been reached to hold the vote with less than 60 MPs out of 329 in attendance.

The meeting in the Council of Representatives was then turned into a deliberative session where MPs discussed several issues such as agriculture and forming parliamentary committees.

The position of president will likely remain vacant until quorum can be made — something that appears unlikely to occur soon amid political deadlock.

The Kurdish Democratic Party, the Sadrist Bloc and their rivals — parts of the Shiite majority Co-ordination Framework — said they would boycott the session because of competing demands on presidential candidates.

  • Iraq's Prime Minister Mohamed Shia al-Sudani. AFP
    Iraq's Prime Minister Mohamed Shia al-Sudani. AFP
  • Hadi al-Amiri leader of the Badr Organisation attends an election rally, along with his Fatih bloc supporters, ahead of the parliamentary election in Baghdad, Iraq October 5, 2021. REUTERS/Ahmed Saad
    Hadi al-Amiri leader of the Badr Organisation attends an election rally, along with his Fatih bloc supporters, ahead of the parliamentary election in Baghdad, Iraq October 5, 2021. REUTERS/Ahmed Saad
  • Nechirvan Barzani, President of Iraq's autonomous Kurdistan Region, meets with the Iraqi prime minister in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on March 14, 2022. AFP
    Nechirvan Barzani, President of Iraq's autonomous Kurdistan Region, meets with the Iraqi prime minister in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on March 14, 2022. AFP
  • Shiite Muslim cleric Moqtada Sadr gives a speech in Iraq's central holy shrine city of Najaf. AFP
    Shiite Muslim cleric Moqtada Sadr gives a speech in Iraq's central holy shrine city of Najaf. AFP
  • A member of the Iraqi Sadrist bloc (of Shiite leader Moqtada Sadr) announces the party's electoral programme for the upcoming elections, in the central city of Najaf, on September 30, 2021. - Iraq will hold parliamentary elections on October 10, a year early to appease an anti-government protest movement, at a time of simmering anger over graft and economic crisis. (Photo by Ali NAJAFI / AFP)
    A member of the Iraqi Sadrist bloc (of Shiite leader Moqtada Sadr) announces the party's electoral programme for the upcoming elections, in the central city of Najaf, on September 30, 2021. - Iraq will hold parliamentary elections on October 10, a year early to appease an anti-government protest movement, at a time of simmering anger over graft and economic crisis. (Photo by Ali NAJAFI / AFP)
  • Ammar al-Hakim, Leader of the Hikma movement and accompanied by his children, shows his inked finger at a polling station in Baghdad, as Iraqis go to the polls to vote in the parliamentary election, in Iraq, October 10, 2021. REUTERS/Thaier al-Sudani
    Ammar al-Hakim, Leader of the Hikma movement and accompanied by his children, shows his inked finger at a polling station in Baghdad, as Iraqis go to the polls to vote in the parliamentary election, in Iraq, October 10, 2021. REUTERS/Thaier al-Sudani
  • Former Iraqi Prime Minister Nouri al-Maliki shows his inked finger at a polling station in Baghdad, as Iraqis go to the poll to vote in the parliamentary election, in Iraq, October 10, 2021. REUTERS/Thaier al-Sudani
    Former Iraqi Prime Minister Nouri al-Maliki shows his inked finger at a polling station in Baghdad, as Iraqis go to the poll to vote in the parliamentary election, in Iraq, October 10, 2021. REUTERS/Thaier al-Sudani

Sunni parties Taqadum and the Azm Coalition also said they would boycott the vote.

Iraq's constitution requires that at least two thirds of MPs are in Parliament to pass legislation and elect members to high office.

An independent lawmaker said the fate of the vote on the President is unknown, chastising the parliament’s major blocs for not showing up.

“We are keen to adhere to the time-frames set by the constitution,” Mohammed Enooz told a press conference at the Parliament.

“But unfortunately there are political traditions and norms controlled by the big blocs as in previous parliament terms,” he added.

The assembly vote had been set for noon for the head of state — a post with a four-year mandate held by convention by a member of Iraq's Kurdish minority, and currently occupied by Barham Saleh.

The process toward a presidential vote had been further thrown into disarray when Iraq's Supreme Court on Sunday suspended the candidacy of Mr Saleh's key challenger, Hoshyar Zebari, 68.

The court cited corruption charges against Mr Zebari, a former foreign minister from the KDP — allegations he denies.

"I have not been convicted in any court," Mr Zebari had said in a television interview on Friday as the charges resurfaced alongside forecasts he would unseat Mr Saleh.

Incumbent Saleh, the other frontrunner out of some 25 candidates, represents the KDP's main rival in Iraqi Kurdistan, the Patriotic Union of Kurdistan (PUK).

The Supreme Court said it was suspending Mr Zebari after receiving a complaint from lawmakers that his candidacy was "unconstitutional" because of the graft claims.

The complainants cited his 2016 dismissal from the post of finance minister by parliament "over charges linked to financial and administrative corruption".

The complaint also cited at least two other judicial cases linked to him, including when he was Iraq's long-time foreign minister after the fall of dictator Saddam Hussein in the 2003 US-led invasion.

Therefore, Mr Enooz said, the “session will be open until a decision is made on the case filed against the nomination of Mr Zebari at the court”.

Drawn-out government formation

The mass boycott represents another setback for political momentum in Iraq following the contested outcome of an election in October.

Government positions, including the cabinet, cannot be formed without the president's nomination of the largest bloc in parliament.

That must occur within 15 days of the new president being elected. The largest post-election bloc can then choose the prime minister, who must form the next government within 30 days.

Legal expert Ali Al Tamimi told The National that the Supreme Federal Court decision to temporarily suspend the nomination of Mr Zebari has already pushed back the deadlines.

"Since there is an ongoing case against the nomination of Hoshyar Zebari and a decision to temporarily suspend his nomination that means today's session has been suspended too," Mr Al Tamimi said.

Current President Barham Salih will continue in his post, Mr Al Tamimi added.

In Iraq's fractured political landscape, any delay in this chain of events can drag out the process for months. Negotiations, including which party will be granted control of key ministries often go on behind closed doors during the duration of government formation.

Iraq at one point held the world record for government formation following elections in 2010, which failed to produce a government for 289 days.

That record was beaten by Belgium which saw negotiations drag on for 549 days between 2010 and 2011, after 11 parties were elected to the Chamber of Representatives.

In Iraq, the passing of the budget will now face even more economically damaging delays and political tensions are set to worsen.

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYodawy%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarim%20Khashaba%2C%20Sherief%20El-Feky%20and%20Yasser%20AbdelGawad%3Cstrong%3E%3Cbr%3ESector%3A%20%3C%2Fstrong%3EHealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%2424.5%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAlgebra%20Ventures%2C%20Global%20Ventures%2C%20MEVP%20and%20Delivery%20Hero%20Ventures%2C%20among%20others%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20500%3Cbr%3E%3C%2Fp%3E%0A
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The%20stats%20and%20facts
%3Cp%3E1.9%20million%20women%20are%20at%20risk%20of%20developing%20cervical%20cancer%20in%20the%20UAE%3C%2Fp%3E%0A%3Cp%3E80%25%20of%20people%2C%20females%20and%20males%2C%20will%20get%20human%20papillomavirus%20(HPV)%20once%20in%20their%20lifetime%3C%2Fp%3E%0A%3Cp%3EOut%20of%20more%20than%20100%20types%20of%20HPV%2C%2014%20strains%20are%20cancer-causing%3C%2Fp%3E%0A%3Cp%3E99.9%25%20of%20cervical%20cancers%20are%20caused%20by%20the%20virus%3C%2Fp%3E%0A%3Cp%3EA%20five-year%20survival%20rate%20of%20close%20to%2096%25%20can%20be%20achieved%20with%20regular%20screenings%20for%20cervical%20cancer%20detection%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2025%20to%2029%20should%20get%20a%20Pap%20smear%20every%20three%20years%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2030%20to%2065%20should%20do%20a%20Pap%20smear%20and%20HPV%20test%20every%20five%20years%3C%2Fp%3E%0A%3Cp%3EChildren%20aged%2013%20and%20above%20should%20get%20the%20HPV%20vaccine%3C%2Fp%3E%0A
Results

57kg quarter-finals

Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.

60kg quarter-finals

Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.

63.5kg quarter-finals

Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.

67kg quarter-finals

Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.

71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

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.”

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

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%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

MATCH RESULT

Al Jazira 3 Persepolis 2
Jazira:
Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')

EA Sports FC 25
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Updated: February 07, 2022, 2:44 PM