A supporter of Moqtada Al Sadr raises a placard in Sadr City, east of Baghdad. Talks to form a new government in Iraq have stalled. AFP
A supporter of Moqtada Al Sadr raises a placard in Sadr City, east of Baghdad. Talks to form a new government in Iraq have stalled. AFP
A supporter of Moqtada Al Sadr raises a placard in Sadr City, east of Baghdad. Talks to form a new government in Iraq have stalled. AFP
A supporter of Moqtada Al Sadr raises a placard in Sadr City, east of Baghdad. Talks to form a new government in Iraq have stalled. AFP

Iraq's largest Shiite parliamentary bloc agrees on nominee for prime minister post


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Iraq’s nearly 10-month government formation process appeared to stumble forward on Monday with the nomination of a prime ministerial candidate by the largest bloc in parliament, the Co-ordination Framework.

A statement from the grouping of Iran-backed political parties — several linked to militias — forwarded Mohammed Al Sudani for the role of prime minister.

An MP for three terms since 2014, Mr Al Sudani started his political career as a member of the Shiite Dawa Party and ran for election with the State of Law Coalition led by former prime minister Nouri Al Maliki. In 2021, he established his Al Foratyen Movement but kept close ties to Mr Al Maliki.

  • Supporters of the movement of Shiite cleric Moqtada Al Sadr celebrate in Najaf, Iraq, after preliminary results of the country’s parliamentary election were announced. Reuters
    Supporters of the movement of Shiite cleric Moqtada Al Sadr celebrate in Najaf, Iraq, after preliminary results of the country’s parliamentary election were announced. Reuters
  • Judge Jalil Adnan Khalaf (C), the chairman of Iraq’s Independent High Electoral Commission, speaks in the capital, Baghdad. AFP
    Judge Jalil Adnan Khalaf (C), the chairman of Iraq’s Independent High Electoral Commission, speaks in the capital, Baghdad. AFP
  • EU observers of the election hold a press conference in Baghdad. AP
    EU observers of the election hold a press conference in Baghdad. AP
  • Iraqi flags are strung across a street.
    Iraqi flags are strung across a street.
  • Sadrists celebrate after preliminary results of Iraq’s parliamentary election were announced in Baghdad on October 11. Reuters
    Sadrists celebrate after preliminary results of Iraq’s parliamentary election were announced in Baghdad on October 11. Reuters
  • Supporters of Shiite cleric Moqtada Al Sadr celebrate after preliminary results were announced. Reuters
    Supporters of Shiite cleric Moqtada Al Sadr celebrate after preliminary results were announced. Reuters
  • Shiite cleric Moqtada Al Sadr speaks after preliminary results of Iraq’s parliamentary election were announced in Najaf on October 11. Reuters
    Shiite cleric Moqtada Al Sadr speaks after preliminary results of Iraq’s parliamentary election were announced in Najaf on October 11. Reuters

Among other posts, he served as minister of human rights from 2010 to 2014 and minister of labour and social affairs from 2014 to 2018. He worked in an acting role for several ministries during Mr Al Maliki’s two terms in office from 2006 to 2014.

He belongs to a well-known tribe in the southern province of Maysan, where he served as member of its provincial council between 2004 and 2009 when he became governor for a year.

The State of Law Coalition is one of the parties within the Co-ordination Framework. Mr Al Maliki was removed from office in 2014, when ISIS took over one third of the country, amid widespread allegations of corruption.

Analysts say he retains powerful political influence by raising funds from a business empire built while in power, but his prime ministerial candidacy is contentious due to his bitter opposition to the Sadrist bloc, led by Moqtada Al Sadr.

A political group linked to Mr Al Sadr emerged in the strongest position after October's elections, gaining 73 of the 328 seats in the country's national assembly.

But Mr Al Sadr failed to form the government with his Sunni and Kurdish allies, prompting him to order his MPs to resign last month and passing the responsibility of government formation to his rival, the Co-ordination Framework.

After the resignation, the Coordination Framework emerged with a plurality of seats in Parliament, in theory giving it the right to present a nominee for prime minister, who would then be asked by the legislative body to form the government.

But this would require a new president, who according to Iraq's constitution must "charge the nominee of the largest Council of Representatives bloc with the formation of the Council of Ministers within 15 days from the date of the election of the President of the Republic".

Several attempts to elect a new president have been boycotted by political rivals.

Although Mr Al Sadr is now outside of the political process, his endorsement could still prove significant for any nominee and therefore to the government formation process.

Mr Al Sudani’s nomination for the same post was rejected by Mr Al Sadr in 2019 when Adel Abdul Mahdi’s government resigned amid widespread anti-government protests that overwhelmed most of the country.

Then, he was nominated by the State of Law Coalition, a move that drew widespread condemnation from the nationwide protest movement. Mr Al Sadr also released a statement saying he would not accept a prime minister nominated by a political party.

An unofficial agreement among Iraq’s political parties means that the post of president is held by a member of the Kurdish community, while the prime minister is a Shiite and the speaker a Sunni.

Other government posts are also divided among the political parties based on religious and ethnic backgrounds.

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.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

(Because Music)

JOKE'S%20ON%20YOU
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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
Company%20profile
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Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

 

 

ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

First Person
Richard Flanagan
Chatto & Windus 

Updated: July 25, 2022, 3:05 PM