A climate change-induced drop in water levels at Iraq's biggest dam has revealed three Yazidi landmarks that were submerged for about 40 years.
The emergence of a primary school, cemetery and religious shrine in old Khanki village, on the banks of Mosul Dam Lake, is bittersweet for locals.
“It is a joyful and sad feeling to see our landmarks again after about 40 years of burying them under water … but we are sad because this drop in the water level is very dangerous and warns of a disaster,” Hamza Eido, head of the old Khanki village, south-west of the city of Dohuk in the Kurdistan Region of Iraq, told The National.
After fishermen on the dam noticed a drop in water levels, former residents of the village began to visit. One family travelled from Germany.
The remains reappeared last month for the second time since they were covered by the Mosul Dam’s waters in 1985, but more damage has been done since the area last dried out in 2018.
“This cemetery is called Sheikh Bazid's cemetery or the old cemetery of Khanki. It dates back more than a thousand years and contains more than a thousand tombs. What appears of them now is only about 400. Nothing remains of the shrine except stones,” said Mr Eido, 69.
“The first time the shrine was still in its old form, and now only some stones are left.”
Before the $1.5 million dam was built, the site was regularly visited by the Yazidi community, who would walk long distances from surrounding villages to perform rituals like circumambulating the shrine each May or, more regularly, visiting the graves of relatives.
Sheikh Khalat, 58, is part of a two-family team who kept the cemetery site in better days along with Mr Eido. Both men, grandsons of caretakers, now look after the new cemetery and shrine.
“We used to walk about 10km in all weather, in order to serve the cemetery and the shrine. We came twice a week and lit a fire according to the customs of the Yazidis,” he told The National, adding that the real beauty of the place was its service to coexistence.
“There was peace between us and the Arabs, and there was no difference between any religion or sect, and our Arab brothers used to join us annually on the occasion of the circumambulation that takes place in the month of May.”
The Yazidi people are a religious minority in Iraq who have faced persecution, particularly from the extremist group ISIS, who enslaved or killed those who refused to convert to Islam. Mass graves of Yazidi people are still being uncovered.
To make room for the 380 square kilometre dam, the residents of Khanki and 75 other villages were forcibly removed. They built a new village and a replica of the shrine in a new area.
Call to action to stop Iraq’s thirst
Today's Mosul dam has a storage capacity ranging from six to 11 billion cubic metres but has been forced to release stored supplies after water levels Iraq's main rivers — the Tigris and Euphrates — plunged 30 per cent, Iraq’s Ministry of Water Resources said.
Iraq has blamed neighbour Turkey's huge network of dams for the drop in water levels, but climate change and irresponsible water use is also a factor.
“The water was abundant when the dam was filled,” said Hamza Ramadan, a professor at the University of Duhok and director of the Institute for Water and Energy Strategies in the Kurdistan Region of Iraq.
“These landmarks appeared due to the fourth season of drought in Iraq, Turkey and Iran's continuing control of Iraq's water shares, the weakness of the state in taking quick measures to reduce excessive use of river water, and an increase in water for irrigation of wheat in central and southern Iraq.”
Mr Ramadan said inaction could run the Mosul lake completely dry. That would leave the 1.7 million residents of the nearby city of Mosul without power and crops unirrigated.
“The future is dangerous if the Iraqi government does not initiate negotiations and start serious talks with Turkey on water,” Mr Ramadan said.
Iraq's Prime Minister Mohamed Shia Al Sudani was scheduled to visit Turkey on Tuesday for talks on water share in hopes of alleviating the immediate issues and coming to a better long-term agreement on the rivers’ waters.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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.”
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
Read more from Aya Iskandarani