Moqtada Al Sadr has been an influential figure in Iraq since the fall of Saddam Hussein in 2003. AFP
Moqtada Al Sadr has been an influential figure in Iraq since the fall of Saddam Hussein in 2003. AFP
Moqtada Al Sadr has been an influential figure in Iraq since the fall of Saddam Hussein in 2003. AFP
Moqtada Al Sadr has been an influential figure in Iraq since the fall of Saddam Hussein in 2003. AFP

Iraq cleric Moqtada Al Sadr freezes his movement for at least a year to fight 'corruption'


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Moqtada Al Sadr, one of Iraq’s most influential religious and political figures, has announced that he is freezing his Sadr movement except for its religious institutions — for at least a year ― to fight internal corruption.

He also closed his Twitter account.

In a tweet, the Shiite cleric said that a continuation in leading the movement while it had some corrupt people within “would be a sin”.

This is not the first time Mr Al Sadr has made such a far-reaching announcement.

In August last year he retired from politics after months of parliamentary deadlock.

Mr Al Sadr’s bloc won the highest number of seats during parliament elections, in October 2021, but months of wrangling with pro-Iranian factions meant he was unable to form a government of his choosing, which for the first time would have included Shiite, Sunni and Kurdish elements.

The standoff gave Iraq its longest period without a government. In June last year, Mr Al Sadr told all of his MPs to resign as “a sacrifice from me for the country and the people to rid them of the unknown destiny”.

A month later he announced his “definitive retirement” from politics and the closure of all political functions of his movement.

Moqtada Al Sadr's supporters during their storming of Baghdad's Green Zone, which houses government buildings and embassies, after he announced his retirement from politics last year. AFP
Moqtada Al Sadr's supporters during their storming of Baghdad's Green Zone, which houses government buildings and embassies, after he announced his retirement from politics last year. AFP

His supporters stormed the Green Zone, which houses government buildings and embassies, and at least 30 people were killed and hundreds injured in violent clashes with security forces and Iran-backed militias.

Mr Al Sadr has been a powerful figure in Iraq’s politics since the US invasion of the country in 2003, and has helped shape many changes over the past two decades.

His anti-American stance made him popular among Iraqis.

But his fearsome Mahdi Army, which fought foreign troops, was also accused of carrying out sectarian violence.

He later dissolved it only to resurrect it in 2014 under a new name — the Peace Brigades — to help battle ISIS in Iraq.

In 2016, Mr Al Sadr led an anti-corruption protest movement that supported appointing a cabinet of independent technocrats, away from partisanship.

The Sadr bloc is considered by many as one of very few anti-Iran Shiite parties in a starkly divided political environment.

Since 2003 the Shiite leader has retired from political life eight times, going as far as stopping all political activities and closing his movement’s offices, only to return.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Updated: April 14, 2023, 12:23 PM