A senior Iraqi official in charge of postwar reconstruction has been relieved of his duties on suspicion of corruption.
Iraqi Prime Minister Mohammed Shia Al Sudani dismissed Mohammed Al Ani, the head of the state-run fund in charge of rebuilding areas damaged by the war with ISIS on Sunday, a government spokesman said.
Mr Al Ani’s termination following suspected corruption is the first for a senior government official since Mr Al Sudani took office in late October.
In 2015, Iraq established the Reconstruction Fund for Areas Affected by Terroristic Operations to carry out and supervise efforts to rebuild areas damaged by the militant attacks.
Its establishment came amid a gruelling war between Iraqi security forces and ISIS militants, who had occupied nearly one-third of the country a year earlier.
Backed by a US-led coalition, Iraq announced victory over ISIS in late 2017 after three years of fighting that left many occupied cities in ruins.
The war with ISIS left large areas of the north and west in ruins. Millions of Iraqis remain without access to clean water, adequate electricity supply and proper health care.
In early 2018, Iraq appealed for around $88 billion for reconstruction at an international donor summit in Kuwait.
Around $30 billion was pledged in loans and investments following the appeal, although many pledges have not materialised.
But after suffering a severe economic crunch during the Covid-19 period, Iraq has seen record oil revenue since early 2022, at one point reaching $10 billion per month.
Government spokesman Basim Al Awadi said investigation and audit committees were formed “as part of the government measures to scrutinise suspicion of corruption and mismanagement in the use of money allocations (intended) to offer service to citizens”.
He said Mr Al Ani's termination was among recommendations approved by the Prime Minister.
“The government has prepared a detailed programme to introduce management reforms in the fund and to relieve the underperforming employees who wasted the public fund,” he added.
Mr Al Ani, who served as trade minister from 2018 to 2020, will be replaced by Saad Faisal Al Jabouri, the former general director of the state-run Al Mishraq Sulphur Company, he added.
No further details were given.
More than five years after being retaken, construction in the major cities once under ISIS control is continuing, albeit slowly.
Mosul corruption scandal
In addition to REFAATO, the government, UN and NGOs are also spending money for reconstruction efforts which have been mired in corruption allegations.
In 2020, the former governor of Nineveh province, the heavily damaged province in the country's north, was arrested over corruption charges and the embezzlement of millions of dollars.
Nawfal Akoub was accused of taking nearly $64 million in public funds along with officials close to him as well as bribery, profiteering, misuse of power, waste of public money and negligence.
The money he allegedly stole was meant to go towards the reconstruction of Mosul, including the rebuilding of two hospitals and support for those who lost their homes in the war against ISIS.
REFAATO, which was assigned to carry out mid and long-term reconstruction operations for areas liberated from ISIS, started its work in 2015 with a primary amount of 500 billion Iraqi dinars (around $500 million at the time) from the government.
It was later given grants from foreign governments, international bodies and non-governmental organisations as well as from the federal budget.
Iraq endured decades of war, UN-imposed economic sanctions, and political and security instability following the 2003 US-led invasion that toppled Saddam Hussein.
Iraq was ranked 157 out of 180 in Transparency International's corruption perceptions index in 2022.
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
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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