The leader of the Chaldean Catholic Church in Iraq, Louis Sako, called for a complete overhaul of the country’s political process, which has been in place since the 2003 US-led invasion.
Cardinal Sako’s remarks coincide with the country's upcoming commemoration of the 21st anniversary of the invasion that toppled Saddam Hussein's regime and the introduction of an ethno-sectarian quota system.
“There must be a reconsideration of the entire political process,” Cardinal Sako said, while extending his congratulations to Muslims on the start of Ramadan.
“A new nonsectarian agreement needs to be reached based on full citizenship, ensuring a better future for Iraqis and preserving the [society's] components and their rights."
In 2003, the US led an international coalition that invaded Iraq to remove Saddam’s regime. The effects of the invasion have been felt in Iraq ever since.
Parliamentary elections were introduced to take place every four years, but the results are not taken into consideration in the government formation process.
Instead, the process is based on an informal power-sharing arrangement known as muhasasa in Arabic, a system widely described as one in which power is apportioned based on sect.
Under an unofficial agreement, Iraq’s presidency, which is primarily ceremonial, is held by a Kurd, while the prime minister's post is reserved for a Shiite and the role of parliament speaker is reserved for a Sunni.
Other government posts are divided among the country’s political parties based on their religious and ethnic background.
Cardinal Sako said he hopes the continuing war in Gaza stops during the holy month.
“It is unfortunate that this blessed month coincides with the ongoing devastating war in the holy lands as well as conflicts here and there and violations of human rights, freedom and dignity,” he said.
The war on the enclave, in its fifth month now, has killed more than 31,000 Palestinians, including about 12,000 children.
“I hope that in this holy month, all those with good intentions worldwide come together to put an end to all forms of conflicts and wars, reduce injustice and pain,” he added.
Mediators from the US, Egypt and Qatar tried to secure a ceasefire in Gaza before Ramadan, which began on Monday, after failing to find agreements on key sticking points, including the details of a swap of hostages detainees, Hamas's demand for Israel to withdraw from Gaza, and conflicting plans for the postwar administration of the enclave.
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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.”
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
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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