Iraq's elections will be held as planned on October 10 despite attempts to sabotage the vote, officials and experts told The National.
Prime Minister Mustafa Al Kadhimi, who took office in May 2020, promised early elections under pressure from anti-government protesters who took their anger and frustration to the streets in late-2019.
But he said his government had recently thwarted several attempts to fix the parliamentary election.
The government is also fighting attempts to delay the poll from some factions in parliament.
Iraq’s powerful populist cleric Moqtada Al Sadr recently pedalled back on a call to boycott the elections and said his movement would take part to help “end corruption”.
Mr Al Sadr commands millions of followers in Iraq, leading the parliamentary bloc with the biggest number of seats. He portrays himself as a nationalist fighting for the benefit of his country.
His change of heart was not enough to contain calls to delay the election. A flurry of meetings have been held between different political parties in recent weeks to consider a delay, said Renad Mansour, a senior research fellow and project director of the Iraq Initiative at London's Chatham House think tank.
However, a “decision has been made for the elections to be held on time, and although it’s not 100 per cent officially confirmed, those initial attempts to delay have been put away,” he told The National.
“It was the Sadrists who didn’t want to participate and wanted to delay the elections. However, Ayatollah Ali Al Sistani’s office and international actors were pushing for elections to be held on time,” Mr Mansour said.
Fanar Haddad, a former senior adviser to Mr Al Kadhimi, told The National “there is enough buy-in from most major political actors and enough momentum to make another delay very unlikely.”
“Election campaigns have begun and money is being spent,” he said.
Diplomats also expressed hope the elections would go ahead.
“I do think elections will be held on time. All the key political parties are now on board and there is no reason to delay,” a Western diplomat told The National.
“As the UN Special Representative to the Secretary General [Jeanine Antoinette Plasschaert] had said, the political parties themselves have a role to ensure the process goes well,” the diplomat said.
Low voter turnout due to voter apathy
Experts are predicting low turnout in October due to distrust of the country’s electoral system and believe that it will not deliver the much needed changes they were promised since 2003.
“The new generation of youth, who are less part of the social basis of political parties, don't really see the point in voting,” Mr Mansour said.
“They don’t believe those political parties represent their interests or basic needs,” he said.
Many Iraqis have lost faith in the ability of elections to deliver change
Fanar Haddad
There is a sense of dissolution in the Iraqi capital with the political process and voting.
To the Iraqi youth this election symbolises the vote for the “same cast of characters and political parties that for almost 20 years have not been able to deliver on basic governance and accountability,” he said.
Mr Haddad said voter apathy remains a significant problem in Iraq.
“This will be post-2003 Iraq’s sixth election. Many Iraqis have lost faith in the ability of elections to deliver change,” Mr Haddad said.
“Low turnout will of course create a self-fulfilling prophecy in that it benefits the existing political elite and ensures the continuation of the status quo,” he said.
However, improvements have been seen in the voting process that includes a new election law and active engagement by the electoral commission, said the Western diplomat.
“This is a more robust and improved process but people need to be persuaded of that if they are to turn out and vote,” he said.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
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.”
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5