In Iraq’s historic city of Mosul, posters of electoral candidates hang on piles of rubble and pockmarked walls.
The intention is to encourage people to vote, but, for some, the jostling for support amid evidence of a city let down by countless elected officials is too much to bear.
Candidates for October’s poll promise residents a prosperous future, to combat corruption and rebuild homes after the destruction wrought by ISIS between 2012 and 2017. But many consider their pledges unrealistic, given the extent of the city’s damage.
Residents told The National they have lost hope that their vote will help elect a new generation of leaders who will look after them.
“They think they can buy us with their quotes and statements when they sold us out in 2014. Where was the government when ISIS invaded us?” one man said.
“We don’t believe in the country’s political system any more. It’s all lies.”
The Old City, on the western side of the River Tigris, was Mosul’s heart and soul. It still lies in ruins years after ISIS was defeated, despite promises to rebuild.
Structures around the area are covered in bullet holes and the streets are largely deserted.
The Old City suffered the most damage of any district during the fighting between ISIS and Iraqi government forces. It is where the historic Great Mosque of Al Nuri and its famous leaning Al Hadba minaret once stood.
Reconstruction has been painfully slow. Delays have been caused by lack of coherent government at the provincial level; the governor of Nineveh province, which includes Mosul, has been replaced three times since the liberation.
A UAE-funded Unesco project to clear rubble and landmines planted by ISIS around Mosul’s Al Saa’a Monastery began in February.
"What makes matters worse is that the electoral candidates came and hung their pictures over the destruction and devastation, forgetting what has happened to the city,” the resident said.
“They only care about winning.”
Ali Al Baroodi, a photographer and Mosul University lecturer, told The National that nothing new would come about from the elections.
“The situation is the same. It’s been repeated many times before, the way the posters have been displayed on the billboards, above damaged buildings and rubble,” he said.
“We have heard many promises of reconstruction but nothing has come out of it.”
Mr Al Baroodi says that, to this day, corpses and explosive devices are buried under debris throughout the city.
We have heard many promises of reconstruction but nothing has come out of it
Ali Al Baroodi
“Many dead bodies are still pulled out of the rubble and damaged buildings in the city centre. We don’t know their identities,” he said.
This is not what the people of Mosul had hoped to happen, he said.
“There’s nothing new and it’s the same political gains as before.”
The UN estimated that more than 8,000 homes in Mosul were destroyed in the intense air strikes to fight ISIS.
At least 9,000 people were killed in the nine-month battle.
Mosul was long celebrated as a centre of Iraqi culture and history, but that life was suppressed even before ISIS declared its caliphate in 2014.
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Rating: 4/5
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Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
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Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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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.”
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now