Iraq’s Parliament was dissolved on Thursday, three days before an early general election on Sunday, Parliament Speaker Mohammed Al Halbousi said.
The election will be the fifth to be held since the American-led invasion of 2003 that ended Saddam Hussein’s decades long dictatorship and brought in a complex political system that is dominated by parties based on sect or ethnicity.
"Today will be the end of the fourth parliamentary session, and the people will choose their representatives on the 10th of October,” Mr Al Halbousi said on Twitter.
He said the early election was “the people’s choice” and thanked members of parliament for their efforts.
Parliament voted in March to dissolve on October 7 "provided that the elections are held on schedule".
Prime Minister Mustafa Al Kadhimi on Thursday called on Iraqis to turn out for the election.
"Our people have an opportunity to choose a new legislature, safeguard our nation and build our state," he said on Twitter.
"Vote for those who represent you as proud Iraqis. Create change through your own free will."
The early election was one of the main demands of anti-government protesters who took to the streets in late 2019 over rampant corruption, poor services, lack of employment opportunities and security.
The protests were met with deadly force by security forces who killed more than 600 demonstrators and injured over 20,000.
An electoral law that allowed a number of independent civil rights groups and political parties run for parliament. They are seen as opposition to the political class that has dominated governance of Iraq since 2003.
Mr Al Kadhimi promised to hold an early election after taking office in May last year.
He was appointed following the resignation of his predecessor, Adel Abdul Mahdi, in response to pressure from the protesters.
The protesters also called for the adoption of a new electoral law, which was ratified by Parliament last November, that allows independents to run for parliament for the first time since 2003.
The new law divides each of the country’s 18 provinces into electoral districts and prevents parties from running on unified lists, which helped them to sweep all the seats in a province in past elections. Instead, the seats will now go to whoever gets the most votes in an electoral district.
Who are the main contenders?
Powerful political parties linked to Iraq's Shiite majority are expected to maintain their dominance in the 329-seat legislature. However, these groups are deeply divided over the influence of Iran on Iraq's internal affairs.
Political parties formed by protesters are expected to win a few seats, but some are boycotting the election to protest against the system.
Women are guaranteed at least 83 seats in parliament under the new election law.
Who is expected to win?
The Sairoon alliance backed by populist Shiite cleric Moqtada Al Sadr is expected to emerge once again as the biggest bloc in parliament.
Sairoon won 54 seats in the 2018 election, giving Mr Al Sadr considerable sway over the government's formation and control over vital aspects of the state.
The cleric's Sadrist Movement is running on a nationalist platform, seeking to set itself apart from Shiite groups allied to Iran.
The Iran-backed groups are also expected to win a large number of seats. The most influential group is the Fatah Alliance led by paramilitary leader Hadi Al Amiri, which got 48 seats in 2018.
The Fatah Alliance includes the political wing of Asaib Ahl Al Haq, which the United States has designated a terrorist group, and also represents the Badr Organisation, which has longstanding ties with Tehran and fought alongside Iran in the 1980-1988 Iran-Iraq war.
Among the Sunni blocs, one of the most influential is the Taqaddum, or progress, alliance led by Mr Al Halbousi that includes leaders from the Sunni-majority north and west of Iraq.
Kurdish parties also play an important role in the government's formation.
The two main groups are the Kurdistan Democratic Party (KDP), which dominates the government of Iraq's semi-autonomous Kurdish region, and the Patriotic Union of Kurdistan (PUK) party, which holds sway in areas along the border with Iran and is headquartered in Sulaimaniya.
The KDP won 25 seats in the 2018 election and the PUK won 18. They are expected to retain the lion's share of Kurdish votes, followed by smaller parties. The total tally by seven Kurdish parties in 2018 was 58.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Company%20Profile
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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.”
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
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
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