Hundreds of supporters of pro-Iran groups clashed with security forces in Baghdad on Friday, leaving more than 100 people injured as they vented their fury over last month's Iraq election result, medical and security sources said.
“There were 125 people injured, 27 of them civilians and the rest from the security forces,” Iraq's health ministry said.
The political arm of the pro-Iran Hashed Al Shaabi paramilitary network saw its share of parliamentary seats decline substantially in the election, which the group's supporters have denounced as “fraud".
Demonstrators from groups loyal to Hashed Al Shaabi threw projectiles and “blocked … access to the Green Zone” on three sides before they were pushed back by police, who fired weapons in the air, a security source said, requesting anonymity.
The health ministry said nobody was killed in the clashes but some pro-Iran channels on messaging app Telegram claimed police fired live rounds at protesters.
“Two demonstrators were killed,” a leader of the Hezbollah Brigades, one of Hashed Al Shaabi's most powerful factions, told AFP, requesting anonymity.
Prime Minister Mustafa Al Kadhimi “ordered a full inquiry into Friday's events”, his office said, while President Barham Salih called for restraint.
After a brief lull, clashes resumed in the evening near the Green Zone, a source from the Hezbollah Brigades said.
The source also accused security forces of torching protest tents pitched by Hashed Al Shaabi supporters in the area.
Discontent over elections festers
Iraq's final election results have yet to be confirmed, almost four weeks since the October 10 ballot.
Early indications showed populist cleric Moqtada Al Sadr's bloc was likely to win 73 seats in the 329-member house. Mr Al Sadr has criticised foreign intervention in Iraq, including that of Iran.
The Conquest (Fatah) Alliance, the political arm of the multiparty Hashed Al Shaabi, won about 15, preliminary results showed.
In the last Parliament, it held 48 seats, making it the second-largest bloc.
The Taqadum party, led by Parliamentary Speaker Mohammed Al Halbousi, took 37 seats, while former prime minister Nouri Al Maliki’s State of Law bloc won 35 seats.
As final results draw nearer, wrangling over government formation appears to have already begun. Mr Al Sadr was in Baghdad this week, holding meetings with Mr Al Halbousi, former prime minister Haider Al Abadi and cleric Ammar Al Hakim.
Mr Al Maliki said on Twitter that protesters, who were “claiming their legitimate rights”, should not escalate the violence and avoid provoking security forces.
“We strongly condemn the assault and the use of violence and excessive force by any party and we warn against the interference of malicious hands and suspicious parties in order to ignite sedition,” he said.
So far, unsubstantiated claims of voter fraud are casting a shadow over an election that was praised by the US, the UN Security Council and others for being the smoothest in years and without major technical glitches.
Last week, manual recounting was called at more than 2,000 polling stations after appeals over the results poured in.
Once the appeals are dealt with by the Judicial Commission, the results will be sent to the High Federal Court for ratification, and then Mr Salih will have 15 days to call for the new Parliament to convene.
It remains unclear when the final election results will be announced.
This week, the same area of Baghdad was hit by three rockets, which struck an area near a Red Crescent hospital, a bank and the district's water management department. No casualties were reported.
The so far unclaimed attack was the first to hit the Green Zone since two rockets were fired into the area on July 29.
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