Iraqi populist cleric Moqtada Al Sadr said on Wednesday his country will form a national government free of external influences after the ratification of election results that confirmed gains for the Shiite leader.
Mr Al Sadr's coalition secured 73 of the Parliament's 329 seats in the national elections, gaining more than any other party and up from 54 in 2018 polls.
“In the name of God ... a government of national unity, neither eastern nor western,” Mr Al Sadr said on Twitter after meeting with leaders of the Iraqi Co-ordination Framework, the umbrella group of Shiite parties contesting the election’s results.
The meeting with Shiite leaders included paramilitary leader Hadi Al Amiri, who leads the Fatah party, and Qais Al Khazali who is secretary general of the Iran-backed Asaib Ahl Al Haq, and Falih Al Fayyadh, head of the government's Popular Mobilisation Commission.
The cleric is a former leader of an anti-American militia who has often surprised observers with his political manoeuvres.
He has long said that he is pushing to be in the majority government but not in a coalition with weaker parties. He believes that a coalition government fails to serve the interests of Iraqis.
The decision made by the Federal Supreme Court places Mr Al Sadr at the centre of Iraq's lengthy government formation process.
A dispute was raised by an Iran-backed Shiite bloc that contested gains by a rival Shiite political bloc that had stalled the formation of a government.
After the announcement of the court’s decision on Monday, Mr Al Sadr thanked the electoral commission and the Iraqi people on Twitter.
Moqtada Al Sadr: from warlord to political leader - in pictures
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Iraqi Shiite cleric Moqtada Al Sadr delivering a speech to his supporters following Friday prayers, in September 2018. AFP -

Supporters of Mr Al Sadr, who has gained popularity as a nationalist voice, campaigning against corruption. AP -

Thousands of Iraqis gathered in Baghdad on January 24, 2020, for a march called by the Shiite cleric Moqtada Al Sadr to demand that US troops leave Iraq. AFP -

A poster of Mr Al Sadr in the Sadr City district of Baghdad. Reuters -

Mr Al Sadr, left, speaking at a news conference with Iraqi Prime Minister Haider Al Abadi, in Baghdad. Reuters -

An Iraqi fighter from the Saraya AL Salam (Peace Brigades), a group formed by Mr Al Sadr, takes part in a parade in the central city of Kufa. AFP -

Mehdi Army fighters loyal to Shiite cleric Moqtada Al Sadr training in Basra in 2014, as Iraqi forces were massing north of Baghdad to strike back at Sunni Islamists. Reuters
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5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
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Who's who in Yemen conflict
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Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
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Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
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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match info
Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0


