• Iraqi Prime Minister Mustafa Al Kadhimi attends the funeral of Iraqi poet Muthaffar Al Nawab in Baghdad, Iraq. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi attends the funeral of Iraqi poet Muthaffar Al Nawab in Baghdad, Iraq. Reuters
  • Al Nawab, a renowned communist poet who faced jail time and exile in the 1960s, died aged 88 on May 20. AFP
    Al Nawab, a renowned communist poet who faced jail time and exile in the 1960s, died aged 88 on May 20. AFP
  • Al Nawab died at the University Hospital Sharjah in the UAE. Reuters
    Al Nawab died at the University Hospital Sharjah in the UAE. Reuters
  • His funeral took place at the headquarters of the writers' association in central Baghdad. Reuters
    His funeral took place at the headquarters of the writers' association in central Baghdad. Reuters
  • Mourners gather outside the funeral to pay their respects. Reuters
    Mourners gather outside the funeral to pay their respects. Reuters
  • An Iraqi soldier holds a portrait of Al Nawab during a ceremony at Baghdad airport. Iraq PMO Twitter
    An Iraqi soldier holds a portrait of Al Nawab during a ceremony at Baghdad airport. Iraq PMO Twitter
  • Iraq’s prime minister and other officials walk behind Al Nawab's coffin at Baghdad airport. Iraq PMO Twitter
    Iraq’s prime minister and other officials walk behind Al Nawab's coffin at Baghdad airport. Iraq PMO Twitter
  • Prime Minister Al Kadhimi and other officials at Baghdad airport. Iraq PMO Twitter
    Prime Minister Al Kadhimi and other officials at Baghdad airport. Iraq PMO Twitter
  • Iraqi honour guards and mourners carry the coffin. Reuters
    Iraqi honour guards and mourners carry the coffin. Reuters
  • Mourners cry over the casket. AFP
    Mourners cry over the casket. AFP
  • Mourners accompany the hearse transporting the casket through the streets of Baghdad. AFP
    Mourners accompany the hearse transporting the casket through the streets of Baghdad. AFP

Angry crowd forces Iraq PM to leave funeral of poet Muthaffar Al Nawab


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  • Arabic

Prime Minister Mustafa Al Kadhimi was forced to leave the funeral of celebrated Iraqi poet Muthaffar Al Nawab in Baghdad on Saturday morning after a section of mourners started chanting political slogans.

Al Nawab died a day earlier at the University Hospital Sharjah in the UAE after a prolonged illness. He was 88.

The funeral procession started peacefully at the Association of the Iraqi Writers in Baghdad’s Karrada neighbourhood after the wooden casket containing the poet's body arrived from the airport.

A few minutes later, some of the mourners started shouting slogans against the prime minister and Iraq's political elite.

Waving Iraqi flags and pumping their fists in the air, they shouted "The people want to bring down the regime," and "Oil is for the people not for the thieves."

The chaos forced the pallbearers to return Al Nawab's casket to the hearse and speed away with Mr Al Kadhimi's convoy.

Some of the mourners pelted the convoy with stones, bottles of water and shoes as it left.

Mr Al Kadhimi had ordered Al Nawab's body to be brought back to Iraq by presidential plane so that the poet could be laid to rest in his homeland. He went to the airport with other officials to receive the body.

Iraq’s Prime Minister Mustafa Al Kadhimi and other officials walk behind the coffin of Iraqi poet Muthaffar Al Nawab after its arrival at Baghdad airport. Photo: Iraq PMO Twitter
Iraq’s Prime Minister Mustafa Al Kadhimi and other officials walk behind the coffin of Iraqi poet Muthaffar Al Nawab after its arrival at Baghdad airport. Photo: Iraq PMO Twitter

Nicknamed the "revolutionary poet", Al Nawab gained most of his renown and notoriety for poems decrying corrupt regimes across the Arab world.

Born into an affluent family in Baghdad, he exhibited a talent for poetry from an early age.

He became a teacher after graduating from the University of Baghdad but his leftist political leanings — he joined the Iraqi Communist Party while in university — eventually led to his dismissal.

Amid a power struggle between nationalists and communists in the wake of Iraq's 1958 revolution, Al Nawab was arrested and sentenced to death — later commuted to life imprisonment — for a poem against the nationalist government.

He escaped prison by digging a tunnel along with other inmates and fled Iraq.

Al Nawab's life was one of constant movement, having lived in Syria, Egypt, Lebanon and Eritrea, as he continued to write and perform his work.

His funeral comes at a time of widespread anger against the political elites who have ruled Iraq since the 2003 US-led invasion ended the dictatorship of Saddam Hussein.

Mr Al Kadhimi, who took office in May 2020 after protests over poor public services, unemployment and corruption forced the resignation of the previous government, is serving in a caretaker capacity. Iraq's political groups have yet to agree on a new government following a general election in October last year.

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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Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

Updated: May 21, 2022, 12:07 PM