Moqtada Al Sadr gives a speech criticising violence on the streets of Baghdad from his home in Najaf. AP
Moqtada Al Sadr gives a speech criticising violence on the streets of Baghdad from his home in Najaf. AP
Moqtada Al Sadr gives a speech criticising violence on the streets of Baghdad from his home in Najaf. AP
Moqtada Al Sadr gives a speech criticising violence on the streets of Baghdad from his home in Najaf. AP

Iraq's Moqtada Al Sadr praised for calls to de-escalate violence after deadly clashes


Mina Aldroubi
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Iraqi leaders and international officials have commended cleric Moqtada Al Sadr's calls to his supporters to withdraw from the streets and put an end to the deadly clashes that have paralysed Iraq.

Hundreds of Mr Al Sadr’s supporters stormed the Republican Palace on Monday, where they traded heavy fire with security forces in an escalation of a months-long political crisis gripping the nation.

At least 30 people were killed overnight in clashes and dozens more injured, according to health authorities.

The unrest began after Mr Al Sadr said he would quit politics, although he has never been directly in government but has been a key player in the country's political scene.

He made the announcement two days after he said “all parties” including his own should give up government positions to help resolve the political crisis.

His followers immediately stormed Baghdad's heavily fortified Green Zone, which is the home to Iraqi government offices and foreign embassies.

“I apologise to the Iraqi people, the only ones affected by the events,” Mr Al Sadr told reporters from his base in the central Iraqi city of Najaf.

“The spilling of Iraqi blood is forbidden. This is not a peaceful uprising (any more) because it has lost its peaceful character.”

The cleric and political leader gave his followers 60 minutes to leave the area and dismantle the sit-in tents in the capital, threatening to “disavow” those who remained.

Mr Al Sadr said he was disappointed and “saddened” by what had happened to the country.

Shortly after his speech, Sadrists started leaving the Green Zone and traffic starting to flow into streets that were blocked overnight, as security forces announced they were lifting the curfew that was imposed yesterday across the country.

“His Eminence Moqtada Al Sadr’s call to stop violence is the epitome of patriotism and respect to the sanctity of Iraqi blood,” said Prime Minister Mustafa Al Kadhimi.

“His speech places national and moral duty upon all to protect Iraq and stop political escalation and violence and to immediately engage in dialogue,” he said.

The UN office in Iraq welcomed Mr Al Sadr’s “moderate declaration”.

“As stated yesterday: restraint and calm are necessary for reason to prevail,” it said in a statement.

Parliamentary Speaker Mohammed Al Halbousi, said Mr Al Sadr’s stance was good for Iraq.

“Your position is as big as Iraq, which deserves a lot from us,” he wrote on Twitter.

Former prime minister Haider Al Abadi also called on all armed men to withdraw from the capital immediately.

“There is no justification for the state to stand helpless and watch, especially after the speech of Moqtada Al Sadr to withdraw those who claim to belong to the movement, and this is calculated for his eminence,” Mr Al Abadi said.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, spoke with Iraqi Minister of Foreign Affairs Fouad Hussein on Monday and discussed relations between the two countries as well as developments in Iraq.

During the phone call, Sheikh Abdullah stressed the UAE's solidarity with Iraq in light of the challenges it is currently facing.

He also emphasised the UAE's support for Iraq's security, stability, unity and sovereignty and his hopes that its people would enjoy prosperity.

Sheikh Abdullah spoke on the well-established relationship between the UAE and Iraq, and the keenness to strengthen ties between them.

He also said the UAE hopes to develop opportunities for joint co-operation in various ways to the benefit of both peoples.

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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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Favourite Book: The Alchemist by Paulo Coelho

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1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
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1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
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1987
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1988
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2002
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2010
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2011
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2013
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2014
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2015
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2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

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An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

UAE currency: the story behind the money in your pockets
Updated: August 31, 2022, 4:39 AM