Iraqi Prime Minister Mustafa Al Kadhimi at a meeting with US President Joe Biden in July, in Jeddah, Saudi Arabia. AP
Iraqi Prime Minister Mustafa Al Kadhimi at a meeting with US President Joe Biden in July, in Jeddah, Saudi Arabia. AP
Iraqi Prime Minister Mustafa Al Kadhimi at a meeting with US President Joe Biden in July, in Jeddah, Saudi Arabia. AP
Iraqi Prime Minister Mustafa Al Kadhimi at a meeting with US President Joe Biden in July, in Jeddah, Saudi Arabia. AP

Iran-backed political groups in Iraq divided over keeping caretaker PM in office


Sinan Mahmoud
  • English
  • Arabic

A rift is widening among Iran-backed political groups in Iraq over how to deal with the Shiite cleric Moqtada Al Sadr's demands before a crucial meeting to solve months of political deadlock over forming a new government.

Mr Al Sadr withdrew his movement from national politics after an increasingly bitter row with the Co-ordination Framework, a coalition of mainly Iran-backed parties which suffered major losses in elections a year ago.

He now wants parliament to be dissolved and has suggested keeping caretaker Prime Minster Mustafa Al Kadhimi and President Barham Salih in office to oversee a second round of early elections.

The row over government formation has led to mass protests and armed clashes. Mr Al Sadr won the most votes in the election, but not enough for an absolute majority.

Almost a year has elapsed and the country has failed to form a new government due to rival factions. Although the Sadrists secured 73 seats in the 329-seat chamber, they have failed to form a majority government with Sunnis and Kurds.

Mr Al Sadr has sought to sideline rivals who have pushed for a consensus government in which they would gain or retain control of ministries.

Frustrated over the failure to turn election gains into government formation, Mr Al Sadr has been sending shock waves through Iraq's political scene since June.

He ordered his followers to resign from parliament and endorsed a weeks-long sit-in and protests inside and outside the parliament to derail Co-ordination Framework efforts to hold a session.

Fears of new civil war

Bloody street battles erupted late last month between Mr Al Sadr’s militias and Tehran-allied groups inside in Baghdad — at one point dragging in regular security forces directly under government control. Serious violence was also reported in the country's south, with political and militia offices attacked by gunfire and a number of people reported killed in clashes.

The nearly 24-hour crisis left at least 30 dead and hundreds wounded, leading to fears Iraq was sliding into a new civil war.

The last national poll was held early following demands by a national protest movement that was met with extreme violence from security forces, leading to the resignation of former prime minister Adil Abdul Mahdi's government.

Analysts say yet another election would further dent public faith in national politics.

Three politicians who requested anonymity told The National on Tuesday that Co-ordination Framework leaders had failed to reach an agreement on Saturday on how to meet Mr Al Sadr’s demands ahead of a meeting with him planned for this month.

The politicians said senior Co-ordination Framework leader Hadi Al Amiri and former prime minister Haider Al Abadi, and a few others, are pushing to replace the coalition's candidate for prime minister, Mohammed Shia Al Sudani, who Mr Al Sadr rejected.

They are suggesting either keeping Mr Al Kadhimi in post as Mr Al Sadr wishes, or to back National Security Adviser Qassim Al Araji, the politicians added.

That suggestion has been strongly rejected by former prime minster Nouri Al Maliki and Qais Al Khazaali, leader of the influential armed group Asaib Ahl Al Haq, they said. Both are seen as Mr Al Sadr's main rivals.

“That camp is looking for solutions to get out while the other one still wants to provoke Al Sadr even if it leads to confrontations again with him,” one politician who attended Saturday's meeting said.

“We saw how stubbornness threw us into a chaos and how blood was shed in the streets,” he added.

“That doesn't mean that this camp supports Al Kadhimi as a person, but it is one of the ways to offer solutions to ease the tension,” another said.

Moqtada Al Sadr announces resignation - in pictures

  • Smoke billows in the background in the capital Baghdad during an army-imposed nationwide curfew a day after 23 supporters of powerful Shiite leader Moqtada Al Sadr were shot dead during fighting in Baghdad's Green Zone. AFP
    Smoke billows in the background in the capital Baghdad during an army-imposed nationwide curfew a day after 23 supporters of powerful Shiite leader Moqtada Al Sadr were shot dead during fighting in Baghdad's Green Zone. AFP
  • Iraqi armoured security vehicles clash with Saraya Al Salam (Peace Brigade), the military wing affiliated with Mr Al Sadr, as fighting between rival Iraqi forces resumed in Baghdad. AFP
    Iraqi armoured security vehicles clash with Saraya Al Salam (Peace Brigade), the military wing affiliated with Mr Al Sadr, as fighting between rival Iraqi forces resumed in Baghdad. AFP
  • An armed member of the Peace Brigade aims a rocket-propelled grenade during clashes with Iraqi security forces in Baghdad's Green Zone. AFP
    An armed member of the Peace Brigade aims a rocket-propelled grenade during clashes with Iraqi security forces in Baghdad's Green Zone. AFP
  • Armed members of the Peace Brigade during clashes in Baghdad's Green Zone. AFP
    Armed members of the Peace Brigade during clashes in Baghdad's Green Zone. AFP
  • A boy walks near the office of Badr Organisation, which was burnt by supporters of Mr Al Sadr in Baghdad. Reuters
    A boy walks near the office of Badr Organisation, which was burnt by supporters of Mr Al Sadr in Baghdad. Reuters
  • Members of Mr Al Sadr's Peace Brigade. Reuters
    Members of Mr Al Sadr's Peace Brigade. Reuters
  • Mr Al Sadr's fighters fire their weapons. Reuters
    Mr Al Sadr's fighters fire their weapons. Reuters
  • Peace Brigade fighters near the Green Zone. Reuters
    Peace Brigade fighters near the Green Zone. Reuters
  • Ready to fight, a member of the Peace Brigade is laden with ammunition in Baghdad. Reuters
    Ready to fight, a member of the Peace Brigade is laden with ammunition in Baghdad. Reuters
  • Sadrists gather during clashes with the Iraqi security forces. Reuters
    Sadrists gather during clashes with the Iraqi security forces. Reuters
  • A supporter of Mr Al Sadr carries bullet casings and a spent shotgun shell in the Green Zone. AFP
    A supporter of Mr Al Sadr carries bullet casings and a spent shotgun shell in the Green Zone. AFP
  • An Al Sadr supporter waves the Iraqi flag in Baghdad after the powerful Shiite cleric announced his retirement from politics. AFP
    An Al Sadr supporter waves the Iraqi flag in Baghdad after the powerful Shiite cleric announced his retirement from politics. AFP
  • Dozens of angry supporters of Mr Al Sadr stormed the Republican Palace, a ceremonial building in the fortified Green Zone. AFP
    Dozens of angry supporters of Mr Al Sadr stormed the Republican Palace, a ceremonial building in the fortified Green Zone. AFP
  • Supporters of Mr Al Sadr help injured protesters during clashes with riot police in Baghdad. EPA
    Supporters of Mr Al Sadr help injured protesters during clashes with riot police in Baghdad. EPA
  • The Iraqi army has announced a Baghdad-wide curfew. AFP
    The Iraqi army has announced a Baghdad-wide curfew. AFP
  • Supporters of Mr Al Sadr assist protesters injured during clashes with security forces near the prime minister's office in Baghdad. EPA
    Supporters of Mr Al Sadr assist protesters injured during clashes with security forces near the prime minister's office in Baghdad. EPA
  • An injured supporter of Mr Al Sadr is given water during a protest in the Green Zone in Baghdad. Reuters
    An injured supporter of Mr Al Sadr is given water during a protest in the Green Zone in Baghdad. Reuters
  • Supporters of Mr Al Sadr gather in the Green Zone. AFP
    Supporters of Mr Al Sadr gather in the Green Zone. AFP
  • Iraqi police try to block the entrance to the Green Zone. AFP
    Iraqi police try to block the entrance to the Green Zone. AFP
  • Supporters of Mr Al Sadr wave an Iraqi flag from the roof of the government palace during a demonstration in Baghdad. AP
    Supporters of Mr Al Sadr wave an Iraqi flag from the roof of the government palace during a demonstration in Baghdad. AP
  • Mr Al Sadr's supporters swim amid a protest at the Republican Palace in the Green Zone in Baghdad. Reuters
    Mr Al Sadr's supporters swim amid a protest at the Republican Palace in the Green Zone in Baghdad. Reuters
  • Mr Al Sadr's supporters make their feelings known through gestures inside the palace. Reuters
    Mr Al Sadr's supporters make their feelings known through gestures inside the palace. Reuters
  • Dozens of angry supporters of Mr Al Sadr gather inside the palace in the capital Baghdad's Green Zone shortly after he said he was quitting politics. AFP
    Dozens of angry supporters of Mr Al Sadr gather inside the palace in the capital Baghdad's Green Zone shortly after he said he was quitting politics. AFP
  • Supporters of the powerful cleric stormed the Republican Palace, a ceremonial building in the fortified Green Zone, a security source said. AFP
    Supporters of the powerful cleric stormed the Republican Palace, a ceremonial building in the fortified Green Zone, a security source said. AFP
  • Clashes occurred between the protesters and security troops inside the palace. AFP
    Clashes occurred between the protesters and security troops inside the palace. AFP
  • Iraqi security forces try to prevent protesters from entering the Federal Court during a demonstration in Baghdad. AP
    Iraqi security forces try to prevent protesters from entering the Federal Court during a demonstration in Baghdad. AP
  • Since the end of July, Mr Al Sadr's followers have encamped around parliament, blocking access to critical government buildings. AP
    Since the end of July, Mr Al Sadr's followers have encamped around parliament, blocking access to critical government buildings. AP
  • Supporters of Mr Al Sadr try to remove concrete barriers in the Green Zone area of Baghdad. AP
    Supporters of Mr Al Sadr try to remove concrete barriers in the Green Zone area of Baghdad. AP
  • Iraqi security forces called for calm after the protesters entered the Green Zone. AP
    Iraqi security forces called for calm after the protesters entered the Green Zone. AP
  • Iraqi security forces announced a nationwide curfew starting at 3.30pm local time following the protests. AP
    Iraqi security forces announced a nationwide curfew starting at 3.30pm local time following the protests. AP

In a statement issued on Monday, Mr Al Abadi’s Nasr Alliance defended his efforts to end the stalemate.

“Regardless of the name of candidate to the prime minister post, Al Abadi’s initiatives always stress on considering the correct path to solve the crisis and the most important thing is that all political parties must agree on a road map to end the political deadlock,” the statement said.

It called for a “constitutional and political settlement to pave the way for early elections in order to restore the legitimacy of the political process.”

On Monday, the spokesman of Asaib Ahl Al Haq's Sadiqoon bloc in parliament, Mahmoud Al Rubaie, wrote on Twitter: “No, no, no for the renewal” to Mr Al Kadhimi.

Before heading to New York to take part in the high-level debate of the 77th session of the UN General Assembly, Mr Al Kadhimi touted his government achievements in “establishing the best relations with our neighbours and the international community”.

“We have boosted co-operation and partnership with everyone which will reflect positively on the interests of our people at all levels,” he said in a statement late on Monday.

He described the political stalemate as a “critical,” but that the doors for a solution were wide open, with “calm and sincere dialogue” needed that puts “the interest of Iraq and its people above all.”

October's early election was the fifth parliamentary vote for a full-term government since the US-led invasion in 2003 that toppled Saddam Hussein.

The continuing crisis is the longest the country has experienced since then, jeopardising stability and raising the possibility of civil war flaring up in a nation still recovering from decades of conflict.

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.”

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

WRESTLING HIGHLIGHTS
Racecard

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m

7.40pm: Handicap (TB) $135,000 (D) 1,200m

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m

8.50pm: Handicap (TB) $135,000 (T) 1,000m

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m

10pm: Handicap (TB) $175,000 (T) 2,410m

The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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
The specs: 2018 Jaguar F-Type Convertible

Price, base / as tested: Dh283,080 / Dh318,465

Engine: 2.0-litre inline four-cylinder

Transmission: Eight-speed automatic

Power: 295hp @ 5,500rpm

Torque: 400Nm @ 1,500rpm

Fuel economy, combined: 7.2L / 100km

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

Fight Night

FIGHT NIGHT

Four title fights:

Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event  
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title

Six undercard bouts:

Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio

Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
  21. John Whittingdale
Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

Start-up hopes to end Japan's love affair with cash

Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.

Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.

Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.

Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.

Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Updated: September 20, 2022, 3:47 PM