Iraqi PM Al Kadhimi calls for third national dialogue in UNGA address


Mina Aldroubi
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Follow developments at the UN General Assembly as they happen.

Iraq's Prime Minister Mustafa Al Kadhimi on Friday called for a third round of national dialogue to resolve his country’s political crisis.

Mr Al Kadhimi has served in a caretaker role since a general election last October, as Iraqi political factions continue to squabble over forming a government.

"My government has called for a serious and transparent dialogue between all political forces and parties to discuss ways out of the current political crisis in an effort by the government to meet the people's aspirations and hopes, and achieve their goals to secure our people's future," he told the UN General Assembly.

Mr Al Kadhimi, who has been in office since May 2020, told the Iraqi News Agency before his speech that Iraq's problems would not be solved without dialogue and that political factions have an opportunity to rebuild the country.

"The government of Iraq is working to build the state to maintain its structure on the basis of coexistence among all the Iraqi people," he declared in his UN speech.

He also emphasised how the stability of the region relies on the stability of Iraq, and any internal conflicts also have an impact globally.

"Iraq is keen to be a source of stability regionally and internationally," he said.

"Iraq seeks to bring together different viewpoints and endeavours to find sustainable peaceful solutions to regional crises and mend ties between the region's countries by introducing a number of initiatives to ensure peace and security in our region, a region that has long suffered from wars and crises."

The Iraqi prime minister made his remarks as his country continues to face political deadlock, with the main political actors preventing parliament from selecting a new speaker, president and prime minister.

Shiite cleric Moqtada Al Sadr's followers became the largest bloc in parliament after the October elections, with 73 seats, but fell far short of a majority.

After the rival, Iran-aligned Co-ordination Framework frustrated his attempts to form a government, Mr Al Sadr called for fresh elections.

The Co-ordination Framework wants a new government to be installed first to oversee the election.

The dispute between the two largest Shiite blocs resulted in violent clashes on the streets of Baghdad and cities in the south of the country last month.

In an exclusive interview with The National ahead of his General Assembly address, Mr Al Kadhimi said there was no way out but to pursue dialogue among political groups.

He said the dialogue he was convening was primarily focused on holding new elections, coupled with a new “compact” to ensure all sides respect the results.

“A thousand years of dialogue is better than one moment of killing,” he said in an interview in New York.

He said it was time to “divorce the violent past and a future built on true democratic values built not just on the ballot box votes”.

His comments came as authorities said they had arrested a person who confessed to killing protesters last month.

“Last week, we arrested a person, who belongs to one of the state institutions, who confessed to killing protesters and some personalities,” Mr Al Kadhimi said.

Hundreds of protesters were injured and dozens killed during last month's protests over the political stand-off.

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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Result: England won by 239 runs
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Best Men's Player of the Year: Kylian Mbappe (PSG)

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Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

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Player Career Award: Ronaldinho

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

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Updated: September 23, 2022, 11:21 PM