Prime Minister-designate Mohammed Shia Al Sudani attends a parliamentary session to vote for a new president in Baghdad on Thursday. Reuters
Prime Minister-designate Mohammed Shia Al Sudani attends a parliamentary session to vote for a new president in Baghdad on Thursday. Reuters
Prime Minister-designate Mohammed Shia Al Sudani attends a parliamentary session to vote for a new president in Baghdad on Thursday. Reuters
Prime Minister-designate Mohammed Shia Al Sudani attends a parliamentary session to vote for a new president in Baghdad on Thursday. Reuters

Iraqi president asks Mohammed Shia Al Sudani to form next government


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Iraq's new president Abdul Lateef Rasheed on Thursday asked long-serving politician Mohammed Shia Al Sudani to form the next government.

Mr Al Sudani, who was nominated for the post by the Iran-backed Co-ordination Framework, has 30 days to submit his Cabinet line-up to Iraq's Parliament for approval.

Parliament elected Mr Rashid, a Kurdish politician, as president earlier on Thursday in the first step towards the formation of a new government in Iraq after a year of political deadlock.

In his first statement, Mr Al Sudani thanked those who supported him and promised to submit his cabinet “as soon as possible”.

He also promised to form a “strong government" that was able to "build the country, to serve the citizens, to preserve security and stability and build balanced international relations”.

Mr Al Sudani started his political career as a member of the Shiite Dawa Party and then ran for election with the State of Law Coalition led by former prime minister Nouri Al Maliki. He has won three terms in parliament since 2014.

Among other posts, he served as human rights minister from 2010 to 2014 and minister of labour and social affairs from 2014 to 2018. He worked in an acting role for several ministries during Mr Al Maliki’s two terms in office from 2006 to 2014.

In 2021, he established his Al Foratyen Movement but kept close ties to Mr Al Maliki.

He belongs to a well-known tribe in the southern province of Maysan, where he served as a member of its provincial council between 2004 and 2009 when he became governor for a year.

The State of Law Coalition is one of the parties within the Co-ordination Framework which controls nearly 40 seats. Mr Al Maliki was removed from office in 2014, when ISIS took over one-third of the country, amid widespread allegations of corruption.

A handout photo made available by Iraqi Parliament Media Office shows New iraq's president Abdul Lateef Rasheed (2-R) hands over the letter of assignment to form a new government to the nominated Prime Minister Mohammed Shia Al Sudani (C) at the Iraqi Parliament in Baghdad, Iraq on 13 October 2022. EPA
A handout photo made available by Iraqi Parliament Media Office shows New iraq's president Abdul Lateef Rasheed (2-R) hands over the letter of assignment to form a new government to the nominated Prime Minister Mohammed Shia Al Sudani (C) at the Iraqi Parliament in Baghdad, Iraq on 13 October 2022. EPA

Caretaker prime minister Mustafa Al Kadhimi congratulated Mr Al Sudani on being asked to form the new Iraqi government.

“We call on all political forces to co-operate and integrate, wishing him success in the task of forming the government in order to achieve the aspirations of our honourable people,” Mr Al Kadhimi tweeted.

Prominent Shiite cleric Moqtada Al Sadr once described Mr Al Sudani as a “shadow” of Mr Al Maliki, with whom he has had many years of rivalry.

Mr Al Maliki and the parties backing Mr Al Sudani are considered to be close to Iran, whose influence in Iraq Mr Al Sadr opposes.

Mr Al Sadr's political bloc emerged as the biggest in parliament following elections on October 10 last year, winning 73 of the 329 seats. However, he asked his MPs to resign in June after failing to win a consensus on the election of a new president to set off the process of forming a new government.

Iraq Parliament Speaker Mohamed Al Halbousi heads a session to elect a new president in Baghdad on Thursday. AFP
Iraq Parliament Speaker Mohamed Al Halbousi heads a session to elect a new president in Baghdad on Thursday. AFP

Iraq's political rivals have been at loggerheads over who should be the next prime minister and the country's next president — as well as how to share out government posts.

The prime minister's post is reserved for the majority Shiite community, according to an unofficial agreement between political parties after Saddam Hussein was toppled in the 2003 US-led invasion. Other government posts are divided among the political parties based on their religious and ethnic backgrounds.

The parliament speaker must be a Sunni and the largely ceremonial post of president is reserved for Kurds.

Mr Rasheed was elected with 162 votes in a second round of voting on Thursday.

He had received 156 votes in the first round, short of the two-thirds majority needed to win. Incumbent president Barham Salih received 99 votes in both rounds.

Born in 1944 in the northern city of Sulaymaniyah, Mr Rasheed started his political career in the 1960s when he joined the Patriotic Union of Kurdistan (PUK).

He has a bachelor's degree in civil engineering from Liverpool University and a master's and doctorate in engineering from Manchester University.

He served as water resources minister from September 2003 to December 2010.

He was then appointed by the Iraqi president Jalal Talabani, the founder of PUK and his brother-in-law, as a senior adviser.

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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New central waste facility on site at expo Dubai South area to  handle estimated 173 tonne of waste generated daily by millions of visitors

Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site

Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area

Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent  organic waste  and 13 per cent  general waste.

About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor

Recycling at Ras Al Khor unit:

Plastic items to be converted to plastic bags and recycled

Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays

Glass waste into bowls, lights, candle holders, serving trays and coasters

Aim is for 85 per cent of waste from the site to be diverted from landfill 

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.”

Look north

BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.

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The Breadwinner

Director: Nora Twomey

Starring: Saara Chaudry,  Soma Chhaya,  Laara Sadiq 

Three stars

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Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
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Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Updated: October 14, 2022, 4:39 AM