Who are Iraq's new president Abdul Latif Rashid and PM nominee Mohammed Shia Al Sudani?


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More than a year after Parliamentary elections, Iraqi MPs have finally elected Abdul Latif Rashid as the country's new president.

After being elected on Thursday, Mr Rashid nominated Mohammed Shia Al Sudani as prime minister.

The position of president is largely ceremonial and is traditionally held by a Kurd.

Mr Rashid won against incumbent Barham Salih, who was running for a second term.

The US State Department issued a statement welcoming the end of the deadlock.

"As Iraq’s political leaders form a new government, we encourage them to bear in mind the will of the Iraqi people, who voted for a government responsive to their needs. The United States urges all parties to refrain from violence and to resolve differences amicably and peacefully through the political process," it said.

Mr Al Sudani's name had been floated around months before his nomination as a viable potential candidate for the position.

He now has 30 days to form a government.

Who is Abdul Latif Rashid?

The election of Abdul Lateef Rasheed as president may help end the impasse in Iraqi politics. Reuters
The election of Abdul Lateef Rasheed as president may help end the impasse in Iraqi politics. Reuters

Mr Rashid, 78, is a veteran politician, having served in high positions of government throughout his career.

Born in the northern city of Sulaymaniyah, in the Iraqi Kurdish region, he began his political career in his 20s after joining the Patriotic Union of Kurdistan party.

Mr Rashid achieved his degree in civil engineering from the University of Liverpool in the UK and continued his education there, earning a master's degree and a doctorate in engineering from the University of Manchester.

He then became Iraq's minister of water resources from 2003 to 2010, before being appointed as a senior adviser in the PUK by the late president Jalal Talabani, who was also the founder of the group and Mr Rashid's brother-in-law.

Mr Rashid 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. Mr Salih received 99 votes in both rounds.

Who is Mohammed Shia Al Sudani?

Mohammed Shia Al Sudani comes from a well-known tribe in the southern province of Maysan. AFP
Mohammed Shia Al Sudani comes from a well-known tribe in the southern province of Maysan. AFP

Now a prominent name among Shia circles, Mr Al Sudani was born in the country's capital, Baghdad, in 1970.

He attended the University of Baghdad, where he studied agricultural science and then project management.

His earliest brush with politics came when he joined the Islamic Dawa Party and took part in the 1991 uprisings against Saddam Hussein, president at the time, following the First Gulf War.

In 2004, Mr Al Sudani was appointed mayor of Amarah city, in south-eastern Iraq.

Mr Al Sudani comes from a well-known tribe in the southern province of Maysan, where he served as governor for a year.

In 2010, he was appointed human rights minister and a year later, briefly served as chairman of the Justice and Accountability Commission, which banned candidates linked to Saddam Hussein's Baath party from holding positions in government.

Mr Al Sudani also ran for election with the State of Law Coalition, which was led by former prime minister Nouri Al Maliki, with whom he has close ties.

The coalition is part of the Co-ordination Framework, that holds almost 40 seats in Parliament.

Last year, Mr Al Sudani created the Al Foraten Movement.

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister

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French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1

The specs: 2018 Nissan 370Z Nismo

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

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Her most famous song

Aghadan Alqak (Would I Ever Find You Again)?

Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.

Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab

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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The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

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Updated: October 14, 2022, 12:02 PM