Iraq’s parliament approved a new government headed by Mohammed Shia Al Sudani as prime minster on Thursday, ending more than a year of political deadlock during which the country teetered on the verge of collapse.
The stalemate over the formation of a new government that followed October national elections last year was the longest in Iraq since the 2003 US-led invasion that toppled Saddam Hussein.
The stalemate turned bloody when clashes broke out earlier this year between Shiite militias in Baghdad's Green Zone, the heart of government that contains the parliament buildings and foreign embassies. Dozens of people were killed or wounded.
Mr Al Sudani, a long-time Shiite politician and former minister, had 21 ministries of his Cabinet confirmed, leaving two unfilled, pending agreement among political rivals on the candidates.
In his government agenda submitted earlier to parliament, Mr Al Sudani said he was forming “a coalition government based on the national partnership principle”, referring to an informal power-sharing arrangement — the Muhasasa in Arabic — established in 2003.
Under the agreement, Shiites are entitled to 12 ministries, Sunnis six, Kurds four and the rest distributed among other religious and ethnic groups.
The two unfilled posts are the minister of environment and the minister of construction and housing, to which Kurds are entitled.
Disagreement over government posts continued as preparations were under way for Thursday's session, forcing a postponement twice before being held at 7.30pm.
Mr Al Sudani chose deputy commander of Joint Operations Lt Gen Abdul Amir Al Shammari, a Shiite, as the interior minister and former military officer and MP Thabit Al Baldawi as defence minister.
He kept Kurdish politician Fuad Hussein as foreign minister for a second term and named the head of state-run South Gas Company Hayan Abdul Ghani Abdul Zahra as oil minister.
For the Finance Ministry, he chose long-time deputy finance minster Taif Sami Mohammed.
The Health Ministry went to former minister Salih Al Hasnawi, and the Electricity Ministry to Ziyad Ali Fadhil, who held several senior posts in the ministry.
Mr Al Sudani has set out ambitious plans to introduce economic and financial reforms, improve public services, fight endemic corruption and reduce unemployment and poverty.
He has also promised to amend the elections law within three months and to hold early national elections within a year.
The politician was the nominee of the Co-ordination Framework, the largest political group in parliament and compromising Shiite militias, which controls 138 out of 329 seats.
The UN mission in Iraq welcomed the confirmation of the new government, saying that it “faces many serious challenges that require decisive action”.
Among the challenges, the UN said, the government has to work on “ending impunity and making perpetrators accountable; and reining in non-state armed actors while asserting the state’s authority".
“A strong resolve, across the spectrum, to provide concrete solutions will prove vital,” it added, calling for the swift completion of the Cabinet.
Descended from a well-known tribe in the southern province of Maysan, Mr Al Sudani, 52, started his political career after 2003 as a member of the Shiite Dawa Party.
From 2004 to 2009, he served as member of the provincial council in his home town and as provincial governor for a year.
He ran for election with the State of Law Coalition led by former prime minister Nouri Al Maliki and has won three terms in parliament since 2014.
Among other posts, he served as minister of human rights from 2010 to 2014 and minister of labour and social affairs from 2014 to 2018.
Iraqi anti-government demonstrators — in pictures
He worked in an acting role for several ministries during Mr Al Maliki’s two terms in office from 2006 to 2014.
Mr Al Sudani begins his tenure facing a series of challenges, including the climate crisis, high unemployment, widespread corruption and dilapidated public services.
Frustration over the failure of previous governments to deal with the country’s chronic woes has sparked protests against the political elite who have been in power since 2003.
The largest protests since 2003 broke out in October 2019 in the central and southern parts of the country, leading to the resignation of the government and the approval of a new law that led to early elections, but these achievements came with a heavy price.
The leaderless, youth-led protests were met with a heavy-handed crackdown from security forces and Iran-backed militias.
About 600 protesters and members of security forces were killed in the violence, while tens of thousands were wounded.
Dozens of activists reported intimidation. There were also a number of kidnappings and assassinations.
Activists accused Iran-backed militias of being behind the assassinations while the government and the militias blamed “third parties”, without specifying who they were.
In early 2020, the protests ended due to the crackdowns and the coronavirus pandemic. Dozens of independent candidates who took part in the protests managed to win seats in parliament following the October 2021 elections.
For the first time since 2003, the Sadrist movement, a political group backed by influential Shiite cleric Moqtada Al Sadr, will be absent from the process of forming a new government.
Mr Al Sadr's political bloc emerged as the biggest in parliament after the elections, winning 73 of the 329 seats.
However, he asked his MPs to resign in June after failing to form a majority government with Sunni and Kurdish politicians. The resignation was in protest against what Mr Al Sadr called illegal attempts, mostly by the Co-ordination Framework, to block the formation of a government.
The resignations put the Co-ordination Framework in prime position to form a government, allowing it to name as prime minister Mr Al Sudani, who has been firmly rejected by Mr Al Sadr due to his ties to the cleric's bitter rival Mr Al Maliki.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
SPECS
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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
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Sholto Byrnes on Myanmar politics
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
COMPANY%20PROFILE
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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