UN Secretary General Antonio Guterres met Iraqi officials on Wednesday in Baghdad to discuss ways to support the nation with post-conflict recovery and to adapt to the effects of climate change.
His visit to Iraq comes as the country has endured months of political turmoil since a government was formed in October. Iraq, with a population of more than 40 million, is facing mounting economic, social and climate-change challenges.
Prime Minister Mohammed Shia Al Sudani said in a joint press statement: "The Iraqi government is highly appreciating this visit, which is a message of support to the Iraqi people and the state institutions, while facing hardships and challenges.
He said his country was "waiting for the UN support" to achieve his government's top-five priorities in creating jobs, developing public services, economic reforms and fighting poverty and corruption.
Mr Al Sudani highlighted Iraq's efforts to ease tension in the region, saying: "Iraq today is key to the solution in the region and no longer part of a political and security problem.
"We bring together the rivals and contrasting opinions in Iraq, which plays a vital role between the brothers and friends to achieve regional stability," he said, referring to talks between Saudi Arabia and Iran in Baghdad.
He also called for UN support in facing climate change and dwindling water in the two main rivers, the Tigris and Euphrates, a result of upstream dams in Turkey and Iran.
The country is ranked the fifth most vulnerable in the world to climate change, according to the UN Environment Programme. About one third of Iraq's population now live in poverty, while about 35 per cent of young people are unemployed, according to the UN.
"I am here in Baghdad with a measure of hope: hope that Iraq can break cycles of instability and fragility; hope that it can set a sustainable course towards greater prosperity, freedom, and peace," Mr Guterres said.
He said the numerous challenges Iraq is facing "did not arise overnight" but were products of "decades of oppression, war, terrorism, sectarianism and foreign interference".
"There is a real window of opportunity to achieve progress," he added, calling on the government to push ahead with reforms.
Mr Guterres landed in Baghdad late on Tuesday and was received by Iraqi Foreign Minister Fuad Hussein. His most recent visit to the country as UN chief was in the spring of 2017.
“This is a visit of solidarity,” the UN chief said in a briefing with Mr Hussein at Baghdad International Airport.
“A solidarity with the people and the democratic institutions of Iraq and a solidarity that means that the United Nations is totally committed to supporting the consolidation of the institutions in this country.”
He said he was confident that “Iraqis will be able to overcome the difficulties and challenges they still face through an open and inclusive dialogue”.
Mr Hussein described the visit as important, praising the relations and co-operation with the UN special mission to Iraq and UN.
“We always thank the Secretary General for his support to the political process and democracy in Iraq,” he said.
'Enormous' challenges
The meetings will focus on the “political developments in Iraq, the situation in the region and the world”, he added.
“There are enormous national, regional and global challenges and we need to exchange our point of view and the support of the secretary general to face these challenges, especially the national and regional ones,” he said.
As well as meeting Mr Al Sudani, Mr Guterres also met Iraqi President Abdul Latif Rashid. He was scheduled to meet representatives of women and youth groups.
On Thursday, he will visit a camp for displaced people in the north of the country, before going to Erbil, the capital of the Kurdistan region of Iraq.
During more than a year of political deadlock, Iraq teetered on the verge of collapse as political rivals quarrelled over forming the government.
The dispute not only affected the daily life of Iraqis, but led to clashes between Shiite militias in the Green Zone, the seat of the government, parliament, politicians' residences and foreign embassies.
In late October, Mr Al Sudani took office as the nominee of Iraq's biggest parliamentary group, the Co-ordination Framework, which is made up of Tehran-allied Shiite militias and political parties.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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
Honeymoonish
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Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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THREE
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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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Pathaan
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')
Sholto Byrnes on Myanmar politics
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
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
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
UAE currency: the story behind the money in your pockets
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