Iraq on Saturday called for emergency assistance from the international community to help restore the flow of water in the country's two main rivers.
Prime Minister Mohammed Shia Al Sudani made the plea for “urgent international intervention” at the start of the two-day Baghdad International Water conference.
“The issue of water has become a sensitive one not only in Iraq but in all countries,” Mr Al Sudani said.
Water levels in the Tigris and Euphrates rivers, which account for more than 90 per cent of Iraq's freshwater reserves, have declined significantly over the years, partly as a result of the construction of dams and diversion of water upstream in Turkey and Iran.
The Prime Minister warned that a shortage of water compounded by climate change would have a substantial impact on Iraq's economic development and environment, with wider ramifications for regional stability.
Mr Al Sudani said water scarcity had an impact on internal and external security “as it affects the existence of different human activities, whether in agriculture, industry or life”.
“Iraq is one of the countries that reels under the impact of the climate change and its environment has seen substantial effects that have had economic and social impacts,” he added.
Iraq has the world's fifth-largest proven oil reserves but it also ranks fifth among countries most vulnerable to climate change, according to the UN.
The country's water problems have been growing worse for decades as a result of climate change, mismanagement and pollution.
Moreover, successive wars have degraded its water infrastructure, leading to losses and inefficient distribution.
These factors, combined with an outdated centuries-old water management system, have “led us to this sensitive point in the water issue at the time of climate change”, Mr Al Sudani said.
He warned that overlooking the water issue “will cause Iraq to lose the elements of development and will lead to a strategically dangerous area.”
Iraq is experiencing its worst drought in decades, with temperatures exceeding 50°C last summer. Many of its lakes have shrunk or dried up completely.
The Tigris and Euphrates currently receive less than 30 per cent of their normal flow from Turkey and Iran, Deputy Environment Minister Jassim Al Falahi said last month.
Mr Al Sudani said the rivers, along whose banks Mesopotamian civilisations flourished, not only “represent Iraq but they are global and human heritage, and their disappearance means that the memory of history and civilisation will lose a lot”.
“To save the Tigris and Euphrates we need an urgent international intervention from countries and organisations to help Iraq in this sensitive period of the history of its great rivers,” he said.
'Tough summer'
Early in April Turkey began releasing more water into the Tigris for a period of one month at the request of the Iraqi government.
Iraq's Water Resources Ministry said Ankara was releasing 1,500 cubic metres per second, doubling the previous amount.
Minister of Water and Resources Aoun Diab said the drought the country saw last year was the worst since 1930, hailing the Turkish government move.
He did not say whether that deal has been extended but said Iraq was looking for more co-operation.
“There is an understanding from the Turkish side, but we hope to see that on the ground,” Mr Diab told the audience without elaborating.
The minister warned that the country will face “big challenges” in the summer in regard to water availability but gave assurances that the government will take the necessary measures.
“The summer will be a tough one,” he said. “For sure, there will be a tough challenge, but God willing, we can deal with it during the summer.
“We have taken measures and will consider more on how to divide this limited amount [of water] fairly for all consumers.”
Regional security
Desertification affects 39 per cent of the country and 54 per cent of agricultural land has degraded, mainly due to soil salinity caused by historically low water levels in the two rivers and reduced rainfall.
Agriculture Minister Abbas Al Ali painted a bleak picture.
The amount of land dedicated for strategic crops — wheat, rice and corn — and irrigated from the rivers decreased by more than 50 per cent since 2021, Mr Al Ali said.
For wheat, the land went down from 4.5 million dunams (450,000 hectares) in 2021 to 1.5 million dunams (150,000 hectares) in 2023.
The land for corn and rice decreased from 574,000 dunams (57,400 hectares) and 393,000 dunams (39,300 hectares) respectively three years ago to 10,000 dunams (1,000 hectares) now.
“That is alarming,” he told a discussion panel. “These crops represent an opportunity for creating jobs, decreasing unemployment, maintaining social security and civil peace for this country.”
He warned that the ramifications could reach neighbouring countries.
“The stability of Iraq and the availability of water to refresh its agriculture sector is a stability to this region which already faces a lot of challenges,” he said.
“It also contributes to the protection of the interests of neighbouring countries so we hope that there will be serious co-operation to help Iraq to implement its plans and projects, especially in water and agriculture.”
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
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.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mohammed bin Zayed Majlis
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Killing of Qassem Suleimani
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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