A poster of Iraqi Kurdish Prime Minister Masrour Barzani looks down on Kurdish fighters on the outskirts of Kirkuk city. EPA
A poster of Iraqi Kurdish Prime Minister Masrour Barzani looks down on Kurdish fighters on the outskirts of Kirkuk city. EPA
A poster of Iraqi Kurdish Prime Minister Masrour Barzani looks down on Kurdish fighters on the outskirts of Kirkuk city. EPA
A poster of Iraqi Kurdish Prime Minister Masrour Barzani looks down on Kurdish fighters on the outskirts of Kirkuk city. EPA

Iraq's highest court halts government order to return Kirkuk army building to KDP


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Iraq’s highest court has stopped the handover of a federal police building in the northern province of Kirkuk to the Kurdish Democratic Party.

The proposed move had caused tensions in the city, which is home to Kurds, Arabs and Turkmen.

Four protesters – reported to be Kurds – were shot dead in Kirkuk on Saturday, as ethnic groups clashed.

In a governorate where there has been decades of intercommunal conflict, the dispute centres on a building in Kirkuk city that was once the headquarters of the KDP but occupied by the army after 2017.

A Supreme Court ruling on Sunday halted an order from Prime Minister Mohammed Shia Al Sudani in his capacity as the commander-in-chief of Iraq's armed forces to hand over the army building to the KDP on September 1.

Iraqi Kurdish Prime Minister Masrour Barzani, of the KDP, described the court’s decision as a “farce” in a post on X, formerly Twitter.

Federal forces seized Kirkuk and surrounding oilfields in October 2017 after the KDP organised a referendum for Kurdish independence.

This referendum, which was opposed by international allies of the Kurdish regional government, including the US and the UK, would have annexed Kirkuk, wrapping the governorate into Iraq's semi-autonomous Kurdish region.

The KDP vacated its headquarters in the city at the time, and within weeks of the vote, federal Iraqi government forces had retaken control of the governorate.

The agreement to form the current government, under the leadership of Mr Al Sudani, included a provision for the return of the KDP to the province, which met opposition from some communities in Kirkuk.

At a cabinet meeting on Sunday, Mr Al Sudani reiterated orders he had issued to the authorities to investigate the circumstances surrounding the death of the four protesters and “hold all those responsible for the deaths and injuries accountable in accordance with the law”.

The announced investigation followed Prime Minister Barzani's call on the Iraqi government “to intervene immediately to protect the lives of citizens, public property and demonstrators. We cannot allow irresponsible individuals to escalate and exacerbate the situation.”

Mr Al Sudani met with members of parliament who represent Kirkuk to discuss the situation on Sunday. He called the deaths “regrettable”.

A relative of Hossien Sabir, who was killed in the recent violence, receives mourners in Kirkuk city, northern Iraq. EPA
A relative of Hossien Sabir, who was killed in the recent violence, receives mourners in Kirkuk city, northern Iraq. EPA

Last week, a group of Arab residents closed the Kirkuk to Erbil motorway in protest against the reopening of the KDP headquarters.

On Saturday, Kurdish protesters demanded the reopening of the road, leading tensions with security forces.

Following Saturday's violence, Iraqi security forces were sent to deter further clashes.

Amir Shwani, Kirkuk police spokesman, said a curfew had been lifted and vehicles were moving normally in the city on Sunday.

But security forces sent additional personnel to the streets to “prevent violence and protect civilians”, he added.

Kirkuk, which lies along the fault lines between the Kurdish autonomous region and areas controlled by Iraq's Shiite-dominated central government, has been the focus of some of the country's worst post-ISIS violence.

The governorate is home to Iraq's oldest continually producing oilfields, which are thought to contain up to nine billion barrels of recoverable oil.

The fields and related infrastructure were briefly under the control of Kurdish Peshmerga forces during the war against ISIS, but were regained by federal government forces following the failed Kurdish independence referendum.

The final status of the mixed-ethnicity and mixed-religion province is supposed to be settled by a referendum, outlined in Iraq's 2005 constitution, but steps to put the constitutional article into effect have either been delayed by security problems or avoided because of political controversy in Baghdad and Erbil.

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Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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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.”

Day 2, stumps

Pakistan 482

Australia 30/0 (13 ov)

Australia trail by 452 runs with 10 wickets remaining in the innings

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Updated: September 04, 2023, 12:08 PM