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.

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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.”

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

COMPANY%20PROFILE
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

%20Ramez%20Gab%20Min%20El%20Akher
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

MATCH INFO

Manchester United v Brighton, Sunday, 6pm UAE

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

Updated: September 04, 2023, 12:08 PM