Iraq's Prime Minister Mohammed Shia Al Sudani. Photo: Iraqi Prime Minister Media Office
Iraq's Prime Minister Mohammed Shia Al Sudani. Photo: Iraqi Prime Minister Media Office
Iraq's Prime Minister Mohammed Shia Al Sudani. Photo: Iraqi Prime Minister Media Office
Iraq's Prime Minister Mohammed Shia Al Sudani. Photo: Iraqi Prime Minister Media Office

Iraqi PM Al Sudani to meet Biden at White House soon, says Blinken


Sinan Mahmoud
  • English
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Secretary of State Antony Blinken extended an invitation to Iraqi Prime Minister Mohammed Shia Al Sudani to meet US President Joe Biden, a statement said on Tuesday.

Mr Blinken met the Iraqi PM on the margins of United Nations General Assembly in New York, Secretary of State spokesman Matthew Miller said.

“The secretary conveyed an invitation from President Biden to the Prime Minister to visit the White House soon and reiterated the US commitment to assisting Iraq in achieving a secure, stable and sovereign future,” Mr Miller said.

Mr Al Sudani, who took office in October 2022, was the nominee of the Iran-aligned Co-ordination Framework, the largest political group in the Iraqi parliament with 138 out of 329 seats. The group comprises powerful Iran-backed Shiite militias and political parties.

Since then, Washington has grown increasingly worried over the influence of the Shiite militias. It has been pressing Iraq to introduce reforms mainly in economy, urging it to boost relations with its neighbours.

Iraq is caught in the middle of US-Iran rivalry and regional tensions, particularly due to its diplomatic and geographic closeness to Iran.

Last week, Assistant Treasury Secretary Elizabeth Rosenberg visited Iraq and met Mr Al Sudani and the Governor of the Central Bank of Iraq Ali Al Alaq.

They discussed bilateral relations and measures taken by the bank to fight money laundering and terrorist financing, the central bank said.

Washington has been pressing Iraq since last year to stop the flow of the dollar through the foreign currency auction run by the Central Bank of Iraq to countries under US sanctions, including Iran, Syria and Lebanon.

The Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others.

It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions. The latest was in July when it barred 14 private Iraqi banks from conducting dollar transactions.

This has led to an increase in demand for the US dollar on the black market in Iraq, leaving the Iraqi dinar trembling against the dollar.

During the meeting in New York, Mr Al Sudani and Mr Blinken “renewed their commitment to continue strengthening the partnership between the two countries and reaffirmed the principles in the US-Iraq Strategic Framework Agreement,” Mr Miller said.

The agreement, which covers co-operation in different fields but mainly security, was signed as Washington began withdrawing most of its forces that had been stationed in Iraq since the 2003 US-led invasion in search of weapons of mass destruction that Saddam Hussein's regime was accused of developing and stockpiling. None were found.

American combat troops returned in force as part of a US-led international coalition to fight ISIS after the extremist militant group swept through large areas in northern and western Iraq in 2014.

Last week, Mr Al Sudani said his country was seeking a “new future relation” with the coalition, which still has about about 5,000 US troops in Iraq, as well as forces from other countries, to prevent a resurgence of ISIS after the group's defat in 2017.

"For sure, [the presence of] forces with the size of the International Coalition under that title and with that number of countries needs to be reviewed and that is what we agreed on during the visit to Washington," he said, referring to the first US-Iraq Joint Security Co-operation Dialogue held in August.

Mr Miller said Mr Blinken also "underscored US support" to Mr Al Sudani for the reopening of an oil pipeline between Iraq's northern semi-autonomous Kurdistan region and Turkey that has been shut since March.

Turkey said last week the pipeline, which contributes about 0.5 per cent of world oil supply, would be ready to resume operations soon, although it is unclear whether Baghdad and Ankara have agreed to the terms of a resumption of crude flows.

The statement added that Mr Blinken "commended the Prime Minister’s commitment to judicial independence in Iraq’s recent conviction and sentencing of multiple individuals on terrorism charges in connection with the killing of US citizen Stephen Troell."

Iraq last month sentenced an Iranian man and four Iraqis to life in prison over Troell's November 2022 killing in a middle class neighbourhood in central Baghdad.

Court officials did not name the defendants but said the four Iraqis were members of a Shiite militia.

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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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Education reform in Abu Dhabi

 

The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.

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UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Petrarch: Everywhere a Wanderer
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Reaktion Books

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Updated: September 19, 2023, 9:28 AM