A polling station in Baghdad's Sadr district during Iraq's parliamentary election in October 2021. EPA
A polling station in Baghdad's Sadr district during Iraq's parliamentary election in October 2021. EPA
A polling station in Baghdad's Sadr district during Iraq's parliamentary election in October 2021. EPA
A polling station in Baghdad's Sadr district during Iraq's parliamentary election in October 2021. EPA

Iraq to hold parliamentary elections on November 11


Sinan Mahmoud
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Iraq's cabinet set November 11 as the date for the next parliamentary election during a session on Wednesday, a government statement said.

The elections will be the sixth parliamentary vote since the 2003 US-led invasion that toppled Saddam Hussein.

Iraq's last general election, in October 2021, was held a year early in response to one of the core demands of a nationwide, pro-reform protest movement that began in 2019 in central and southern parts of the country. But bitter rivalry among political elites, mainly among the country’s majority Shiites, delayed the process of forming a government until October 2022.

Shiite cleric and political leader Moqtada Al Sadr's efforts to form the government failed, despite his Sadrist bloc making a strong showing by winning 73 of the 329 seats in Parliament.

His desire to form a majority government only with Sunni and Kurdish parties upset his rivals in the Co-ordination Framework, an umbrella group of Iran-backed militias and political parties that suffered major losses in the election.

In June 2022, Mr Al Sadr ordered his MPs to resign from Parliament and to withdraw from the country's political process until it was purged of what he described as “the corrupt”.

There are no indications yet whether Mr Al Sadr will take part in the upcoming election.

The 2021 elections were held with a new electoral law the MPs adopted after the pro-reform 2019 October protests. That law divided each province into small electoral districts with the winner being the party with the highest number of votes. That move gave new independent parties - many of which were supported by protesters - a stronger chance of winning seats in the 329-seat parliament in 2021 elections.

However in March 2023, the parliament endorsed controversial amendments despite objections from protesters and independent politicians. These amendments could make it harder for independent candidates and small parties to compete against big parties and to reach the legislative body.

These latest amendments return the law to the modified Sainte Lague system introduced in 2014, which uses a complicated formula to apportion seats and tends to favour established parties. They also reverse a key change in the 2019 law, reducing the number of constituencies from 83 to 18 which is one district for each governorate.

It is still unclear if the parliament will change the parliamentary representation based on the results of Iraq’s national census held late last year and showed the country’s population stood at 45.4 million, up from 43 million. Iraq’s High Electoral Commission spokeswoman Jumana Al Ghalai told The National that the number of the seats needs to be modified in a new law.

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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.”

Updated: April 09, 2025, 8:17 PM