Iraqi Prime Minister Mohammed Shia Al Sudani is aiming to secure a second term in office in November. EPA
Iraqi Prime Minister Mohammed Shia Al Sudani is aiming to secure a second term in office in November. EPA
Iraqi Prime Minister Mohammed Shia Al Sudani is aiming to secure a second term in office in November. EPA
Iraqi Prime Minister Mohammed Shia Al Sudani is aiming to secure a second term in office in November. EPA

Iraq PM Al Sudani to run in elections with new alliance


Sinan Mahmoud
  • English
  • Arabic

His sight set on a second term in office, Iraqi Prime Minister Mohammed Shia Al Sudani has unveiled a new alliance to compete in the country’s national election later this year.

“We have placed the interest of Iraq and Iraqis first and foremost,” said a statement by the alliance on the parliamentary election due to take place on November 11, adding that it will “build on the significant strides that have been achieved” since Mr Al Sudani took office in October 2022.

The new Reconstruction and Development Coalition includes Mr Al Sudani’s Al Foratain Movement, The National Coalition led by former prime minister Ayad Allawi and The National Contract Coalition led by the chairman of the paramilitary Popular Mobilisation Forces (PMF) Falih Al Fayyadh, according to the statement. The US sanctioned Mr Al Fayyadh for his role in the quelling of pro-democracy protests in 2019 with the support of Iran’s Quds Force.

Other alliances include The Soumar Land alliance, which is led by the Minister of Labour and Social Affairs, Ahmed Al Asadi, The National Alliance of Solutions, led by one of the Prime Minister’s advisers, Mohammed Sahib Al Daraji, Karbala Creativity Alliance, and The Generations Gathering.

This year's election will be the sixth since the 2003 US-led invasion that toppled Saddam Hussein. The last one, brought forward in response to demands from a pro-reform protest movement that began in 2019 across central and southern Iraq, took place in October 2021.

Mr Al Sudani was the candidate for the Iran-aligned Co-ordination Framework – the largest political group in the Iraqi parliament, with 138 out of 329 seats and consisting of Iran-backed political parties and armed factions.

Iraqi votes being counted in 2014. The electorate will go to the polls again on November 11 this year. Reuters
Iraqi votes being counted in 2014. The electorate will go to the polls again on November 11 this year. Reuters

Since taking office, political and security stability has encouraged his government to launch a series of infrastructure projects and to introduce reforms to improve the country's business environment and public services. Several mega deals have been signed with major international companies as well as countries, mainly in the field of energy.

“Our goals include sustainable reconstruction, economic growth, infrastructure development; and strengthening security, stability and international relations,” the statement added.

Bitter rivalry among political elites, mainly among the country’s majority Shiites, delayed the process of forming a government for a year, after the October 2021 election.

Shiite cleric and political leader Moqtada Al Sadr's efforts to form the government failed, despite his Sadrist bloc 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.

In June 2022, Mr Al Sadr ordered his MPs to resign from parliament and withdraw from the country's political process until it was purged of what he described as “the corrupt”. There have been no indications yet about whether or not Mr Al Sadr will take part in the November election.

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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They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

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Updated: May 21, 2025, 9:45 AM