An outspoken independent candidate known for his criticism of Iran-backed militias has been disqualified from Iraq's national elections next month, fuelling fears for political freedom.
Sajad Salim, a member of parliament and a former activist in pro-democracy protests that swept Iraq in 2019, was excluded because he offended worshippers taking part in Shiite rituals for the month of Muharram, according to Iraq's Independent High Electoral Commission.
Mr Salim offended "the custodians of Hussainiyah processions" that commemorate the death of Imam Hussein, grandson of the Prophet Mohammed, the commission said, without elaborating.
The legislator has not responded to the allegation, but has frequently been critical of Iraq's primarily Shiite militias that operate with the backing of Iran. He has called for an end to the Popular Mobilisation Forces, an umbrella group of government-sanctioned paramilitary groups that mainly comprises Tehran-allied militias.
Mr Salim has a history of crossing swords with authorities. Six years ago he took part in youth-led protests for democratic reform that were met with a heavy-handed response from security forces and the militias.
About 600 protesters and security personnel were killed in the violence, while tens of thousands were injured. Some demonstrators were kidnapped or assassinated, while others reported intimidation. Activists have accused the Iran-backed militias of responsibility for the assassinations, but the Iraqi government and the militias blamed unidentified “third parties”.
In 2022, Mr Salim won a seat in parliament during national elections after standing as an independent candidate. He intended to run November 11 polls in the eastern province of Wasit.
Next month's elections will be Iraq's sixth since the 2003 US-led invasion that toppled Saddam Hussein. The polls are expected to be fiercely competitive as the major religious and ethnic groups vie for influence.
After the electoral commission announced its ban on Mr Salim's candidacy, he released a video of remarks he made about the militias at a recent event organised by the Iraqi Observatory for Human Rights. He also said in a post on X that the protest movement of 2019, known as the Tishreen Revolution, "will prevail".
As a member of parliament, he has often called for disbanding the militias and holding them accountable for alleged wrongdoings. As a result, he has been harassed by some of the armed groups, who have stormed his office and filed lawsuits against him. One of the lawsuits claims he defamed the PMF by accusing its leaders of crimes.
Last month, Mr Salim told The National that Iraqis are doubtful real change is possible in Iraqi politics because of the grip of traditional parties and the influence of the militias acting outside state control.
“Most people think the outcome will be predictable because the dominance of weapons is clear. The armed power of militias and factions is moving towards becoming the Iraqi state and taking control of it,” he said.
“This is dangerous; this is why our presence is needed to entrench the idea of the Iraqi state."
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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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Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception