Al Maliki must go for the good of Iraq, but what comes next is vital


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In light of the latest regional developments – notably the recent declaration of the Islamic State of Iraq and the Levant (ISIL) – Iraq is in precarious situation.

“We all blame prime minister Nouri Al Maliki for the chaos and discord that have pushed the country on a downwards slope that it may not ascend in 20 years,” wrote Abdel Rahman Al Rashed in the pan-Arab daily Asharq El Awsat. He noted that the government in Iraq was “a failure, similar to that of Syria, Somalia and Afghanistan”.

“The danger of such an awful fate is one recognised by politicians and leaders in [other] countries, although some may not grasp the extent of the problem,” he continued.

“The demands expressed by demonstrators in the province of Anbar in December were generally fair and deserve to be supported, and most of their demands were widely supported by various Iraq leaders, whether Shiite, Kurdish or Sunni. Today, they have cornered Mr Al Maliki.

“The people of Anbar have led both Iraqi and international public opinion against Mr Al Maliki’s defective government, which was prepared to sabotage Iraq for its survival. This is why Sunnis should not let extremists take away their revolution, demands and minds. They are closer than ever to achieving the justice they have longed for,” he concluded.

In Al Ittihad, The National’s sister Arabic-language newspaper, columnist Mohammed Khalfan Al Sawafi noted that “it is almost impossible to talk about any positive development that may lead to a stabilisation of the situation in Iraq without the departure of prime minister Nouri Al Maliki, who has been accused by various internal and external parties of causing chaos”.

He remarked that “talk of Iraq’s administrative disintegration have turned into fact, especially since the Kurds have taken control over the region of Kurdistan, which is the only part of Iraq that enjoys a fraction of stability”.

“This means that the possibilities of declaring the independence of a province are just a matter of waiting for the right time – and the escalation of chaos may just be it,” wrote Al Sawafi.

“We have yet to witness joint Arab action asserting a common will to put an end to this mayhem ... There is a political vacuum in Iraq, and Arabs must take joint action before it is too late”.

He noted that “Iran is good at the game of collecting regional cards to use while negotiating with the United States and the West in general, and the card it will play is that of ‘sectarianism’”.

In the pan-Arab daily Al Hayat, columnist Hareth Hassan remarked that there seems to be an agreement among observers that Mr Al Maliki should abandon his attempt to seek a third term as prime minister. This would ease political tension and open the door to the establishment of a government that would enjoy wider approval.

“We must realise that Mr Al Maliki stepping down would not be sufficient to solve the country’s immense problems, unless it is followed by serious steps to reform the Iraqi political system,” Hassan added.

The post-Maliki period must mark a true period of reform that tackles the problems that have arisen from Mr Al Maliki’s policies.

“His departure should not be seen as an opportunity to bring things back to where they were in 2006,” the writer concluded.

Translated by Carla Mirza

CMirza@thenational.ae

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Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

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  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
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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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