Iraqis watch a statue of Saddam Hussein being pulled down in Baghdad on April 9, 2003. AFP
Iraqis watch a statue of Saddam Hussein being pulled down in Baghdad on April 9, 2003. AFP
Iraqis watch a statue of Saddam Hussein being pulled down in Baghdad on April 9, 2003. AFP
Iraqis watch a statue of Saddam Hussein being pulled down in Baghdad on April 9, 2003. AFP


Twenty years after the US invasion, young Iraqis want a better future


  • English
  • Arabic

March 17, 2023

With the passing of time, seminal events are often reduced to a series of images. The shocking 1972 photograph of Kim Phuc, the 9-year-old girl burnt in an American napalm attack, encapsulates the Vietnam War. Pictures of Germans celebrating on top of the Berlin Wall are often used as shorthand for the collapse of communism.

The abiding image of the 2003 US-led invasion of Iraq is that of hundreds of Iraqis pulling down a 12-metre statue of Saddam Hussein in Baghdad’s Firdos Square. More photos would emerge to become mental snapshots of the chaotic time that followed, such as that of a hooded Iraqi detainee, Ali Shallal Al Qaisi, being forced to pose on a box by US torturers at Abu Ghraib prison, or stills from a rooftop interview with information minister Muhammad Al Sahhaf, denying the invasion was happening even as the Saddam regime crumbled around him.

This week, a different image of Iraq was on show. During the Sulaimani Forum, an international gathering of academics, policymakers, journalists and campaigners at the American University in Iraq – Sulaimani, a panel of young Iraqis debated the urgent need for deep political reform.

Iraq is a country where 60 per cent of the population is under 25. This is a whole generation that has grown up with little or no direct memories of the 2003 invasion, but they have all been forced to live with its consequences. Soon, it will be this postwar generation that will run the country and deal with its challenges.

Iraqi antigovernment demonstrators in central Baghdad, 2019. Reuters
Iraqi antigovernment demonstrators in central Baghdad, 2019. Reuters

Sadly, this list of challenges is long and daunting: ISIS terrorism; a chronic lack of electricity (despite Iraq being a significant energy producer); corruption; poor infrastructure and health care; the ravages of climate change; powerful militias; an ailing economy and the ills of nepotism.

The desire for change among young people has been clear for years. Frustration among young Iraqis whose lives have been curtailed by these problems, as well as a sclerotic political system, boiled over in the 2019 protests. These provided another defining image of post-invasion Iraq – that of thousands of young people, many draped in the national flag, at the heart of Tahrir Square in Baghdad.

Despite Iraq’s chronic turmoil, two decades on from the invasion, it remains a unified state with a peaceful transfer of power and refers to the US as a partner, rather than an occupier. The country works with regional friends such as the UAE to restore damaged heritage, like Al Nuri Mosque and Al Saa'a and Al Tahera churches in Mosul.

Iraq’s politicians are at least trying to wrestle with the monster of corruption, this month summoning ministers for questioning over the allocation of funds for a major project in Nineveh. A major investigation is under way to recover the theft of $2.5 billion in public funds.

Also this week, Iraq’s Cabinet approved a $152-billion budget bill that will be scrutinised by an elected parliament.

Geopolitically, Iraq is shaking off the chaos of the invasion years and the heavy legacy of Saddam Hussein’s dictatorship. The Baghdad Conference for Co-operation and Partnership, that began a few years ago, has hosted high-level regional diplomacy that also offers the opportunity for engagement to Iran. Iraq, in time, could become an important partner as Riyadh and Tehran explore opportunities following their recent restoration of diplomatic ties.

However, looking at where Iraq stands now requires some determined optimism. The invasion removed a despotic regime, but it also led to years of conflict in which the Iraqi people bore the brunt of the suffering. The country’s wounds are far from healed and there are significant problems to tackle now and in the years ahead.

But it is a country with arable lands, and natural and human resources. Its youthful population is a source of hope, energy and dynamism. With some political will, it may be possible to deliver them a country that can meet their desire for jobs, education and stability. If Iraq can achieve this, it could become a regional powerhouse working for opportunity at home and stability abroad.

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.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

(Because Music)

JOKE'S%20ON%20YOU
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HWJN
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

 

 

ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

First Person
Richard Flanagan
Chatto & Windus 

While you're here
The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%20twin%20turbocharged%20V6%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20472hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20603Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh290%2C000%20(%2478%2C9500)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
PETER%20PAN%20%26%20WENDY
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Lowery%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Alexander%20Molony%2C%20Ever%20Anderson%2C%20Joshua%20Pickering%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Abu Dhabi Equestrian Club race card

5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: March 17, 2023, 8:49 AM