Barham Salih, Iraq's president, delivers a speech during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020. Bloomberg
Barham Salih, Iraq's president, delivers a speech during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020. Bloomberg
Barham Salih, Iraq's president, delivers a speech during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020. Bloomberg
Barham Salih, Iraq's president, delivers a speech during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020. Bloomberg

Davos 2020: Iraq will reject any bid to undermine it, president vows


Mustafa Alrawi
  • English
  • Arabic

Iraq will not allow any bid to undermine its sovereignty to succeed and will not be distracted from its national interests, its president warned the international community yesterday.

“The sovereignty of Iraq is crucial to the Middle East,” Barham Salih told the World Economic Forum annual meeting in Davos, Switzerland.

Mr Salih urged business and government leaders at the meeting to help maintain that sovereignty through dialogue.

“This is a dangerous moment. We all need to be worried and concerned,” he said.

He was referring to tension between the US and Iran that is spilling into Iraq, including the killing of Iranian Quds Force commander Qassem Suleimani in Baghdad.

“Escalating regional conflict is threatening our sovereignty. We are truly in the eye of the storm,” Mr Salih said. “This part of the world doesn’t need another conflict.”

He said he would strive to ensure good relations with all countries and that Iraq had no interest in being dragged into “conflicts not of our own choice or making”.

Mr Salih said Iraq was grateful to the US-led international coalition against ISIS and that Iran also played a role in that fight.

“We share with Iran long-standing ties," he said. "Our northern neighbour Turkey is of major consequence.

“It is not in our interests to choose to ally with one at the expense of others as long as our sovereignty is respected.

“Our policies and diplomatic ties must be driven by our national interests only.”

But the wider Middle East region must have stability for Iraq to also have a chance, Mr Salih said.

America’s continuing military presence in Iraq has been in sharp focus after the US killed Suleimani. Retaliatory strikes by Iran were on Iraqi bases where the US military is present.

Iraq’s Parliament has called for the expulsion of all foreign forces.

“This is something that Iraq and the US need to sit down and have a dialogue about, the heart of which is Iraq’s sovereignty, the people of Iraq and its hard-won stability,” Mr Salih said.

Earlier yesterday, he met US President Donald Trump and discussed support and American troops in the country. Mr Trump said US troop numbers in Iraq, at 5,000, were “historically low”.

They also talked about the need to maintain the fight against the threat posed by ISIS.

“This mission needs to be accomplished, and I believe you and I share the same mission for a stable, sovereign Iraq that is at peace with itself and at peace with its neighbours,” Mr Salih told Mr Trump.

He laid out his vision for Iraq at the UN in September.

“We were hopeful then," Mr Salih said. "The scourge of ISIS had been defeated.

"Iraq stood at a threshold of a new era, when we can finally move past decades of sanctions, war and atrocities and work together towards the economic opportunities Iraqis so deserve.

“I still believe, despite the odds of the day, that Iraq can be a catalyst for change.”

He also addressed the deep unrest in Iraq, with protests around the country.

“My country is going through really difficult and tough challenges," Mr Salih said.

"Protesters, mainly young Iraqis, have been putting their lives on the line to demand change. They want their voices heard and answered."

The protesters’ patriotism and commitment to Iraq is evident “daily in the streets of Iraq and they are demanding in a peaceful way” to have a free and democratic system.

“This is a generational shift that reflects a yearning for something more,” Mr Salih said.

He condemned “the shameful acts of violence” that have led to the deaths of more than 600 protesters and said the perpetrators would be dealt with one day.

Hundreds of protesters have been killed and thousands wounded since demonstrations erupted in October, fuelled by anger over corruption and a lack of economic opportunities.

The protests grew into demands for political reform and an end to Iran’s influence in the country.

Iraq’s Prime Minister, Adel Abdul Mahdi, resigned in November after the country’s most powerful Shiite figure, Grand Ayatollah Ali Al Sistani, withdrew support for his government.

Mr Salih said Mr Al Sistani’s role in promoting peace and tolerance from Najaf had been crucial.

The president, in power since 2018, has refused to endorse any nominee for prime minister who does not represent the fulfilment of protesters’ demands for a new government that can advance the country.

Mr Salih said that more work was needed towards the development of infrastructure and creation of jobs.

Iraq has a population of about 38 million people, 65 per cent of whom are under the age of 30.

“These demographic and economic realities cannot be dealt with by the status quo," Mr Salih said.

"The public sector is already straightened. The private ­sector needs to feel empowered. Corruption needs to be tackled.”

He said Iraq also needed 12,000 new school buildings.

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

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Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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The Gandhi Murder
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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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.”

THE SPECS

Engine: 1.6-litre turbo

Transmission: six-speed automatic

Power: 165hp

Torque: 240Nm

Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)

On sale: Now

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Helen Cullen, Graydon House 

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Company profile

Company name: Nestrom

Started: 2017

Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi

Based: Jordan

Sector: Technology

Initial investment: Close to $100,000

Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5