Iraqi Kurds fly Kurdish flags during an event to urge people to vote in the September referendum. The independence referendum led to the loss of Kirkuk and other disputed areas and a shift in power dynamics. Safin Hamed / AFP 
Iraqi Kurds fly Kurdish flags during an event to urge people to vote in the September referendum. The independence referendum led to the loss of Kirkuk and other disputed areas and a shift in power dyShow more

Divided Kurds face losses in Iraq's election



As if the loss of oil-rich territory last year wasn't painful enough, Iraq's divided Kurds are bracing for a blow on the political front in the country's May 12 elections.

Analysts estimate the Kurds' loss of seats in Iraq's parliament could reach double figures as their shrunken geographic footprint is compounded by a bitter feud between the two main political parties in semi-autonomous Kurdistan.

An independence referendum for the region held in September saw over 92 per cent back secession - but Baghdad was incensed, after long warning that any plebiscite would be "illegal".

In response, federal troops in October pushed Kurdish forces out of Kirkuk and its oilfields, along with other disputed areas in Nineveh and Salaheddin provinces in northern Iraq.

Baghdad also imposed economic penalties.

With Iraqi Kurdistan licking its wounds, the region's historically dominant parties are attempting to rally their demoralised supporters, while trading blame over a split between the two camps.

Posters in Erbil, Kurdistan's capital and heartland of the Kurdistan Democratic Party (KDP), urge voters to turn out in force "to defend our referendum" from within the Iraqi parliament.

The rival Patriotic Union of Kurdistan (PUK) in the town of Sulaimaniyah has been calling on people to "vote for a strong future in favour of the right to self-determination".

But for the KDP, the PUK's "treachery" has made it impossible to cooperate.

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Read more:

15 years after US invasion, Iraqi Kurdish independence dreams on hold

Iraqi budget cut raises tensions with Kurdish region 

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"We think Kirkuk has been occupied (by Iraqi federal forces) because of the treason by certain members of the PUK," Khosro Kuran, a KDP leader, told AFP.

"We had no response when we proposed a unified Kurdish list for the whole country" ahead of the election, he added.

Quite the opposite, in the view of Saadi Bireh from the PUK's political office; the KDP was the first to field its own candidates, after refusing several offers to agree on joint lists.

"What certain KDP leaders are saying reflects their political indecency, because instead of just considering us adversaries, they view us as enemies," he said.

Alternative parties threaten to further split the Kurdish vote, such as Goran (Kurdish for change) and the newly created New Generation movement.

The result: 503 hopefuls on 77 candidate lists, competing for just 46 seats reserved in Iraq's parliament for the provinces of Arbil, Sulaymaniyah and Dohuk, officially constituting the autonomous region.

In Iraq's last election in 2014, Kurdish parties won 62 out of parliament's 329 seats, which included Kirkuk, Nineveh, Diyala and Baghdad.

"The loss of Kirkuk is a big moment in the history of Iraq post-Saddam Hussein," said Adel Bakawan, director general of the Kurdistan centre of sociology at Soran University near Erbil.

Since then, "the balance of power has shifted against the Kurds. It's difficult to give an exact figure. It will depend, but the loss of some seats is certain," said Mr Bakawan.

"For the Kurds, the city of Kirkuk is not only a source of oil, but also a major population centre in the electoral sense," Mr Bakawan added.

The loss of Kirkuk is a blow, acknowledged KDP's Mr Kuran.

"In contrast to the 2014 elections, there will be no participation in the Kurdish territories outside the autonomous region, in the absence of Kurdish security forces to protect our voters," he said.

In yet another setback for Kurdish parties, this will be the first time Kurds appear on candidate lists fielded by other ethnic blocs in their home region.

The most striking example is Mustafa Sheikh Kawa, grandson of Sheikh Mahmud Hafid Barzinji, who fought British occupation and set up a Kurdish state between 1920 and 1922.

Mr Kawa is running as a candidate for a bloc led by Shiite chief Amar al-Hakim.

"It's an Iraqi list" said Saed Hisa Barzinji, an associate of Mr Kawa. "Our aim is to serve the people of Kurdistan."

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

SCORES IN BRIEF

Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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.”

Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

If you go

The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

THREE
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