Iraq's Prime Minister Mustafa Al Kadhimi went to the southern city of Basra this week after civil unrest triggered by the killing of young activists by unidentified attackers. AFP
Iraq's Prime Minister Mustafa Al Kadhimi went to the southern city of Basra this week after civil unrest triggered by the killing of young activists by unidentified attackers. AFP
Iraq's Prime Minister Mustafa Al Kadhimi went to the southern city of Basra this week after civil unrest triggered by the killing of young activists by unidentified attackers. AFP
Iraq's Prime Minister Mustafa Al Kadhimi went to the southern city of Basra this week after civil unrest triggered by the killing of young activists by unidentified attackers. AFP

Iraq's Al Kadhimi says 'big lie' of sectarianism driving corruption in the country


Mina Al-Oraibi
  • English
  • Arabic

Iraqi Prime Minister Mustafa Al Kadhimi has called the sectarian system imposed on Iraq in order to “create national balance … a big lie”.

In an exclusive interview with The National, Mr Al Kadhimi said that sectarianism is one of the main drivers of corruption in the country.

“There are defects in the structure of some state institutions since 2003, as they were wrongly built on sectarian and ethnic divides, leading to political divisions [known as muhasasa].

"It is a big lie to say that a national balance was created by sectarian divisions, rather these are political divisions that lead to the weakening of the state and corrupting its institution”. As part of his reform programme, Mr Al Kadhimi said: “We are working at securing state entities, and at fighting the individuals inside these entities who are not patriotic.”

We will hold these individuals to account for the crimes that they have committed

The Iraqi Prime Minister has vowed to strengthen security forces and bring those behind the killing of Iraqi activists to justice.

Mr Al Kadhimi said “the groups that believe they are above the law will soon see serious moves from our security forces”. He added “our government programme is built on stressing the sovereignty of the state, which includes limiting the use of force to official security forces and prohibiting the use of weapons outside of the law".

"In the past, there was a concerted effort to diminish the state’s security forces and corrupt them," he said. "We are now working on re-establishing these forces, and cleansing them of all corrupt elements. This will take time. But we will hold these individuals to account for the crimes that they have committed”.

Mr Al Kadhimi came to office after protesters took to the streets last October, demanding reforms and the end of corruption and militia rule. Since being tasked with leading the country last April, Mr Al Kadhimi has promised to deliver on these reforms but has faced great challenges, from militias whose interests are at risk and from the impact of Covid-19 and collapsing oil prices.

The majority of parliamentary blocs are not supporting efforts that will ultimately hinder their patronage networks, not to mention curb the continued corruption and mismanagement across all government spending. Mr Al Kadhimi says “everyone has to understand that the strength of the state applies to them all. A prerequisite for any reform process is respecting the decisions of the state and implementing them. There are those who will not accept the sovereignty of the state easily, but we have ways of dealing with them”.

  • Former Iraqi Prime Minister Adel Abdul Mahdi hands over to new Prime Minister Mustafa Al Kadhimi in Baghdad, Iraq, May 7, 2020. Reuters
    Former Iraqi Prime Minister Adel Abdul Mahdi hands over to new Prime Minister Mustafa Al Kadhimi in Baghdad, Iraq, May 7, 2020. Reuters
  • Iraq's President Barham Salih instructs newly appointed Prime Minister Mustafa Al Kadhimi in Baghdad, Iraq April 9, 2020. Reuters
    Iraq's President Barham Salih instructs newly appointed Prime Minister Mustafa Al Kadhimi in Baghdad, Iraq April 9, 2020. Reuters
  • President Barham Salih receiving Prime Minister Mustafa Al Kadhimi at Salam Palace in the capital Baghdad, while both clad in masks due to the Covid-19 pandemic on May 28, 2020. AFP
    President Barham Salih receiving Prime Minister Mustafa Al Kadhimi at Salam Palace in the capital Baghdad, while both clad in masks due to the Covid-19 pandemic on May 28, 2020. AFP
  • Prime Minister Mustafa Al Kadhimi looks at a map aboard a plane on the way to the northern city of Kirkuk for an official visit on June 2, 2020. AFP
    Prime Minister Mustafa Al Kadhimi looks at a map aboard a plane on the way to the northern city of Kirkuk for an official visit on June 2, 2020. AFP
  • Prime Minister Mustafa Al Kadhimi arriving in Kirkuk for an official visit on June 2, 2020. AFP
    Prime Minister Mustafa Al Kadhimi arriving in Kirkuk for an official visit on June 2, 2020. AFP
  • Prime Minister Mustafa Al Kadhimi visits the Great Mosque of al-Nuri in the Old City area, on the west side of Mosul city, northern Iraq, 10 June 2020. EPA
    Prime Minister Mustafa Al Kadhimi visits the Great Mosque of al-Nuri in the Old City area, on the west side of Mosul city, northern Iraq, 10 June 2020. EPA
  • Prime Minister Mustafa Al Kadhimi speaks during the reopening ceremony of a bridge which connects East and West Mosul, northern Iraq, 10 June 2020. EPA
    Prime Minister Mustafa Al Kadhimi speaks during the reopening ceremony of a bridge which connects East and West Mosul, northern Iraq, 10 June 2020. EPA
  • Iraqi Prime Minister Mustafa Al Kadhimi visits and offers condolences to the family of the late former government advisor and political analyst Hisham al-Hashemi, who was killed by gunmen, in Baghdad, Iraq July 8, 2020. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi visits and offers condolences to the family of the late former government advisor and political analyst Hisham al-Hashemi, who was killed by gunmen, in Baghdad, Iraq July 8, 2020. Reuters
  • Iraqi Prime Minister Mustafa Al Kadhimi talks to prisoners during his visit in the central investigation prison in Al-Muthana airport in Baghdad, Iraq July 30, 2020. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi talks to prisoners during his visit in the central investigation prison in Al-Muthana airport in Baghdad, Iraq July 30, 2020. Reuters
  • Iraqi Prime Minister Mustafa Al Kadhimi speaks to locals in Tarmiyah, Iraq July 20, 2020. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi speaks to locals in Tarmiyah, Iraq July 20, 2020. Reuters
  • Iraqi Prime Minister Mustafa Al Kadhimi meets with Iraqi teenager Hamid Saeed, who was mistreated by members of security forces, after he was released from jail in Baghdad, Iraq August 3, 2020. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi meets with Iraqi teenager Hamid Saeed, who was mistreated by members of security forces, after he was released from jail in Baghdad, Iraq August 3, 2020. Reuters
  • US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
    US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
  • US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
    US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
  • US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
    US President Donald Trump receives Iraq's Prime Minister Mustafa Al Kadhimi in the Oval Office at the White House in Washington, August 20, 2020. Reuters
  • President Donald Trump meets with Iraqi Prime Minister Mustafa Al Kadhimi in the Oval Office of the White House, Thursday, August 20, 2020, in Washington. AP Photo
    President Donald Trump meets with Iraqi Prime Minister Mustafa Al Kadhimi in the Oval Office of the White House, Thursday, August 20, 2020, in Washington. AP Photo
  • Iraq's Prime Minister Mustafa Al Kadhimi arrives to the southern city of Basra late on August 22, 2020, accompanied by security forces' commanders in a surprise visit. AFP
    Iraq's Prime Minister Mustafa Al Kadhimi arrives to the southern city of Basra late on August 22, 2020, accompanied by security forces' commanders in a surprise visit. AFP
  • Iraqi Prime Minister Mustafa Al Kadhimi visits and offers condolences to the family of Reham Yacoub, a female activist who was killed by unidentified gunmen, in Basra, Iraq August 22, 2020. Reuters
    Iraqi Prime Minister Mustafa Al Kadhimi visits and offers condolences to the family of Reham Yacoub, a female activist who was killed by unidentified gunmen, in Basra, Iraq August 22, 2020. Reuters
  • Iraqi Prime Minister Mustafa Al Kadhimi, center, speaks to journalists during his visit to Basra, Iraq, Saturday, August 22, 2020. AP Photo
    Iraqi Prime Minister Mustafa Al Kadhimi, center, speaks to journalists during his visit to Basra, Iraq, Saturday, August 22, 2020. AP Photo
  • King Abdullah II of Jordan and Iraqi Prime Minister Mustafa Al Kadhimi in the official welcoming ceremony held at Queen Alia International Airport ahead of the trilateral meeting in Amman, Jordan, 25 August 2020. EPA
    King Abdullah II of Jordan and Iraqi Prime Minister Mustafa Al Kadhimi in the official welcoming ceremony held at Queen Alia International Airport ahead of the trilateral meeting in Amman, Jordan, 25 August 2020. EPA
  • King Abdullah II of Jordan and Iraqi Prime Minister Mustafa Al Kadhimi talking ahead of the trilateral meeting in Amman, Jordan, 25 August 2020. EPA
    King Abdullah II of Jordan and Iraqi Prime Minister Mustafa Al Kadhimi talking ahead of the trilateral meeting in Amman, Jordan, 25 August 2020. EPA

As the efforts of Mr Al Kadhimi to face off with militias were stepped up, they have been ramping up their attacks on those calling for reforms, including a respected analyst Husham Al Hashemi, who Mr Al Kadhimi knew well and considered a friend.

Asked who stands behind the assassinations, Mr Al Kadhimi referred to "criminal groups that abuse the vulnerabilities in some of our security apparatus".

"For this reason, one of the key goals of my government’s programme is to investigate and reveal the facts regarding the killing of protesters.

"We have placed a plan, which started with the announcement last week of the names of those who have been killed and injured and their families the support they need. We continue to investigate those who have been killed, after the attacks on activists and intellectuals after I came to office”.

Mr Al Kadhimi asked for patience, saying “judicial timeframes are different from political ones, and we cannot be driven by emotions or political stances in dealing with matters that require accuracy and justice. We will follow the assassinations of Dr Reham Al Yacoub, Dr Hisham AlHashemi and Tahseen Oussama. We have some leads but the investigations will require time”.

However, Mr Al Kadhimi was confident that the killers would be caught, stating “we will get the offenders for sure”.

“We will be transparent in announcing the results of the investigations so that everyone can be privy to them.”

On a regular basis, armed groups launch rockets into security areas. “We continue to arrest those behind these attacks, and their aim is clear, that is to embarrass the government. The assassination attempts against young people are also part of that effort. They want the government to appear weak, these reckless rocket attacks hurt Iraqis also.”

Unlike his predecessors, Mr Al Kadhimi has been keen to hear from regular Iraqis frequently, meeting with those who do not enjoy the security of 24-hour electricity of the fortified Green Zone in Baghdad. On the first day of Eid Al Fitr in May, he spend the day visiting Baghdad’s largest hospital, Medical City. He has visited a number of state entities, including the pensions authority which is notorious in delaying payments to pensioners.

He has visited provinces such as Kirkuk, Ninevah and Basra, and spent time surveying their problems. One of the key issues raised by Iraqis is the lack of electricity, with some areas getting less than 4 hours of electricity from the national grid a day. Mr Al Kadhimi admits this is a major issue and says “reliable electricity is a priority”.

He added: “The electricity problem from 2003 until now is based on a lack of planning and the lack of a commitment to protect the dignity of the Iraqi people. Consecutive ministries did not work seriously on delivering these services, rather most were interested in benefiting financially and through corrupt means.”

With new contracts signed with GE and efforts under way to connect with regional grids and produce Iraqi gas, Mr Al Kadhimi says "we will put in all our efforts to ensure next summer will be better than this one".

Iraqi Prime Minister Mustafa Al Kadhimi meets with Iraqi teenager Hamid Saeed, who was mistreated by members of security forces, after he was released from jail in Baghdad. Handout via Reuters
Iraqi Prime Minister Mustafa Al Kadhimi meets with Iraqi teenager Hamid Saeed, who was mistreated by members of security forces, after he was released from jail in Baghdad. Handout via Reuters

Youth movements in Iraq have been active in organising protests and swaying public opinion, however their members have yet to formulate a strong political bloc, nor find an entry way into the political system. Mr Al Kadhimi said he was committed to providing them every aid possible, including through the ballot box.

Mr Al Kadhimi has called for early elections in June next year.

“Corrupt forces are working at full force to ensure sectarian divisions are maintained, as they can thrive under these circumstances," he said.

"The reform programme will require a long time. We will use all the strength we have to push for the principles of patriotism and nationalism. We will support nationalist forces as much as possible.”

Mr Al Kadhimi has said he will not stand for election, and he explained that his current focus is “allowing Iraqis to vote freely, without fraud or intimidation or the threat of the use of force".

"I am focused on creating the circumstances to allow for free and fair elections and regaining the trust of Iraqis in the electoral process. I am not thinking of anything else at this stage.”

Speaking to The National hours after landing from Amman, Mr Al Kadhimi was optimistic about Iraq's relations with the Arab world. He said that the summit hosted on Tuesday by Jordan's King Abdullah II and attended by Egyptian President Abdel Fattah El Sisi is part of an attempt to create a "New Levant", with economic, social and cultural ties forged to create a stable basin uniting these countries.

The outcomes of the summit include an agreement “to focus on trade, energy and agriculture sectors, with a focus on food security. The world is enduring great challenges due to Covid19, so we are working on creating food resources for our people but also the people of the wider region”.

He explained: “This summit is a continuation of long work with previous summits being held between Iraq, Jordan and Egypt, but at the same time it is the start of a new era to strengthen co-operation between these three countries. The societal, economic and historical circumstances of the three countries are similar, much binds them. We also face similar challenges and can face them together.”

“Our region is in need of a new vision, outside the polarised state today. We need to make economic and social development a priority in our relations, bringing to a halt the conflicts [in the region], while respecting the sovereignty of each country and ensuring non-interference in their internal affairs”.

He added: “We have to stand against the sectarian and ethnic divisions that have spread in the by region.

"On the other hand, we are facing another challenge and that is the global crises caused by Covid19 and the collapse of oil prices and its economic impact. We want this summit to become a framework for our three countries to work together and to be broadened to include other countries in the future.”

He was quick to add “this is not an effort against a particular party, rather working together to face our collective challenges, based on economic co-operation”.

Thirty years after the invasion of Kuwait, Iraq’s ties with Arab Gulf countries are improving but still in need of development.

“We have to learn lessons from the invasion of Kuwait. Without a doubt, the invasion of Kuwait was an unjustified attack by Saddam Hussein on a neighbour. The Gulf countries represent our strategic depth and we seek to develop our ties to the best possible level, as this will serve stability in the region, and will put a stop to the divisions and sectarianism that tore us apart in wars, and this is the desire of most Iraqis. Most Iraqis seek ties with the Gulf and believe in the need for these relations”.

A cornerstone in these ties is the possibility of investment opportunities in Iraq, including a GCC-Iraq electricity project supported by the US, but which has faced extensive delays. Asked about these delays, Mr Al Kadhimi said: “This is a new government and it is the first time that there is a serious step between Gulf countries and Iraq to face joint challenges.

I personally sensed an American commitment to developing our partnership

"The joint electricity project was delayed due to past mismanagement in Iraq, due to corruption and political interference in Iraq.” However, he explained that “today, there is a serious commitment to make this project a reality”.

Mr Al Kadhimi was due to visit Saudi Arabia last month but the visit was delayed due to King Salman requiring surgery. “There will be a visit soon to Saudi Arabia and we stress the brotherly ties there.”

Of course relations with the US remain of paramount importance to Iraq and last week Mr Al Kadhimi was received by US President Donald Trump. Mr Al Kadhimi said that "the visit was a success … the most important outcome was the economic partnership between the two sides".

He added: “Our relationship has entered a new phase that does not rest solely on security co-operation, rather on economic co-operation and attracting American companies to Iraq and launching long term co-operation, especially in the areas of energy, technology, education and health.”

The US also provides vital support through backing credit lines from international financial organisations.

Asked about the withdrawal of American troops from Iraq, Mr Al Kadhimi insisted that a “redeployment” was taking place and that “combat troops” were no longer needed in the country.

“I personally sensed an American commitment to developing our partnership”.

Iraqi Prime Minister Mustafa Al Kadhimi meets with President Donald Trump in the Oval Office of the White House, Thursday, August 20, 2020, in Washington. AP Photo
Iraqi Prime Minister Mustafa Al Kadhimi meets with President Donald Trump in the Oval Office of the White House, Thursday, August 20, 2020, in Washington. AP Photo

The presence of US troops in Iraq is a contentious topic. The Iraqi Parliament held a vote in January on demanding American troops leave the country. Although no official count was made of the vote, the Speaker of Parliament Mohammed Al Halbousi announced that a majority had voted to demand US troops leave the country.

Asked whether he personally feels Iraq would be better off without American troops on the ground, Mr Al Kadhimi said: “We have moved into a new phase, we do not need combat troops on the ground as Iraqi forces are capable of fighting ISIS militants. However, they need logistical and technical support, in addition to training.” So support continues for an American presence in Iraq, with a lighter footprint.

When asked about Iran and Turkey, Iraq’s two neighbours who have extensively interfered in its affairs, his responses are brief and diplomatic. Mr Al Kadhimi faces a challenge primarily from political parties and militant groups supported by Iran. However, he had been careful to maintain good relations with Tehran, where he visited in July.

Asked about Tehran’s interference, Mr Al Kadhimi said: “We believe two principles should guide our relations. First, non-interference in the domestic affairs of each country and rejecting the use of the territories of either country to launch an attack on the other, and the second principle being that relations with Iran should be state-to-state based on mutual interests”.

Implicitly, he is referring to the need for Tehran to go through official channels, rather than proxies. The issue of non-interference was raised during the Prime Minister’s visit to Iran, and he said that “it is clear that there is a reassessment there towards relations with Iraq. It is in Iran’s interest that Iraq is stable”.

As for Turkey, which continuously carries out military actions in Iraq, Mr Al Kadhimi said: “Of course we reject the Turkish incursion in the Kurdistan region of Iraq. At the same time, we can understand Turkish concerns about [militant Kurdish group] PKK actions emerging from Iraq and which target Turkey… We need to remove the concerns of both sides so we can stabilise relations”.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
Pros%20and%20cons%20of%20BNPL
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The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
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Lexus LX700h specs

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

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Transmission: 10-speed auto

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The specs

The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
 

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club

  • 1st ODI, Wednesday, April 10
  • 2nd ODI, Friday, April 12
  • 3rd ODI, Sunday, April 14
  • 4th ODI, Sunday, April 16

Squads:

  • UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
  • Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

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The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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%20specs
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THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

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Leaderboard

63 - Mike Lorenzo-Vera (FRA)

64 - Rory McIlroy (NIR)

66 - Jon Rahm (ESP)

67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)

68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)

69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)

The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

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THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5