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

The specs: Audi e-tron

Price, base: From Dh325,000 (estimate)

Engine: Twin electric motors and 95kWh battery pack

Transmission: Single-speed auto

Power: 408hp

Torque: 664Nm

Range: 400 kilometres

RESULTS

Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari

Draw

Quarter-finals

Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)

RB Leipzig (GER) v Atletico Madrid (ESP)

Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)

Atalanta (ITA) v Paris Saint-Germain (FRA)

Ties to be played August 12-15 in Lisbon

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

UAE currency: the story behind the money in your pockets
The biog

From: Ras Al Khaimah

Age: 50

Profession: Electronic engineer, worked with Etisalat for the past 20 years

Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'

Favourite quote: 'Life is so simple, enjoy it'

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.”

FIGHT CARD

Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight

ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

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UAE currency: the story behind the money in your pockets
RESULT

Valencia 3

Kevin Gameiro 21', 51'

Ferran Torres 67'

Atlanta 4

Josip Llicic 3' (P), 43' (P), 71', 82'

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Asia Cup Qualifier

Final
UAE v Hong Kong

TV:
Live on OSN Cricket HD. Coverage starts at 5.30am

Essentials

The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September. 
 

Results

5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)

6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass

6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer

7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby

7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass

8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi

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 

Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

AWARDS
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TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 760Nm

Price: Dh898,000

On sale: now

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Results

5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi

5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami

6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar

7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed