The Iraqi Kurdish cities of Erbil and Duhok were ablaze with Kurdish flags and reverberating to the sound of Kurdish music and honking cars on Sunday, the day before a controversial independence referendum was due to take place.
But it was a different story in the more ethnically diverse areas taking part in Monday's vote, including in the city of Kirkuk where many people were keeping their heads down and preparing for the potential outbreak of violence between Iraqi militias and Kurdish forces.
This is not the first time Iraq’s Kurds have called for independence from Baghdad. But the timing of the current call is unique, coming when Kurdish forces have control of a number of disputed areas coveted by both Baghdad and the Kurdistan Regional Government, including oil-rich Kirkuk.
Miqdad Faidhulla, a Kurdish member of the Iraqi Islamic Party in Kirkuk, said tensions between the KRG's Peshmerga forces in the city and Iraqi prime minister Haider Al Abadi's government had reached their peak.
“It’s reaching a military problem — imagine two motivated armed groups fighting over one city,” he said, referring to the Peshmerga and the Popular Mobilisation Forces (PMF), an Iranian-backed umbrella group of mainly Shiite militias sanctioned by Baghdad.
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Read more on the referendum:
Analysis: Kurdish independence vote a smokescreen for Barzani's domestic political woes
[ Iraqi Kurdistan independence referendum: Seven key points ]
[ Barzani says 'too late' to postpone Iraqi Kurdish referendum ]
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Kirkuk's typically busy shopping streets were quieter than usual on Thursday when The National visited as residents stayed indoors, having already stocked up on food, with some even sending family members to other cities or countries.
“If the referendum is used as a way to establish complete Kurdish political control over the city there is likely to be a significant backlash from Turkmen and Arab residents,” said Michael Stephens of the Royal United Services Institute think tank in London.
One young Arab man in Kirkuk predicted violence.
“If the two sides continue like this there will be conflict,” he said, referring to the KRG and Baghdad.
But although some Kurds are calling for the vote to be delayed, many more are readying themselves to head to the polls and vote 'Yes' on Monday, believing the referendum could be the beginning of the end of modern-day Iraq.
“We have been waiting for the right moment for one hundred years and it never came,” said Osamah Golpy, 32, an Erbil-based editor at the Kurdish news site Rudaw English.
“I think time is not right unless you make it right."
Golpy is from the Iraqi Kurdish city of Halabja where one of Saddam Hussein’s most notorious assaults on the Kurds took place in 1988 — a five-hour chemical attack that killed some 5,000 civilians.
The son of a veteran Peshmerga fighter and a former refugee himself, Golpy believes an independent Kurdistan would provide him and his people with security.
“The benefit of leaving Iraq [will be] that for the first time in my life I feel safe, I feel like there is a Kurdish army, a Kurdish state that protects my life from another genocide,” said Golpy.
“I think we, like the Jews, have come to the conclusion that only a state by the Kurdish people and for the Kurdish people can protect us.”
Despite Halabja’s troubled past, some of its younger residents are choosing to vote "No" as a result of their disillusionment with the autonomous region's ruling Kurdistan Democratic Party (KDP). Golpy’s younger brother, Mariwan, has a BA in sociology but the dire financial situation in the region has seen him resort to driving a taxi for a living.
“He thinks voting ‘No’ is the right revenge on Kurdish leaders who promised young people like him a good life … I see many young people like my brother in Halabja,” said Golpy.
North of Halabja in the PUK-stronghold of Sulaymaniyah, visible signs of support for the referendum were hard to find, according to one resident.
One of the city's main roads was partly peppered with flags, said Rawand Saeed, 26, but “the rest of the bazaar and the city are quite normal”.
The computer engineering graduate was adamant that most of the city would vote "Yes" to independence on Monday but said political disputes between the different Kurdish factions had dampened enthusiasm for the "Yes" campaign.
“If you talk to people, they are all for independence, but when you walk into the city you can’t visibly see that there’s a thing called referendum,” he added.
Outside of Iraq, voting was already underway for members of the Kurdish diaspora who could begin casting online votes on Saturday.
Film director Beri Shalmashi, 33, voted "Yes" from her family home in the Netherlands capital, Amsterdam, where she has lived for 30 years.
“To see a part of Kurdistan stubborn enough to be able to set up a referendum is a big deal,” said Shalmashi.
“I truly felt part of history, part of a point of no return for Kurdistan and for the region.”
“For many of us (in the diaspora) the connection with Kurdistan remains very strong … no matter how long and how far away, the dream of an independent state remains a shared dream.”
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
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.”
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
COMPANY PROFILE
Company name: Terra
Started: 2021
Based: Dubai
Founder: Hussam Zammar
Sector: Mobility
Investment stage: Pre-seed funding of $1 million
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)