FILE - In this Oct. 24, 2018 file photo, then Prime Minister-designate Adel Abdul-Mahdi, center, arrives to the parliament building, in the heavily guarded Green Zone, in Baghdad, Iraq. Abdul-Mahdi told reporters at a press conference on Monday, Dec. 24, 2018, that his government could deploy troops inside Syria, in the latest fallout from the U.S. decision to withdraw from the war-torn country. The prime minister said his government is "considering all the options" to protect Iraq from threats across its borders. (AP Photo/Hadi Mizban, File)
Iraqi Prime Minister Adel Abdul Mahdi, centre, arrives at the parliament building in Baghdad's heavily guarded Green Zone. AP

Iraqi premier nominates two new cabinet ministers in bid to end deadlock



Iraq's prime minister recommended two candidates to head the education and justice ministries on Monday in an attempt to take one step towards ending months of political deadlock over the formation of a new government.
Adel Abdul Mahdi on Monday addressed a letter to Parliament Speaker Mohammad Al Halbousi, calling on the speaker to present the two candidates to parliament for a vote of confidence, according to a copy of the letter seen by The National. 
The proposed candidates have been vetted by The National Security and Integrity Commission, a government body tasked with fighting corruption, the letter said.

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Parliament is expected to convene on Tuesday to discuss the federal budget, but it remains unclear whether parliamentarians will vote on the new candidates.
The premier nominated Savana Al Hamdani as Minister of Education, after his previous candidate, Shaima Al Hayali, submitted her resignation a week into her ministerial role, due to allegations that her brother was a senior ISIS figure.
Ms Al Hayali, an academic from Mosul, denied that her brother, Laith Al Hayali, was affiliated with the group. "ISIS forced everyone in Mosul to work for them, threatening those who refused to join," she said on Twitter. 
She was the only woman in Mr Abdul Mahdi's cabinet. 
She said that she would leave it up to the premier to either accept or reject her resignation. By naming a new education minister, Mr Abdul Mahdi has clearly decided to replace her, in light of the accusations. 
For the post of justice minister, Mr Abdul Mahdi named Arkan Bibani, a judge who presides over Kirkuk's court of cassation.
Judge Bibani, 44, said on Tuesday, that he is an independent figure that is not affiliated to any political party. 
Both the Patriotic Union of Kurdistan (PUK) and the Kurdistan Democratic Party (KDP) have opposed his nomination. 
The Kurdish parties claim that one of their members should be named to the post which they say is part of their quota in government. 
Mr Abdul Mahdi has failed to form a 22-minister cabinet since he was named prime minister in October.
He has yet to nominate candidates to head the defence and interior ministries. Both posts remain vacant as Iraqi officials continue to disagree over who should be nominated to the two posts.

The lack of appointments is due to political infighting and horsetrading. 
The delay in forming a government raise concerns about the stability of a country that has emerged from a bitter battle against ISIS and internal armed conflict. 
Baghdad faces staggering domestic problems, including high unemployment, corruption, poor public services and rebuilding after a devastating battle against ISIS.
Lack of good governance has been central to Iraq's dire problems, with international bodies routinely ranking the country poorly on lists of failing states.

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.”

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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WHAT IS THE LICENSING PROCESS FOR VARA?

Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

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

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

A Long Way Home by Peter Carey
Faber & Faber