Iraqis shout slogans during a protest in Baghdad, Iraq on July 16, 2018. Reuters
Iraqis shout slogans during a protest in Baghdad, Iraq on July 16, 2018. Reuters

Iraqis protest at entrance to Zubair oilfield



Iraqi police wielded batons and rubber hoses to disperse about 250 protesters gathered at the main entrance to the Zubair oilfield near Basra on Tuesday as unrest across southern cities over poor basic services gathered pace.

Since demonstrations began nine days ago, protesters have attacked government buildings, branches of political parties and powerful Shi'ite militias and stormed the international airport in the holy city of Najaf.

Officials and industry sources said the protests have not affected output at Zubair, run by Italy's Eni, and the other major oilfields including Rumaila developed by BP and West Qurna 2 managed by Lukoil.

Many Iraqis believe their leaders do not share the country's oil wealth. Some demonstrators said foreign labourers were robbing them of employment at oil companies. Three protesters have been killed, including one at West Qurna 2.

"We the people of Basra hear about the Iraqi oil and its huge revenues, but we never enjoy its benefits," said 24-year-old protester Esam Jabbar.

"Strangers have decent jobs at our oilfields and we dont have the money to pay for a cigarette. Thats wrong and must be stopped." Jabbar said he was unemployed.

At the gate of Zubair field, police beat protesters on their backs and legs with batons and rubber hoses.

Blood ran down one policeman's face after protesters hurled stones. Policemen also threw sand to put out tyres that the protesters had set ablaze.

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia.

Crude exports account for 95 percent of state revenue and any disruptions could badly damage its already limping economy at a time when Iraq needs tens of billions of dollars to rebuild after the three-year war with Islamic State.

Prolonged instability in the south could drive up global oil prices. Production at the Zubair field was 475,000 bpd, an Iraqi oil official said in May.

Iraq exported an average of 3.566 million barrels per day from its southern oilfields so far in July, said senior oil officials, levels confirming that the troubles have not disrupted crude shipments from the region.

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Iraq protests spread, fuelled by anger an hopelessness

Kuwait ready to 'assist' Iraq amid protests

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Demonstrators, who have endured sweltering heat to press their demands, show no sign of letting up. They have vented anger in Basra, the biggest city in the south, Samawa, Amara, Nassiriya, Najaf, Kerbala and Hilla.

"We had orders not to use live fire but we also have orders not to allow anyone to disrupt operations at oilfields and we will take necessary measures to keep the protesters away from the fields," said a policeman at the scene.

Protests over the same issues have occurred in the past. The unrest this time is more widespread and is politically sensitive.

Prime Minister Haider Al Abadi is seeking a second term after a May 12 parliamentary election tainted by allegations of corruption.

Politicians are struggling to form a coalition government. Populist Shi'ite cleric Moqtada Al Sadr, whose political bloc won the majority in the poll, may now be in a stronger position to influence the choice of prime minister.

He defeated Iranian-backed rivals by promising to generate jobs, help the poor and eradicate corruption.

The Shi'ite heartland south has long been neglected despite its oil wealth, first by Sunni dictator Saddam Hussein and then Shi'ite-led governments after him, including Abadi's.

Fetid piles of garbage can be seen on many Basra streets. Stagnant water with sewage has caused health problems and tap water is sometime contaminated with mud and dust. Electricity is cut off for seven hours a day.

Murtadha Rahman, 22, ran barefoot on the scorching pavement to try and escape a charge by police outside the Zubair field.

"I live in a place which is rich with oil that brings billions of dollars while I work in collecting garbage to desperately feed my two kids. I want a simple job, thats my only demand," said Mr Rahman, who said he was beaten by police. "I wont go even if you kill me I will stay her. I want a job."

In a meeting with government officials carried on state television, Mr Abadi promised to allocate funds for water and electricity and create jobs in Basra, once dubbed the Venice of the Middle East for its network of canals.

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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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Auron Mein Kahan Dum Tha

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

Director: Neeraj Pandey

Rating: 2.5/5

The specs: 2018 Chevrolet Equinox

Price, base / as tested: Dh76,900 / Dh110,900

Engine: 2.0L, turbocharged in-line four-cylinder

Gearbox: Nine-speed automatic

Power: 252hp @ 5,500rpm

Torque: Torque: 352Nm @ 2,500rpm

Fuel economy, combined: 8.5L / 100km

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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.”

F1 line ups in 2018

Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA

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.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia