A man grieves yesterday during the funeral in Baghdad of the senior Sunni  MP Harith al-Obaidi, who was killed along with four others by a teenaged gunman on Friday.
A man grieves yesterday during the funeral in Baghdad of the senior Sunni MP Harith al-Obaidi, who was killed along with four others by a teenaged gunman on Friday.

Killing sparks fears of sectarian clashes



BAGHDAD // The murder of a leading moderate Sunni politician, gunned down in broad daylight at a Baghdad mosque on Friday, has raised fears that increasingly violent times lay ahead for Iraq. Harith al Obaidi, head of the Iraqi Accord Front, the largest Sunni Muslim parliamentary bloc, was murdered by a teenaged assassin at the Shawif mosque in a heavily guarded western district of the city. The killing comes in the wake of a series of bombings targeting Shiite civilians and has raised the spectre of Iraq's recent, bloody sectarian civil war that ravaged the country in 2006 and 2007. No group has claimed responsibility for the attack, which killed four other bystanders. Al Obaidi's potential list of enemies includes Sunni extremists angry at his support for national reconciliation efforts with Shiites. Opposition groups were quick to suggest a connection between the murder and al Obaidi's outspoken criticism of the government's human rights record. The day before his death al Obaidi, a leading member of parliament's human rights committee, had demanded interior ministry and defence ministry officials appear before MPs to answer persistent allegations of government forces torturing prisoners. "Anyone could be behind the assassination and it shows just how fragile and dangerous the situation in Iraq remains," said Salim al Jubouri, spokesman for the Iraqi Accord Front. "Mr al Obaidi was at the forefront of exposing human rights violations against prison detainees and that is something that affected certain political parties. "His investigations into Iraqi prisons exposed a group of leaders and officials involved in detentions and that may have led to the assassination." Prime Minister Nouri al Maliki condemned the killing and launched an inquiry, warning that insurgents would stage more attacks in an effort to undermine confidence in Iraq's security forces, ahead of this month's pullback by US forces out of urban centres. "This cowardly crime is a futile attempt to incite sectarian rifts among the Iraqi people and to prove that terrorist organisations are still there after these organisations have received hard punches by our armed forces," Mr al Maliki said in a televised statement after the murder. The assassination of such a high-profile figure could result in heightened tensions between political and sectarian groups, cautioned Malik al Obeidi, a political analyst at Baghdad University. "The objective behind killing the leader of any political party is probably to ignite a sectarian conflict," he said. "If such attacks continue we might see increased divisions between political blocs, and Sunnis and Shiites although I don't think they will ever descend to the point of a new sectarian war." Other motives might have been behind the murder, he said, including the torture allegations and jockeying for power ahead of January's national vote. "Harith al Obaidi had exposed some problems within the ministry of interior's major crime directorate, with reports of them keeping child prisoners and torturing others. "And although the Accord Front is not the biggest group in parliament it did well in recent elections and would have been looking to improve on that in the next elections." The aftermath of the attack remains confused, with conflicting reports that the assassin was either shot and killed by security guards or blew himself up with a hand grenade. An Iraqi military spokesman, Major Gen Qassim al Moussawi, said the gunman was found with an identity card naming him as 25-year-old Ahmed Jassim Ibrahim, from the mainly Sunni neighbourhood of Mansour. However, the authorities believe the ID card was fake and witnesses said the killer looked no more than 15 years old. In his final sermon, delivered shortly before his death, al Obaidi had complained that "nobody dares to tell the ruler that such imprisonment is wrong". His support of human rights for prisoners earned him respect and backing across the political and sectarian spectrum. Abu Muktada al Rumathi, a leader with the Shiite Sadr movement in east Baghdad, said al Obaidi's vocal defence of human rights had helped all Iraqi prisoners. "Many of our people are exposed to torture in Iraq's prisons and we are grateful to the human rights committee for trying to expose the perpetrators of this," he said. "Whoever ordered this killing didn't want the curtain to be lifted on those activities." Despite indications of attacks designed to reignite the sectarian war, the Sadrists, whose Mahdi Army militia was heavily involved in the earlier conflict, said they would not be drawn into another war with Sunni groups. "The assassination might have been aimed at opening a large gap between Sunnis and Shiites but we will not respond in that way," said Mr al Rumathi. "We want to see a nationalist consolidation of Sunnis and Shiites, and we want to see the quick withdrawal of American forces." Al Obaidi had taken over in May as head of the coalition Iraqi Accord Front, which holds 44 seats in the 275-seat parliament. His death leaves the alliance without a leader. nlatif@thenational.ae

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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 Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Landfill in numbers

• Landfill gas is composed of 50 per cent methane

• Methane is 28 times more harmful than Co2 in terms of global warming

• 11 million total tonnes of waste are being generated annually in Abu Dhabi

• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year

• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away

• 50 per cent of Abu Dhabi’s waste is from construction and demolition

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GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars