Kurdistan's top political party nominated Fuad Hussein as their candidate for Iraq's presidency, aligning him against former deputy Prime Minister Barham Salih for the largely ceremonial post.
The Democratic Party of Kurdistan (KDP) nominated Mr Hussein, a former chief of staff to the previous Kurdish President Masoud Barzani, on Monday. The rival Patriotic Union of Kurdistan (PUK) named Mr Salih as their choice last week, asserting that the ceremonial post should be held by one of its members.
An informal power sharing agreement in Iraq divides top roles in government between the predominant ethnosectarian groups: the prime minister is a Shiite Arab; the speaker of parliament a Sunni Arab; and the president a Kurd.
The two dominant Kurdish political parties have been unable to agree on a nomination for the president, something that threatens their usually united front in Baghdad.
"We are optimistic to reach an agreement to have one Kurdish candidate," KDP member Janghis Awakalay said. "We believe he [Fuad Hussein] has a better chance at winning and serving the nation as he is the stronger candidate."
Parliament is expected to vote for the president on October 3.
The PUK nominated Mr Salih last Wednesday. He had left the party last year to form his own political party, the Coalition for Democracy and Justice (CDJ).
Who is Fuad Hussein?
Mr Hussein was the chief of staff to former President Barzani.
He was born in the town of Khanaqin but lived much of his life in Baghdad and the Netherlands. He has a doctorate in international relations.
He has previously said he believes the dissolution of Iraq and the formation of a Kurdish state is "inevitable."
"We believe his experiences can resolve the outstanding issues between KRG and federal government and safeguard the constitution," Mr Awakalay told The National.
The KDP is currently the largest political party in the autonomous Kurdistan Region of Iraq. It won 25 seats in May's national elections, and a presidential candidate must have its approval before being elected by parliament in Baghdad.
"Mr Hussein is an independent figure, who is capable and enjoys good relations with all political parties in Kurdistan and also in Iraq. He is experienced and has worked for the Kurdish cause and with the Iraqi opposition against the former regime," a Kurdish official told The National, speaking on condition of anonymity.
The PUK has held the presidency since 2005, first the late Jalal Talabani and then current president Fuad Masum.
"The KDP believes that 12 years is enough for the PUK to have this position, and specially with election results, the KDP sees itself entitled to have this position with someone who is capable and can deliver and play a positive role," the official said.
In addition to Mr Hussein's nomination there are six other candidates, including a woman, running for the post.
Sarwa Abdul Wahid announced on Sunday her candidacy for the post, making her the first woman to run for the position in Iraq. Ms Wahid was a critic of the region's independent referendum last September.
Two other Kurds – former Goran MP Sardar Abdullah and Iraq’s ambassador to Rome Omar Barzinji – have also nominated themselves.
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Read more:
Kurds nominate Barham Salih for Iraqi presidency
Iraqi ambassador to Iran summoned for 'misconduct'
US calls for 'moderate, nationalist' government ahead of Iraqi parliament opening
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
ENGLAND%20SQUAD
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
SECRET%20INVASION
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ali%20Selim%20%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Samuel%20L%20Jackson%2C%20Olivia%20Coleman%2C%20Kingsley%20Ben-Adir%2C%20Emilia%20Clarke%20%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri