US Secretary of State Mike Pompeo vowed to help Iraqi rid itself of rogue militias on Wednesday as he hosted Iraqi Prime Minister Mustafa Al Kadhimi in Washington.
The US Secretary of State took part in meetings totalling almost four hours with his Iraqi counterparts as part of an ongoing strategic dialogue between the two nations.
The first round of meetings, which will focus on economic, educational, energy and development co-operation between the two nations, was led by Iraqi Foreign Minister Fuad Hussein. This was followed by a meeting between Mr Pompeo and Mr Al Kadhimi.
Both Mr Pompeo and Mr Hussein emphasised the need to boost Iraqi sovereignty and counter militias including those funded and armed by Iran.
"Armed groups not under the full control of the prime minister have impeded our progress,” Mr Pompeo said in a press conference after the meetings.
“Those groups need to be replaced by local police as soon as possible. I assured Dr Fuad [Hussein] that we could help and that we would help,” he added.
The offer of assistance was backed up by $204 million in humanitarian aid to Iraq.
“This funding includes nearly $133 million from the State Department’s Bureau of Population, Refugees, and Migration and more than $71 million from USAID’s Bureau for Humanitarian Assistance,” the US State Department said.
The aid cash will provide "critical shelter, essential healthcare, emergency food assistance, and water, sanitation, and hygiene services across Iraq," the statement added.
Mr Pompeo, who said he anticipated new deals in the field of energy to be announced today between the US and Baghdad, refused to comment on US redeployments in Iraq.
The Trump administration is considering withdrawing some of the 5,200 troops in the country, the New York Times reported last week.
The head of US Central Command, General Kenneth McKenzie recently blamed the rocket attacks by pro-Iranian militias on tactical withdrawals of US troops from Iraq.
”The threat against our forces from Shiite militant groups has caused us to put resources that we would otherwise use against ISIS to provide for our own defence,” he said. "We've had to pull back, our partners have had to pull back.”
Without mentioning Iran by name, Mr Hussein said Iraq is seeking normal relations with “no interference” with all its neighbours.
The US also on Wednesday “expressed support for a budget agreement between the federal and Kurdistan regional governments, as well as proposed early elections next year,” a statement by the State Department said.
Mr Al Kadhimi’s visit to Washington is the highest ranking for an Iraqi leader since 2017. The Prime Minister has already taken steps against corruption and against militias that were praised by US officials.
“Mr Al Kadhimi is perhaps the last, best hope for the US to have an Iraqi prime minister who can take on Iran's influence in Iraq,” Nicholas Heras, the director of the Middle East Programme at the Institute of the Study of War told The National.
“What sets him apart from his predecessors is that he came into the premiership with a strong vision for how he wants to tackle Iraq's major challenges: endemic corruption, Iran-backed militias, collapsing infrastructure, economic malaise, and a youthful population that has lost patience with Iraq's sclerotic sociopolitical system.”
US officials say Mr Al Kadhimi has asked them for patience as he tackles Baghdad’s toughest challenges.
“He comes to Washington as the culmination point of the Trump team's hard-built Iraq policy: to send the signal that the US has a partner it will eagerly work with in Iraq, and a man the US believes can slay the hydra of Iran's militia proxies that threaten the US in Iraq and the region,” Mr Heras added.
US President Donald Trump is due to meet Mr Al Kadhimi on Thursday at the White House.
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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 BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm