Mourners carry a coffin of prominent social activist Wissam al-Ghrawi in Basra, Iraq, Sunday, Nov. 18, 2018. Iraqi police say religious cleric Wissam, who was linked to the ongoing protests over poor services in Basra, was killed outside his home after suggested that demonstrators should take up arms over the conditions in the city. (AP Photo/Nabil al-Jurani)
Mourners carry the coffin of Wissam Al Ghrawi in Basra, Iraq. AP

Murder of Iraqi cleric undermines pillars of democracy, rights group says



The killing of a Muslim cleric who demonstrated over poor public services in Basra undermines the pillars of democracy in Iraq, a member of the parliament-elected Iraqi High Commission for Human Rights (IHCHR) told The National.

Sheikh Wissam Al Ghrawi was shot and killed by unknown assailants outside his home after he encouraged protesters to take up arms over Basra's poor public services, police said. 
He was filmed at a protest on Friday saying clerics would issue a fatwa within days on taking up arms. The video was shared widely on Iraqi social media. Associates and relatives of Al Ghrawi paraded his coffin around parts of the city on Sunday, demanding the police identify the killers and bring them to justice.

"Unfortunately, peaceful demonstrations in Iraq have always been accompanied by arrests of demonstrators and lawsuits against them by political parties," said IHCHR's Dr Ali Al Bayati. "Every peaceful and civilian demonstration led by a group of young activists is followed by the forceful disappearance of a number of these young people."

But in July peaceful protests took a turn for the worse when tensions in the port city heightened after police opened fire.

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Read more:

Iraqi cleric linked to Basra protests killed

Baghdad faces renewed protests in southern Iraq

Water crisis in Iraq's Basra hospitalises football team

Iraqi PM Haider Al Abadi faces calls to quit over deadly violence in Basra

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Demonstrators calling for basic services, including water and electricity, set fire to the Iranian consulate and attacked the headquarters of the various Iran-backed militias and parties that operate with impunity in the city. Most of the city's official government buildings were torched.

Al Ghrawi became at least the second activist to be killed in what appeared to be a targeted assassination since the protests swept the country's south. One of the organisers, Soad Al Ali, was killed by a gunman in September. Police said her killing was over a personal matter.

But suspicions again turned toward the militias, collectively known as the Popular Mobilisation Forces.

The events in Basra were a reflection of the growing influence of these armed groups, which played a major role in retaking Iraqi territory from ISIS.

"The assassination of Sheikh Wissam Al Gharawi is a continuation of the slaughtering of those that oppose Iraq's corrupt system," former lawmaker Mohammed Al Tai told The National from his home in Basra. It "falls under the systematic assassinations of demonstrators".

The government had said protesters' demands were legitimate, but claimed infiltrators were behind the violence.

After three months of protests then prime minister Haider Al Abadi conceded that corruption may have played a part in the escalating violence. “We need to establish if corruption has played a role in the crisis that Basra is currently encountering,” Mr Al Abadi had said in September.

"Some of the corrupt parties that are ruling Iraq...are killing ring leaders of opposition movements [and] arresting demonstrators in the name of the law," said the IHCHR's Dr Al Bayati. "They are firing demonstrators from their daily jobs as well as sending delegates to the demonstrations to carry out acts of sabotage and frame them for it."

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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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.”

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