Iraq must conduct a national dialogue to help control the proliferation of weapons and to build trust between security forces and the public, former prime minister Haider Al Abadi said on Friday.
Before taking office last month, Prime Minister Mustafa Al Kadhimi laid out an agenda for his cabinet that highlighted the placing of all weapons under government control. He also listed fighting corruption and the safe return of displaced people among his priorities.
“The current government must act quickly, we need a national dialogue to solve this issue, to make an agreement on how we can get rid of arms,” Mr Al Abadi said during an online briefing hosted by the Chatham House think tank in London.
He said a dialogue would bring Iraqis together to draw up a road map towards a more inclusive, stable and prosperous state.
Mr Al Kadhimi's government must build “a healthy relationship” with the security forces and must reinforce trust between the public and armed forces to move forward, said Mr Al Abadi, who served as prime minister from 2014 to 2018.
“Arms must not be used for political reasons,” he said, adding that this resulted in the intimidation of officials in Baghdad.
“This must not be allowed. This is dangerous. We can lose our country if this continues,” Mr Al Abadi said.
A agreement must be achieved between political parties on “where arms are kept, who can supervise and use them,” he said.
“I hope this can be solved with the new government.”
As prime minister, Mr Al Abadi oversaw Iraq's war against ISIS after the extremist group seized control of about a third of the country in 2014.
Iraqi government forces backed by the United States, Peshmerga fighters from Iraq's semi-autonomous Kurdish region and paramilitaries raised to fight the extremists managed to reclaim all the territory from ISIS by December 2017.
The paramilitaries, known collectively as the Popular Mobilisation Forces, were predominantly from Iraq's Shiite majority and were largely trained, armed and supervised by Iran, with many keeping close links to Tehran.
They are now officially a component of Iraq's security forces and wield great influence in politics and the economy. Some believe them to be a threat to Iraq’s security and sovereignty.
Mr Al Abadi said the new government needed to introduce accountability and transparency to succeed in its objectives.
“Not a single other country can save us. We have to save ourselves,” he said.
He advised the new prime minister to be transparent on how he intended to solve the challenges that face him.
“He must take the right choices for the benefit of the country and can only save the country by making hard decisions; safe decisions will not do much and cannot save the country,” he said.
Last October, anti-government protests led to the resignation of then prime minister Adel Abdul Mahdi.
Demonstrators were killed in their hundreds and injured in tens of thousands by security forces.
"Security is a challenge, especially with the protesters on the streets," Mr Al Abadi said. "We took a lot of effort and sacrifice in building trust between public and the security forces."
He urged the new government to "bring back self confidence of our security forces and their relationship with the people".
Mr Al Kadhimi has called for an investigation into the killing of protesters and for the release of activists and demonstrators from prison.
He took office as the protest movement made a revival, with Iraqis renewing their demands for an end to corruption and unemployment, an overhaul of the political system and the removal of the entrenched ruling elite.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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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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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes