BAGHDAD // The Iraqi prime minister Nouri al Maliki's proposal to impose a two-term limit on all future premiers has received cross-party backing, as the nation's political leaders try to diffuse brewing popular discontent before it gains more momentum.
In recent days, there have been a series of street demonstrations in southern Iraq and Baghdad, some forcefully broken up by the security services, as protesters complain about unemployment, poverty, rising food prices and what is widely viewed as a self-serving ruling class of politicians.
Public protests are planned for today in Basra and Nasariya. A protest in the small town of Hamza, in Diwaniya province, appears to have spread to at least one other town in the area since it began on Thursday.
A security officer in Baghdad said the authorities were taking the potential for nationwide protests "very seriously". He said: "We have been given instructions that the internet and the mobile phone networks will be immediately cut off if that happens."
Mr al Maliki remains a divisive figure, eventually winning another term despite coming in second in national elections last March. After some eight months of political impasse, with a hung parliament, he eventually won the support of coalition partners to hold the premiership again, despite their apparent reluctance. Since being sworn into office little more than a month ago, there have been growing concerns among his political opponents and independent observers inside and outside of Iraq about his desire to concentrate power in his own hands, after recent high court rulings gave him control over previously independent institutions, including the elections commission and anti-corruption watchdog.
The announcement he would not seek a third term and that he hoped to amend the constitution so that all future prime ministers would be restricted to two terms - a total of eight years - has been seen in Iraq as an effort to head off those personal criticisms. That the announcements have received cross-party support is a signal that all political groups feel vulnerable to the growing public anger being aimed their way.
Umar al Jabouri, an MP with the Iraqiyya bloc, said: "A two-term limit for all prime ministers is something we support and it will make sure that democracy will be safeguarded and that Iraq will never again fall to another dictator." Iraqiyya has been vocal in warning that Mr al Maliki was on course to become a new Saddam Hussein.
An independent political analyst, Ahmed al Jenabi, said the decision to back a two-term limit had been made as a pragmatic matter of "political survival", rather than out of a desire to secure democracy.
In reality, he said, it was aimed at establishing dominance by Mr al Maliki's Dawa party, rather than for the man himself.
"Mr al Maliki had to move to publicly to allay suspicions after the protests that have erupted across the Arab world," Mr al Jenabi said. "He and the Dawa party moved before it all blew up in their face and destroyed their long-term project to govern the country."
The Dawa party is one of a number of Shiite religious parties, supported by neighbouring Iran, that have become highly influential in Iraq since the US-led invasion of 2003 toppled Saddam Hussein's regime.
"Mr al Maliki and his advisers see this concession as a way of keeping the Dawa party and its allies in power. The party is more important than any single person in it," Mr al Jenabi said.
foreigndesk@thenational.ae
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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.”
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
Results
4pm: Maiden (Dirt) Dh165,000 1,600m
Winner: Moshaher, Pat Dobbs (jockey), Doug Watson (trainer).
4.35pm: Handicap (D) Dh165,000 2,200m
Winner: Heraldic, Richard Mullen, Satish Seemar.
5.10pm: Maiden (Turf) Dh165,000 1,600m
Winner: Rua Augusta, Harry Bentley, Ahmad bin Harmash.
5.45pm: Handicap (D) Dh190,000 1,200m
Winner: Private’s Cove, Mickael Barzalona, Sandeep Jadhav.
6.20pm: Handicap (T) Dh190,000 1,600m
Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
6.55pm: Handicap (D) Dh190,000 1,400m
Winner: Bochart, Richard Mullen, Satish Seemar.
7.30pm: Handicap (T) Dh190,000 2,000m
Winner: Rio Tigre, Mickael Barzalona, Sandeep Jadhav.
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich 1
Kimmich (27')
Real Madrid 2
Marcelo (43'), Asensio (56')