KIRKUK // The heavy machine gun mounted on the back of a pickup points south from the Kurdish military outpost, across a field of young shoots of wheat and towards an Iraqi army base just four kilometres away.
"There were forces here before, but just a few with light weapons. Now, we have more weapons and a brigade stationed here," says Lieutenant Hamid Nowsher, a platoon commander with forces controlled by northern Iraq's semi-autonomous Kurdish government. An enormous Kurdish flag flutters behind him.
"And the Iraqi army used to have nine soldiers over there. Now they have 120 with Humvees, and long-distance weapons," he adds.
These two military forces were not always faced against each other. After the fall of Saddam Hussein, against whom Kurdish guerrillas fought a bitter resistance, the two armies joined together to fight growing terrorism.
But that alliance has frayed amid competing claims over the pockets of oil that lie beneath the flower-dotted hills. Long-standing grudges have flared anew, and US forces, who once helped mediate between various factions to minimise tensions, are no longer here.
Across rolling mountains dotted with wild flowers 20 kilometres south of the city of Kirkuk, thousands of extra soldiers have been deployed in recent months.
Leaders of the semi-autonomous Kurdish region in northern Iraq have deployed soldiers known as peshmerga, and Nouri Al Maliki, Iraq's prime minister, has moved a new force called the Tigris Operations Command into the area.
There have been occasional shoot-outs between the two sides in recent months, and many predict a descent into a long-feared war for control of the oil-rich and strategically important part of the country.
The city of Kirkuk, capital of Kirkuk province, is a rich ethnic mix, with its Arabic, Kurdish, Turkoman and other traditions evident in the mix of ancient architecture on the citadel, the languages shouted by market vendors in the bazaar and in the varied faces of the people.
The people of Kirkuk remember when the American soldiers, fighting alongside peshmerga, first arrived in the city ten years ago.
Kurds in particular saw this as a glorious moment, the end of decades of repression by Saddam Hussein, which included forced displacement and the use of chemical weapons in the village of Halabja in 1988.
But Kirkuk is still claimed by both Arabs and Kurds, and the past decade has seen endless, tense political arguments about how to resolve the dispute.
Sandwiched between the swelling Arab and Kurdish forces, the Kurdish governor Najmuddin Kareem, who heads the provincial council, said that he worries about security.
He was furious when an edict was issued in Baghdad in May last year forming the new military command structure and even more incensed when the orders were updated in June to place the city's police under the army's control.
"It all started when the prime minister created the Tigris Operations Command, which is tantamount to declaring martial law," he said.
Security in the province, he said, should fall under his control, and the status of the peshmerga, the Iraqi army and the city police had been agreed on for several years. But the new orders "put them all under military control".
The new military deployment came after several months of growing friction between the government in Baghdad and the Kurdish authorities, who have been increasingly assertive about controlling access to oil resources under their land, and even in areas whose governance is still in dispute.
In October 2011, the oil giant Exxon Mobil signed an exploration contract with the Kurdish government. This, say officials in Baghdad, contravened an agreement the company had with the central government to operate in the south of Iraq, and also included plans to explore areas that both the central and Kurdish authorities claim as their own.
"We consider all contracts signed in Iraq to be illegal unless they are signed with the Iraqi government and ministry of oil," said Ali Moussawi, an adviser to Mr Al Maliki. "If [Exxon Mobil] keep working in the north, we will kick them out of the south."
He said that despite the troop deployment, the government wished at all costs to avoid military confrontation. But he added: "The Iraqi fortune is very precious ... we will do anything to keep our fortune."
In Kirkuk, the governor acted quickly to maintain control at least of the police within the city, and set up checkpoints to prevent army units from coming inside the city limits.
"We ensured the police did not obey the order that everything would come under military control," Mr Kareem said. "[The Iraqi army] knew if they entered there would be a confrontation."
The commander of Iraqi national army forces did not respond to requests for an interview, but General Sherko Fateeh Shwani, who commands the Kurdish units around the Kirkuk, said that several Iraqi army divisions had been deployed to the area in addition to the longstanding 12th division, with whom he had co-operated and run joint checkpoints around the city.
"When they founded the Tigris Operations Command, they were saying, 'We will control the city by force'," he said. After it was formed, he said, Kurdish authorities increased their military presence in the area from about 3,000 troops to 23,000.
"If we are attacked, we will defend ourselves," he said.
In the meantime, he said, he has stopped co-ordinating and sharing intelligence with the Iraqi army, and he said that this was probably the reason for a recent spike in attacks by terror groups long active in the area. In Kirkuk, the police headquarters are charred up to the fourth floor after a car bomb and suicide attack earlier this month. In the town of Tuz Kharmatu, a little farther south, dozens of people have been killed in recent bombings.
"There is no trust between the sects, the different nationalities," said Ali Mehdi, a Turkoman provincial council member in Kirkuk.
"Each nationality has its own plan for Iraq, so patriotism became a secondary demand for national parties, for sects."
When the invasion began in 2003, he said he was optimistic, but now feels differently.
"Some days, when I see a Kurd, I think this is my enemy. Some days, when I see an Arab, I think this is my enemy. This is what the Americans did," he said.
In town, shopping in the markets, the people express a weary contempt for their politicians and for the long-unresolved conflict.
"Every ethnicity is looking for the oil," said Um Dunia, a teacher. "All the problems are with the oil. If we didn't have oil in this city, there would be no problems in Kirkuk.
"I hope that the oil dries up so that the problems also dry up."
afordham@thenational.ae
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
%E2%80%98White%20Elephant%E2%80%99
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.