Saudis hope Ayad Allawi will reinforce Iraq's Arab identity and swerve it firmly back into the predominantly Sunni Muslim Arab fold.
Saudis hope Ayad Allawi will reinforce Iraq's Arab identity and swerve it firmly back into the predominantly Sunni Muslim Arab fold.
Saudis hope Ayad Allawi will reinforce Iraq's Arab identity and swerve it firmly back into the predominantly Sunni Muslim Arab fold.
Saudis hope Ayad Allawi will reinforce Iraq's Arab identity and swerve it firmly back into the predominantly Sunni Muslim Arab fold.

Saudis hail Allawi's victory in Iraq with relief and hope


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RIYADH // Saudi Arabia's preferred candidate in Iraq's recent elections is still a long way from becoming prime minister, but Ayad Allawi's strong showing in the poll is viewed here with a mix of relief and hope. For Saudis, Mr Allawi carries two strong expectations as he tries in the weeks ahead to cobble together a ruling coalition to succeed his main rival, Nouri a l Maliki, as prime minister.

One is that, as someone less beholden to Iran than Mr al Maliki, Mr Allawi will reinforce the country's Arab identity and swerve it firmly back into the predominantly Sunni Muslim Arab fold. The second hope rests on Mr Allawi's willingness to engage with Iraq's Sunni minority, even some former members of Saddam Hussein's ruling Baath Party. As such, Saudis hope Mr Allawi will restore Iraq's domestic harmony by leavening its Shiite majority's new political ascendancy with input from Iraq's other religious and ethnic groups.

Mr Allawi's supporters are "like a rainbow", said Anwar Eshki, chairman of the Jeddah-based Middle East Centre for Strategic and Legal Studies. "For that reason, he can get all the groups together and also work with moderate Baathis. And for that reason Saudi Arabia likes Allawi." If Mr al Maliki stays in power, Mr Eshki added, Iraq will continue to suffer from terrorism because "the Baathists - don't like him". But with Mr Allawi at Iraq's helm, "the terrorists will not find any group that will welcome them".

The Saudi government has not issued any official statement on last Friday's announcement that Mr Allawi had edged out Mr al Maliki by a wafer-thin margin of 91 seats over Mr al Maliki's 89 in the March 7 poll. Voter turnout was high, estimated at more than 60 per cent. Mr Allawi, who served as prime minister from 2004 to 2005 but lost badly in Iraq's first national elections in 2005, did much better this time because he won the votes of millions of Sunnis who sat out the 2005 vote.

The secular-orientated Shiite politician now has the gargantuan task of putting together a coalition to gain a majority of at least 163 of parliament's 325 seats. General Saudi sentiment was echoed in the comments of Osama al Kurdi, a member of the kingdom's state-appointed advisory body known as the Shoura Council. "There has been a lot of comfort in that the elections were so transparent. We are happy with the process - and with the results," Mr al Kurdi said in a telephone interview.

"This kind of competition between parties - is healthy. But the really serious issue now is the creation of a government," he added. That Mr Allawi was the kingdom's preferred choice was no secret, but its favour became crystal clear when the Iraqi politician visited Riyadh with a delegation from his Iraqiyya list just a week before the election and met King Abdullah bin Abdul Aziz, a visit reported widely in the Saudi press.

In an interview with the Saudi-owned Ashawq Al Awsat newspaper, Hassan al Alawi, a senior member of Iraqiyya, said Mr Allawi's visit to the kingdom and other Arab countries was intended to send the message that if he emerged with an electoral victory, Iraq's direction would change. "Iraq is now suffering from what is akin to a diplomatic blockade from the Arab world," Mr al Alawi told the paper. "We seek to immediately lift this blockade, and send a message to the Arab world - that the coming Iraq is open to the Arab atmosphere." Mr Allawi and the Saudi king, he added, had agreed that "Iraq must return to its Arab role".

If the Saudi government is keeping mum, the state-guided press, which reflects official thinking, has been gushing over the election results, calling them "historic" and "foretelling the return of Iraq to its Arab environment". More than one commentator has urged Mr al Maliki to accept the poll results. "He should have been the first to congratulate Allawi," wrote Abdul Rahman al Rached in his column in Asharq al Awsat.

The press may be jumping the gun, said F Gregory Gause, a Gulf expert who teaches at the University of Vermont and is in Riyadh on a research sabbatical. The results "must be gratifying" to the Saudis, Mr Gause said, "but if I were a betting man, I wouldn't bet that Allawi will end up as prime minister." Although Mr Allawi got the most votes, Mr al Maliki also has valuable cards to play in the next stage of coalition-building, Mr Gause said.

The poll results did, however, carry a good omen in that Mr Allawi's strong showing demonstrated that Iraqi nationalism still holds a strong sway, Mr Gause said. "In both Sunni and Shia communities, it's kind of a mixed result," he said. "Yes, there still seems to be sectarian sentiment, but within each community the more nationalist groups did better." Mr al Kurdi said he saw the same signal. "Less and less Iraqis are thinking of their ethnicity and sect, and they have more of a patriotic tendency now," he said.

Like Mr a l Maliki, Mr Allawi is a Shiite, but for years he has had good relations with Saudi Arabia, a bastion of Sunni Islam, because he is seen as a nonsectarian and strong leader who will take a firm stand against Iranian influence inside Iraq. "We would like Iraq and Iran to get together as friends, but we don't like to see Iran be a sect inside Iraq," said Mr Eshki of the Middle East Centre for Strategic and Legal Studies. "We need all people in Iraq to be pro-Iraq - We don't want Iraq to belong to any other country."

Mr Eshki said he believes whoever grabs the brass ring of leadership in Iraq that Riyadh will open an embassy there, a step long urged upon Saudi Arabia by Washington as a way to counter Iranian influence on Baghdad's political scene. @Email:cmurphy@thenational.ae

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.”

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
The language of diplomacy in 1853

Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)


We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.

Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

UAE currency: the story behind the money in your pockets
Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

Our Time Has Come
Alyssa Ayres, Oxford University Press

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

UAE currency: the story behind the money in your pockets

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE
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THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

UAE currency: the story behind the money in your pockets