BAGHDAD // A warning by the British ambassador to Iraq that a military coup was still a "real possibility" in Baghdad has set off swirling rumours of conspiracy, and been met with wildly divergent reactions, some accusing him of scaremongering, others hoping it is a prophecy that will come true.
John Jenkins told the Chilcot inquiry in London on Friday that democracy was far from assured in Iraq and the military could still overthrow an elected government.
Many in Iraq believe such a development may be welcomed.
"If there is such a military coup that eliminates the current government and it ends the Iranian stranglehold over Iraq, then the tribes will support it," Sheikh Mohammad al Hamadani, a leading member of the tribal council in Maysan province, in southern Iraq, said yesterday. "There are too many people and parties in positions of power that are loyal to Tehran.
"If the way to rid ourselves of these Islamic parties that do as Iran tells them is to have a coup, then we are in favour of that. We would need to be sure that the British and the Americans supported such a coup however, in order that it can succeed."
In Baghdad, Hassan Bikan, a member of parliament's security committee, said a military coup was "impossible" and that the British were "playing a political game" by mentioning it in a public forum.
"There is no way that a military takeover of Iraq is possible, not in the near term or the long term," he said. "The Iraqi people would not tolerate it, the Iraqi constitution forbids it and the Americans, who have a vested interest in seeing our democracy succeed, would not allow it."
Mr Bikan was also adamant that the prime minister Nouri al Maliki had a firm grip over the military and commanded its loyalty.
"Perhaps the British have a political goal or are playing some political game in talking about this," he said. "I think their ambassador is out of touch with the reality on the ground."
Mr Jenkins cited the large number of Iraqi army officers who had served under Saddam Hussein as one of the reasons not to discount a coup. "If you look at the history of Iraq, of military coups in Iraq, you have to think that it is always a real possibility in the future. But where we are at the moment is much better than we thought it would be, back in 2004-05," he said.
Mr Jenkins's remarks to the Chilcot inquiry, which is investigating Britain's role in the war, also contained elements of optimism. He pointed to high turnouts in recent elections and "remarkable" political process as reasons to be hopeful that Iraq's latest experiment in democracy would not easily fail.
But those caveats were hardly noticed in Iraq, where people firmly focused on mention of a coup. "It's a real danger that the military will try to seize power again," said Adel Dewaree, a Kurdish MP. "The British warning is not without basis.
"There is still much conflict between the political parties here and Iraq's neighbours are not happy to see us with a stable, functioning democracy and they are trying to recruit army leaders in their fight against our democracy."
Mr Dewaree, also a member of the parliamentary defence and security committee, said the risk of a military takeover would be at its highest after the next election, as the US military continued to withdraw its forces.
"If the next government is elected and fails to quickly deliver some real improvements, Iraqis will be sick and tired and then the conditions would be there for a coup."
Dissatisfaction with the political process heightened at the end of last week, when a parliamentary committee empowered to vet prospective MPs before March's election ruled that the National Dialogue Front's list of candidates had been rejected.
The group is led by Saleh al Mutlaq, a senior Sunni politician seen as having close ties with Baathists. His proximity to the Baath Party, banned since the overthrow of Saddam Hussein in 2003, was given as the committee's reason for rejection.
Mr al Mutlaq, a high-profile politician in Iraq, was expected to attract a significant following in the March ballot and was tipped as being one of the major players in the next parliament and, as a result, in the next government. His exclusion from the vote, one he said he will contest in court, has sparked howls of protest and concerns of another ballot box boycott by Sunni Arabs.
"With Saleh al Mutlaq banned it is clear that Iran is running the country, so maybe the British and Americans are now thinking of supporting a military coup," said a Fallujah resident, Mohammad Abdel Rahman. "Iraq, America and Britain have a common enemy in Iran and maybe they are talking of a coup because they have realised it will be the only way to win back control of Baghdad."
nlatif@thenational.ae
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
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.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
More Expo 2020 Dubai pavilions: