epa06269391 Kirkuk residents from the Arab population greet the members of Iraqi Shiite group which also known as Hashd al-Shaabi (The Popular Crowd) as they advance into central Kirkuk city, northern Iraq, 16 October 2017. Media reports state that the Iraqi military troops took over large areas from Kurdish Peshmerga militants without fighting, while an Iraqi military source announced that the Iraqi forces took several positions south of Kirkuk from Kurdish forces, including the North Gas Company station, a nearby processing plant and the industrial district south of the city. Thousends of Kurds families left the city due the fighting between Shiite militias and groups of Kurdish gunmen in southern the city, a local official said.  EPA/MURTAJA LATEEF
Members of Kirkuk's Arab population greet Hashed Al Shaabi fighters as they advance into central Kirkuk on October 16, 2017. The mainly Shiite paramilitary forces have been accused of human rights vioShow more

Thousands flee Kirkuk amid fear of war



Parts of Kirkuk were described as a "ghost city" on Monday as thousands of residents were either in hiding or had fled in fears of clashes after Iraqi military forces launched an operation against Kurdish fighters.

The military operation is rooted in a long-standing territory dispute. The city, home to Iraqi Arabs, Turkmen, Christians and Kurds, emerged as a flashpoint in the crisis between Baghdad and Erbil, the capital of the autonomous Kurdish region, as it is claimed by both sides.

The city has been held by Kurdish forces who recaptured it from ISIL in 2014 and was included in Iraqi Kurdistan's independence vote last month even though it is not part of the Kurdish region.

Thousands of residents were seen fleeing the city as shops, businesses and schools were shut on Monday.

"We're leaving because we're scared there will be clashes" in the ethnically mixed city of 850,000 people, said 51-year-old Chounem Qader.

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Read more:

Iraqi forces seize Kirkuk from Kurdish fighters 

Iranian general Qassem Suleimani visits Iraqi Kurdistan amid standoff with Baghdad

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As local crowds on the streets of Kirkuk's southern outskirts welcomed Iraqi forces, an official in charge of displaced individuals said "tens of thousands, mostly Kurds, were heading out of the city".

Omar Dawood, 34 years old, mechanical engineer living in the city, said: "I saw hundreds of people fleeing the city, mostly Kurds, they are going north towards Erbil- the capital of Iraqi Kurdistan," Mr Dawood told The National.

"People in Kirkuk were relieved to hear that Iraqi forces have entered the city, I saw the Iraqi flag being raised," he said.

Mr Dawood raised concern that those who remain in Kirkuk "fear that the Kurds might seek to retaliate, we are all scared and tense."

Iraqi forces seized a key military base, an airport and an oil field from Kurdish fighters in disputed Kirkuk province in a major operation launched on Sunday night. By Monday evening they controlled the city centre.

Soha Ahmad, a 28-year old housewife living in a residential area in Kirkuk told The National that constant gun shots and explosions were heard since early morning.

"We have been in doors the whole day, my family and I are so afraid of leaving our house," Mrs Ahamd said.

"Schools and businesses are closed, I didn't send my kids to school my husband didn't go to work, everything is shut. We are afraid of what is to come.”

Himen Chouani, a 65-year-old Kurd pinned the blame on politicians in both Baghdad and Erbil.

"We were living in peace but politicians don't want good things for us, neither in Baghdad nor Erbil. They're fighting to control the oil, and the victims are us, the residents of Kirkuk," he said.

Rula Ayoub, an English teacher living in Kirkuk told The National that the Peshmerga's intelligence office is opposite to her house.

"We couldn't sleep all night, we saw the employees getting in to cars this morning, the officials fled as soon as reports came in that Iraqi troops were heading towards the centre of the city," Mrs Ayoub said.

The ethnically mixed city of Kirkuk is claimed by both the Kurds and Baghdad's central government.

Kurdish forces took control of the province and other disputed areas in the summer of 2014, when ISIL swept across northern and central Iraq and the Iraqi armed forces crumbled.

The move infuriated the Turkmen and Arabs of Kirkuk as the success of the Kurdish forces in keeping ISIL out also gave the Kurds the upper hand in local politics.

The city participated in Iraqi Kurdistan's independence vote — even though it is not part of the Kurdistan region. The move sparked tensions between Kirkuk’s different ethnic leaders and angered the authorities in Baghdad and Erbil.

In response, the Iraqi parliament asked prime minister Haider Al Abadi to deploy troops to Kirkuk after the referendum results were announced.

Fanar Haddad, senior research fellow at the National University of Singapore, said "the current crisis goes beyond the immediate triggers and events of the last few weeks."

Mr Haddad outlined in "Iraq, Kuridstan and Kirkuk: untying the knot" publication that the crisis "is about the extent of Iraq’s writ and the nature of the relationship between Baghdad and Erbil, Arabs and Kurds."

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Founders: Abdulaziz Al Loughani and Mohamed Al Arifi
Sector: E-commerce
Total funding: About $200 million
Investors: Aljazira Capital, Rainwater Partners, STV and Impact46
Number of employees: 1,200

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Director: Daniel Espinosa

Stars: Jared Leto, Matt Smith, Adria Arjona

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Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

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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. 

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The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

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Price, base / as tested Dh222,500 / Dh296,870

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Power 300hp @ 6,500rpm

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Fuel economy, combined 6.9L / 100km

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Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

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Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

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Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
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Investment stage: Series A
Investors: Family offices

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Date started: March 2016

Founder: Hasib Khan

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Employees: 40

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U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh

UAE squad
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Director: Lee Sang-yong
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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.”

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

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Director: Nikhil Nagesh Bhat

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Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)