Thousands of followers of Shiite cleric Muqtada al Sadr, pictured in the poster, converge on Firdous Square in central Baghdad, Iraq for a mass prayer to protest a proposed US-Iraqi security pact on Nov 21 2008.
Thousands of followers of Shiite cleric Muqtada al Sadr, pictured in the poster, converge on Firdous Square in central Baghdad, Iraq for a mass prayer to protest a proposed US-Iraqi security pact on Nov 21 2008.
Thousands of followers of Shiite cleric Muqtada al Sadr, pictured in the poster, converge on Firdous Square in central Baghdad, Iraq for a mass prayer to protest a proposed US-Iraqi security pact on Nov 21 2008.
Thousands of followers of Shiite cleric Muqtada al Sadr, pictured in the poster, converge on Firdous Square in central Baghdad, Iraq for a mass prayer to protest a proposed US-Iraqi security pact on N

Thousands in Iraq protest US pact


  • English
  • Arabic

Thousands of Shiite followers of the firebrand anti-American cleric Moqtada al Sadr gathered in Baghdad today to protest a security accord that would allow US troops to remain in Iraq until 2011. The crowds swarmed into central Baghdad's Firdoos Square, where a large statue of executed dictator Saddam Hussein was torn down by US troops a few weeks after the March 2003 invasion that toppled him. The protesters hung an effigy of US President George W Bush carrying a suitcase labelled "security agreement" from the abstract statue that now stands in the centre of the square.

A sign pinned to the effigy reflected the mood of the protesters, "The security agreement is shameful and humiliating." The agreement, which was approved by the Iraqi cabinet on Sunday after nearly a year of hard-nosed negotiations, would govern the status of some 150,000 US troops when their UN mandate expires at the end of the year. It would require all foreign forces to withdraw from Iraqi cities and towns by the end of June 2009 and to withdraw completely from Iraq by the end of 2011.

It has drawn fire from Mr Sadr's followers, who are against signing any agreement that would legitimise the US "occupation". "No, no, to the agreement!" the crowds chanted beneath a huge banner with a picture of bloody, cuffed hands reaching out from a map of Iraq and three keys labelled with American, Israeli, and British flags. Other banners in English read "No for the security agreement that makes Iraq a prisoner and without sovereignty" and "Occupied forces must leave Iraq now".

Huge portraits of the young, black-turbaned Mr Sadr glared down at the crowd from buildings lining Saadun street, a main thoroughfare leading to the square, as Iraqi army soldiers took up positions on rooftops and patrolled the edges of the protest. "We are following the call of Muqtada al Sadr to pray and demonstrate against the accord and against the occupation," said Nawfal Faraj, 36, a civil servant.

"This agreement is not clear. It allows the occupation forces to stay in Iraq." Sheikh Talal al-Saadi, the imam of Baghdad's revered Kadhimiyah shrine and one of several clerics in the crowd, said he had heeded Mr Sadr's call to demonstrate against the "humiliating" agreement. "The agreement allows the occupiers to stay three years in Iraq, while (president-elect Barack) Obama wants to withdraw them within 16 months. We want the Iraqi government to be patient and to wait for Obama's order," he said.

Another imam, the Sadrist sheikh Abelhadi al Mohammedawi, then led the thousands of protesters, virtually all of them men, in Friday prayers before reading a statement from Mr Sadr, who is believed to be in Iran. "If they don't leave the country I am going to be with you to make them leave in a way that suits you, as long as it doesn't go against the religion. And if they leave I will be with you to protect the Iraqi people," Mr Sadr said in the statement.

The Sadrists had called on both Sunnis and Shiites to attend the demonstration and the Sunni imam Quteiba al-Nadawi led the crowd in chants of "Yes, yes to unity... Yes, yes to Iraq... No to submission, No to this agreement!" The pact has been loudly debated on the floor of the Iraqi parliament in recent days, where the 30-member Sadrist bloc has sought to derail it with legislative manoeuvres, shouting and desk-pounding.

But the agreement ? which enjoys the support of the assembly's large Shiite and Kurdish blocs ? appeared likely to win a simple majority in the 275-member body, which is expected to vote on the agreement next week. * AFP

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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

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Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

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The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

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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.”

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Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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