AZIZIYAH // Protesters demanding jobs, better public services and an end to corruption took over provincial government buildings in the Iraqi town of Kut yesterday, chasing out officials, burning the governor's office and setting fire to security outposts.
Three civilians were killed and dozens more wounded when police fired on a crowd of 2,000 demonstrators.
Last night protesters remained in council offices, defying a curfew and refusing to leave until their demands were met.
After a brief lull in the afternoon, violent clashes resumed when police tried to regain control of the offices.
Ala Khadim, an unemployed man from Kut, the administrative capital of Wasit province, took part in the protest. He said the intention had been to stage a peaceful rally, but that a dismissive response from local politicians had ignited an outburst that quickly spread.
"We went to the government buildings and wanted to speak to the politicians but one of them was very disrespectful and told us we were wasting our time," he said. "Then we saw new armoured cars for the officials parked in the compound and the crowd went crazy."
Expensive armoured jeeps, usually driven by officials and their entourages in speeding convoys, have become symbolic of the difference between the wealthy, politically connected elite and Iraq's poor.
After seeing the new vehicles parked outside the government offices, the crowd overwhelmed the guards, smashed the gates and occupied the buildings. Officials, apparently including the provincial governor, fled. Police used water cannons and smoke grenades in an effort to disperse the crowd, to little avail.
Other demonstrations also took place in Diwaniya, Fallujah and Nasariyah yesterday.
The Iraqi prime minister, Nouri al Maliki, has moved to placate critics in recent weeks. He promised not to run for a third term of office, halved his salary and put tax increases on hold in an attempt to win over public opinion.
Yesterday the government also announced it would cut ministers' and MPs' salaries by up to 50 per cent. MPs earn US$11,000 (Dh40,401) a month, excluding perks such as interest-free loans, expense accounts and business opportunities.
But such measure were too little and too late, according to Ala Allawi, a political analyst from Wasit province.
"None of that has stopped the protests. People want serious change," he said. "Yes, they voted for these politicians but now the message is clear. They have had enough of them. They want them gone and they want new, professional, uncorrupted people running the country.
"Even al Maliki's supporters are turning against him now, his image has been badly tarnished since the elections."
It has been almost a year since the nation voted and the Iraqi government still has not been properly seated, amid lingering political squabbles. The national budget has not been approved - also because of political fighting - and power-sharing agreements designed to promote national unity remain unimplemented. Ordinary Iraqis have concluded that politicians don't care about the business of running the country.
Hani Ashour, an official in the Iraqiyya bloc, one of the groups inside the national unity government, said: "The political process is in deep crisis. The situation couldn't be more critical. Failures on many fronts, including to provide basic services or honour the power-sharing deal, have undermined all trust in the government."
nlatif@thenational.ae
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● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
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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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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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