FILE PHOTO: Iraqi Shi'ite leader Muqtada al-Sadr delivers a speech in Najaf, Iraq December 11, 2017.  REUTERS/Alaa Al-Marjani/File Photo NO RESALES. NO ARCHIVES
Iraqi Shiite leader Moqtada Al Sadr delivers a speech in Najaf, Iraq December 11, 2017. Alaa Al-Marjani / Reuters

US and Iran wade in as talks begin on new Iraq government



Negotiations were under way between Iraqi politicians on Wednesday after the country’s first election since the fall of ISIS delivered a shock third place result for Haider Al Abadi, the incumbent prime minister long backed by the US.

Preliminary results showed that populist cleric Moqtada Al Sadr, an Iraqi nationalist who has distanced himself from neighbouring states, was set to win the most seats in parliament. His "Marching Towards Reform" alliance with Iraq's communists tapped into popular anger over corruption and foreign meddling.

The Shiite cleric has ruled himself out of the premiership. Instead, he is looking to be the kingmaker who can cobble together a technocratic government from a dozen parties.

But with his alliance falling short of a majority, lengthy wrangling in Baghdad is expected as rival parties bid to forge a governing coalition.

The final nationwide results should be announced in the next two days, according to Riyadh Al Badran, the Iraqi electoral commission chief.

The moves to shore up a coalition government became an international affair on Tuesday, as Brett McGurk, the White House special representative in the fight against ISIS, arrived in Baghdad for talks to broker a deal favourable to Washington. Also reported to be in the Iraqi capital was Qasem Soleimani, the shadowy spy chief who leads the foreign wing of the Islamic Revolutionary Guards Corps (IRGC) known as the Quds Forces.

The visits are a mark of the importance both America and Iran placed on the outcome of the vote.

The US has supported Mr Al Abadi's government for more than three years, helping him and Iraq's armed forces defeat ISIS after the militant group seized control of swathes of northern and western Iraqi territory in 2014. Iran sponsors numerous Shiite militias who make up the majority of the government-aligned Popular Mobilisation Forces (PMF).

Mr Al Sadr has long railed against Iranian interference in the country, and allies of Tehran rounded on the surprise vote winner.

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Iraq elections:

Analysis: Rise of Moqtada Al Sadr upsets US calculations in Iraq

Iraqi PM ready to 'co-operate' after election upset

Comment: Whatever shape of post-election alliances emerge, the new government faces challenges

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Mr Soleimani arrived in Iraq on Saturday, the day of the parliamentary elections, to try to broker a coalition among Mr Al Sadr's Shiite rivals.

“Qasem Soleimani in Baghdad to try to make sure that the National Alliance, which holds all the Islamist Shiite groups together, is able to maintain itself,” Renad Mansour, senior research fellow at London’s Chatham House, told The National.

Mr Al Sadr has been clear that he is unwilling to compromise with Iran by forming a coalition with its main allies: Hadi Al Amiri, leader of the Shiite Badr paramilitary group and Fatah, and former prime minister Nouri Al Maliki, who is leading the State of Law bloc and presided over the rise of ISIS.

“If Al Sadr’s group is excluded, that would lead to instability and the protest movement would emerge even stronger,” Mr Mansour continued.

Formal talks are expected to take place after of the poll’s final results. The challenge for both Mr Al Sadr and his rivals will now be to demonstrate and deliver progress after voters appeared to rail against the established Iraqi political establishment.

Mr Al Sadr’s advance in the elections is a “warning shot for parties as they face the December 2018 local elections – they know now that voters want something different and exciting,” said Michael Knights, a fellow at the Washington Institute for Near East Policy.

Several incidents on Wednesday highlighted the country’s precarious security situation and fractured political atmosphere. A suicide bomber killed eight people and injured 30 more when he blew himself up in the Taji district north of Baghdad. No group claimed responsibility for the blast but ISIS has taken responsibility for attacks in and around Baghdad in recent years.

In Kirkuk, electoral commission head Riyadh Al Badran reported that gunmen had besieged several polling stations, disrupting the vote count in the northern city at the heart of the long-running dispute with Iraqi Kurds. However, Kirkuk governor’s office said there had been no hostage-taking and further reports stated the gathering was only a sit-in by Arab and Turkmen in an area where the Patriotic Union of Kurdistan (PUK) won the largest share of the vote.

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

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.”

UAE currency: the story behind the money in your pockets
MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

If you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.

More info

To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.

The specs

Engine: 3.5-litre, twin-turbo V6
Transmission: 10-speed auto
Power: 410hp
Torque: 495Nm
Price: starts from Dh495,000 (Dh610,000 for the F-Sport launch edition tested)
On sale: now

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Fixtures

Sunday, December 8, Sharjah Cricket Stadium – UAE v USA

Monday, December 9, Sharjah Cricket Stadium – USA v Scotland

Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland

Thursday, December 12, ICC Academy, Dubai – UAE v USA

Saturday, December 14, ICC Academy, Dubai – USA v Scotland

Sunday, December 15, ICC Academy, Dubai – UAE v Scotland

Note: All matches start at 10am, admission is free

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

* Agence France Presse

COMPANY PROFILE

Company name: Klipit

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

Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Results

Stage 4:
1. Juan Sebastian Molano (COL) Team UAE Emirates – 3hrs 50min 01sec
2. Olav Kooij (NED) Jumbo-Visma – ST
3. Sam Welsford (AUS) Team DSM) – ST
General Classification:
1. Remco Evenepoel (BEL) Soudal Quick-Step
2. Lucas Plapp (AUS) Ineos Grenaders – 7″
3. Pello Bilbao (ESP) Bahrain Victorious – 11″

Your Guide to the Home
  • Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
  • Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
  • Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
     
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

The specs: 2024 Mercedes E200

Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries