ERBIL, IRAQ // A two-decade stranglehold over Iraqi Kurdistan by the Barzani and Talabani clans was officially broken yesterday, with opposition groups winning a powerful voting bloc in the regional parliament for the first time. Since 1991 the Kurdistan Democratic Party (KDP), led by Massoud Barzani, and the Patriotic Union of Kurdistan (PUK), led by Jalal Talabani, have ruled the autonomous Kurdish region of northern Iraq with impunity; controlling oil-swollen government budgets, commanding the security services and intelligence apparatus, and enjoying a lucrative hold over private sector commerce.
Yesterday Iraq's Independent High Electoral Commission announced that the Change List, an opposition group born less than six months ago by a breakaway PUK faction, won 23 per cent of the vote, enough to secure it some 25 seats in the region's 111 member parliament.
Although the joint KDP/PUK list took 57 per cent of the vote, or 59 parliamentary seats - more than enough to ensure it retains control over the government - the minority bloc seized by Change, 'Goran' in Kurdish, amounts to a political earthquake for Iraq's Kurds.
Under Kurdish law, any 10 members of parliament are allowed to summon government ministers for public questioning. In the past, there were too few independent MPs for that to ever happen. Of the 111 parliamentary seats, the KDP/PUK duopoly or their well-funded allies previously held 104.
In the absence of parliamentary scrutiny, corruption became rampant and the ruling elite's power grew largely unchecked, to the anger of many ordinary Kurds. While the rich and well connected enjoyed business opportunities and found jobs, those outside of the two-party system remained trapped in poverty, their low salaries increasingly outstripped by inflation.
"The political map of Kurdistan has just changed," said Diya Sliwa, general secretary of the Caldean National Congress, one of the few parties independent of KDP/PUK influence. "Parliament's job is to make laws and to keep watch on the administration but in the past there was no opposition and there was no monitoring, no scrutiny, not a thing.
"Not a single government minister was called before parliament to answer questions, none of them were investigated. This new parliament will, I'm sure, be very active in monitoring everything."
Goran was not the only opposition group to win seats. The Services and Reform List, which includes the Kurdistan Islamic Union (KIU), took 12 per cent of the vote, or 13 seats. They have said they, and other smaller groups that also picked up support, may join with the Change List to form a united opposition front.
If that happens, they would control about 40 parliamentary seats, laying the foundation for a rancourous parliament.
Change has promised to take an aggressive line on ministers suspected of corruption or mismanagement while the KDP has vowed to - take a hard line on dissent from within its former coalition.
Mahmoud Mohammad, a senior member of the KDP's politburo and the man likely to head the party's next parliamentary group, said criticism from parties wishing to side with the governing KDP/PUK list would not be tolerated. Critics, he said, should side with the opposition, and stay outside of the government.
The IHEC also confirmed yesterday the re-election of Massoud Barzani in the presidential run-off that ran parallel to the parliamentary ballot. He took 70 per cent of the vote but actually came second in the poll to Kamal Mirawdeli, an obscure candidate, in Sulemaniya, one of the three provinces making up the Kurdish autonomous zone.
Sulemaniya and south-eastern parts of Iraqi Kurdistan make up the Change List's power base, with many of its supporters drawn from the PUK. The group is led by Nawshirwan Mustafa, a wealthy entrepreneur who cofounded the PUK before falling out with Jalal Talabani, the other main leader and president of Iraq.
Rivalry between the KDP/PUK and Change has been heated. Before the final results were announced, Change reported its offices in Erbil were ransacked by KDP supporters, and there were isolated outbreaks of violence between rival supporters in Sulemaniya.
In addition, allegations of serious corruption have tainted the election. Faraj al Haidari, the head of the IHEC in Kurdistan, said more than 400 complaints of fraud had been made. While pledging to investigate them all, he said the results were likely to stand. Turnout was 79 per cent.
Technically the results are only provisional because any party wishing to challenge the outcome is entitled to take legal action in Kurdish courts or in the central courts in Baghdad.
Fallout from the Kurdish election could be widespread. Mr Talabani's PUK suffered heavily and is now being propped by its power sharing deal with the KDP. Without that its presence in the Kurdish parliament would be almost certainly be minimal. Some Iraqi news reports say Mr Talabani is considering whether or not he can continue as Iraq's president with such a diminished personal mandate.
Mr Talabani is viewed as a moderate figure wishing to broker a compromise between Erbil and Baghdad over disputed areas, including Kirkuk, the oil rich northern city claimed by the Kurds as part of their autonomous zone but which the central government does not want to relinquish control over. Mr Barzani is a leading advocate of bringing Kirkuk into the Kurd's administrative area.
Although Iraqi Kurdistan has enjoyed a much better security situation than other parts of the country and has developed much faster, essential services such as electricity, remain limited in supply.
"We are happy if there is a strong opposition," said Diya Sliwa, of the Caldean National Congress. "It will make the two main parties review the way they conduct themselves and it will make them correct their mistakes. If there was no opposition, the KDP and PUK would carry on walking down the same path."
psands@thenational.ae
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
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.”
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Timeline
2012-2015
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
November 2025
180 Petrofac employees laid off in the UAE