Iraqi Prime Minister Haider Al Abadi inspects the damage caused by protesters after storming the Iraqi parliament building in Baghdad's fortified Green Zone, Baghdad, Iraq, 01 May 2016.   EPA/IRAQI PRIME MINISTER OFFICE
Iraqi Prime Minister Haider Al Abadi inspects the damage caused by protesters after storming the Iraqi parliament building in Baghdad's fortified Green Zone, Baghdad, Iraq, 01 May 2016. EPA/IRAQI PRShow more

Protesters leave Baghdad’s Green Zone as Iraq’s leaders promise reforms



BAGHDAD // Iraqi prime minister Haider Al Abadi and other political leaders on Sunday promised to deliver radical reforms as protesters ended a sit-in inside Baghdad’s heavily fortified government district.

Iraq has endured months of feuding prompted by Mr Al Abadi’s attempt to replace party-affiliated ministers with technocrats as part of an anti-corruption drive. A divided parliament has failed to approve the proposal amid scuffles and protests.

Deep frustration among Iraqis over the deadlock culminated in a breach of the Green Zone on Saturday by supporters of Shiite cleric Muqtada Al Sadr.

Mr Al Sadr wants Mr Al Abadi’s proposed technocrat government approved, ending a quota system he says has encouraged corruption.

Powerful parties have resisted, fearing the dismantling of patronage networks that have sustained the political elite’s wealth and influence for more than a decade.

Mr Al Abadi has warned that continued turmoil could hamper the war against ISIL, which controls parts of northern and western Iraq.

The prime minister convened a high-level meeting on Sunday with Iraq’s president, parliament speaker and political bloc leaders. Former prime minister Nouri Al Maliki, who heads the Dawa Party, and representatives of Sadr were not there.

In a statement from the presidential residence after the

meeting, the leaders said meetings would continue in coming days “to ensure radical reforms of the political process”.

They also called the breach of the Green Zone “a dangerous infringement of the state’s prestige and a blatant constitutional violation that must be prosecuted”.

A few hours later, the protest organisers said the demonstrators would withdraw from the Green Zone.

The Green Zone has been off-limits to most Iraqis since the United States-led invasion in 2003. Hundreds of people breached its concrete blast walls on Saturday. They moved to Grand Festivities Square as security reinforcements arrived from the army, police and Sadr’s militia.

Many protesters, including some women and children, remained in the square on Sunday morning but started to leave after their leaders issued the statement through Mr Al Sadr’s office.

Earlier, riot police, Humvees fixed with machine guns, and an armoured military vehicle were stationed around the sit-in area but protesters were permitted to come and go freely.

A demonstrator named Humam entered the Green Zone on Saturday. The 32-year-old was shocked by the contrast between the poverty in which most Iraqis live and the luxury inside the central district, which he had never entered before.

“There is electricity and street lighting, there is more water here than I expected,” he said. “Even the plants are different.

“It is the people’s right to enter this area because [the politicians] are living in conditions that don’t even exist in Iraq.

“I didn’t imagine this existed in Iraq.”

* Reuters

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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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The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

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Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

South Africa's T20 squad

Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice. 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

Sanju

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9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

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Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

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5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

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8.           Catchweight 73kg

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