UN Special Representative to Iraq Jeanine Hennis-Plasschaert speaks at a press conference in Baghdad, in 2021. AP
UN Special Representative to Iraq Jeanine Hennis-Plasschaert speaks at a press conference in Baghdad, in 2021. AP
UN Special Representative to Iraq Jeanine Hennis-Plasschaert speaks at a press conference in Baghdad, in 2021. AP
UN Special Representative to Iraq Jeanine Hennis-Plasschaert speaks at a press conference in Baghdad, in 2021. AP

UN envoy urges Iraq to address growing lack of faith in political system


Adla Massoud
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  • Arabic

The UN's special representative for Iraq has urged the country to address a growing lack of faith among Iraqis it its political system.

Jeanine Hennis-Plasschaert urged Iraq to form a government and get moving on critical reforms at the UN Security Council on Tuesday.

“Public disillusion is running sky-high,” Ms Hennis-Plasschaert told the council.

“Too many Iraqis have lost faith in the ability of the political class to act in the interest of the country and its people. A continued failure to address this loss of faith, will only exacerbate Iraq’s problems.”

She stressed "the importance of maintaining calm, of maintaining dialogue, constitutional compliance, respect for democratic principles, the unimpeded working of state institutions, and a functioning government to effectively address the legitimate demands for better public services, jobs, security, an end to corruption, and justice and accountability.

"But regretfully, discord and power play prevailed over a sense of common duty. And as a direct result of protracted political inaction, Iraq experienced some very critical and dangerous hours.

"Meanwhile, the ordinary Iraqi citizen was being held hostage to an unpredictable and untenable situation," she said.

Iraq remains gripped by political instability and a deadlocked government, and tensions between Baghdad and the Kurdistan regional government have increased over access to natural resources.

The UAE's deputy ambassador to the UN, Mohamed Abushahab, also expressed his concern over the delay in forming a government and called for all relevant stakeholders to overcome current obstacles and “ensure the interests of the Iraqi people prevail over all considerations.”

“We stress here that further violence and escalation will not only impact Iraq and its people, but also the entire region,” he said.

Ms Hennis-Plasschaert also condemned attacks against Iraq's Kurdish population, saying they must stop.

The strikes killed at least 13 people and wounded 58, including civilians and children, according to the health ministry in the Kurdistan region of Iraq.

“Addressing the council in May, I raised the alarm at Turkish and Iranian shelling in the North having become the 'new normal' for Iraq,” Ms Hennis-Plasschaert said.

“With last week’s Iranian attacks, I can now only repeat myself. These reckless acts, which have devastating consequences, killing and injuring people, must cease.”

She added that no neighbour should treat Iraq as its “backyard”.

“No neighbour should be allowed to routinely, and with impunity, violate Iraq’s sovereignty and territorial integrity. Yet it is happening. Time and again.”

Her comments came as Muhammad Al Uloom, Iraq’s ambassador to the UN, sought condemnation from the Security Council for the September 28 strikes.

He said that Iraq called on Iran to “live up to its international commitments” and to give up “the language of weapons and of violence, to settle the regional challenges.”

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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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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

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Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

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Updated: October 05, 2022, 5:13 AM