Escalation in Iraq shows how lightly Baghdad's chiefs are taking a volatile crisis
"I've written before in this page a column titled The US withdrawal from Iraq: A beginning or an end?" stated Ahmed Youssef Ahmed, the director of the Cairo-based Arab Institute for Studies and Research, in the opinion section of the Emirati newspaper Al Ittihad yesterday.
"I wrote: 'With the gloomy years of the [US] invasion now over … Iraq is still facing a perilous future. The first challenge rearing its head already is the one looking Iraq's security apparatus in the eye. And the second challenge is rebuilding the patriotic bond between all Iraqis,'" he wrote.
It wasn't long before Iraq witnessed a series of blasts and suicide attacks which left more than 180 people between dead and wounded last week, the writer went on. It was clear that the attacks targeted predominantly Shiite districts, thus escalating already soaring sectarian tensions between the country's Shiites and Sunnis.
This physical violence came to blow the lid off enduring political hostilities. Only days earlier, the Iraqi (Shiite) prime minister, Nouri Maliki, had accused the Iraqi (Sunni) vice president, Tareq Al Hashimi, of plotting a terrorist attack in the country.
The vice president sought refuge from prosecution in the autonomous Iraqi province of Kurdistan, inevitably dragging the Kurds into the fray. Making matters no less complicated, a hardline member of parliament with the ruling Shiite-led coalition accused the Kurdish president of involvement in terrorism for sheltering the wanted vice president.
All this turmoil is obviously wedging deeper divisions within the country's already frail socio-confessional fabric, while the politicians seem to take it rather lightly, the writer said.
"These and other indicators show that [Iraqi] officials are underestimating this political crisis. And I think - regardless of whether the charges against the vice president are founded or not - that the crisis could have been managed with a higher sense of responsibility.
"The prime minister acted as though Iraq was perfectly fine and could handle crisis-stoking decisions … This is not to say that a culprit should be let off the hook, but I believe a more political approach to this predicament was required, considering the specificities of the situation in Iraq today."
The country suffers from structural political weaknesses. Take the post of prime minister, for instance. Iraq is perhaps the only country where the prime minister does everything.
"Mr Maliki leads the government, the army, the defence and interior ministries, the counter-terrorism apparatus, national security and more," the writer added. "That so many threads of responsibility should be handled by the same hand is in itself a proof of institutional weakness."
Saleh's trapped and immunity terms illegal
Yemen's crisis, its future and the sacrifices of its people have all come down to one single matter: the wellfare of president Ali Abdullah Saleh's person, said the columnist Mazen Hammad in an article for the Qatari newspaper Al Watan. The comment was in reaction to the draft law that the Yemeni cabinet approved on Sunday granting immunity from prosecution to Mr Saleh and anyone who worked with him in civil service, security and military.
The draft law, which comes as part of the GCC-brokered deal to end the crisis in Yemen, has been met by strong popular protests in various cities.
"The cabinet's conundrum, which Mr Saleh is well aware of, is that no one has the right to grant him immunity and the popular requests for his prosecution will eventually prevail."
The terms of immunity as provided for in the GCC initiative constitute a violation of international law, which states that any exemption deal for a president would be illegal if it prohibits the prosecution of individuals who may be responsible for international crimes.
"President Saleh could travel to the US for treatment or otherwise, but no matter where he goes, he will surely be haunted by legal pursuit. The Yemenis who are taking to the streets every day will not rest until they see him standing trial," added the writer. "This means that the crisis in Yemen is subject to further escalation in the future."
Iran risks war with Hormuz threats
A cold war is in the works between Iran, which threatens to close down the Strait of Hormuz in retaliation to a Western embargo on its oil on one hand, and Europe and the US that deem it necessary that their forces be on full alert in the Arabian Gulf waters on the other hand, said the Saudi newspaper Arriyadh in its editorial.
"Iran is attempting to monopolise power in the Arabian Gulf waters. But such a line of thought is unreasonable since this sensitive and strategic waterway, through which 40 per cent of the world's oil is transported, can't be used in political bargaining."
Tehran may be under the impression that the US, with its financial crisis and its military situation in Afghanistan, can't venture into a new war. But this scenario would change should reasons for a new war be given; in this case it would be Iran's attempt to exert pressure on the world by cutting off its oil. In this case, the world wouldn't hesitate to support any measures, no matter how drastic, to prevent the deterioration of global economy.
"We don't believe that it would be capable of twisting the arm of all these world powers. It would be wise at this moment for Iran to know the real and exact extent of its power and to weigh its steps accordingly."
* Digest compiled by The Translation Desk
translation@thenational.ae
MATCH INFO
Bangla Tigers 108-5 (10 ovs)
Ingram 37, Rossouw 26, Pretorius 2-10
Deccan Gladiators 109-4 (9.5 ovs)
Watson 41, Devcich 27, Wiese 2-15
Gladiators win by six wickets
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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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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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
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Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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Killing of Qassem Suleimani
Living in...
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.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5