KIRKUK // On the green, flower-dusted hills just outside Kirkuk city, hundreds of Kurds indulge in a treasured national past-time: picnicking. It is the first weekend of warm weather, and rich and poor families alike are spreading out rugs and unpacking plates.
Sardesht, wearing a gold, sequinned dress in the traditional Kurdish fashion, which people often like to do on holiday days, brings out an enormous plate of braised vine leaves, beans and chicken. Some of the men are hooking up a speaker to the car battery, while the children play with Kurdish flags.
It is in many ways a typical Friday afternoon scene, but today, there seems to be a particular energy to the flag-waving.
The oil-rich city of Kirkuk, which the Kurdish Regional Government (KRG) claims ought to be part of Kurdistan, is waiting for the results of its first election since 2005. Although the outcome will have no direct effect on attempts to resolve the city's status, if Kurdish parties get a comfortable majority, as they are predicted to do, it will give a boost to the KRG claim that Kirkuk is indeed a Kurdish city.
Early results from six provinces of Iraq have been released, indicating a slender victory for Nouri al Maliki's State of Law bloc. Kirkuk's results are expected to be announced at any moment.
"I am waiting all the time. When I come home, I turn on the radio," says Sardesht.
"It's a good opportunity to show the future of Iraq and the future of the Kurdish people," says her sister-in-law, Sirwa.
Sirwa is particularly keen to see change in Kirkuk because she is studying at a technical college which only gives classes in Arabic. Though born here, like many Kurdish Kirkukis, her family had to flee during the ethnic cleansing which took place under Saddam Hussein, and in the Kurdish city of Erbil, where she lived until 2003, she was not exposed to Arabic, which she is now having to learn.
"It is hard," she sighs. Arabs and Kurds in her college do not mingle much socially, she says.
A young man sitting next to her with a baseball cap and sunglasses is a supporter of Goran, a new Kurdish political party which campaigned on an anti-corruption ticket, although it is not expected to do well in Kirkuk, which is dominated by the PUK.
The young man's father, sitting on a plastic chair behind him, is a former PUK peshmerga. "[The election] will be a good factor," he says. "It will be the first step to reattach Kirkuk to the KRG."
For many people, however, the political battle over the city's status is not as important as services and the economy.
Kirkuk's disputed status and uncertain security environment has meant that it has lagged behind both the KRG and other Iraqi cities in development.
On a bridge by the citadel, in a cloud of smoke rising from the burning rubbish below, Zein al Ardin, an Arab originally from Southern Iraq, works at a stall selling trainers.
"Whoever wins, it's not important for me," he says. "I need a job."
"We thought after 2003 we would be like Britain and America," said Ali Akrahi, who owns a small grocery shop in another part of town.
"The politicians had been in Europe for a long time, we thought they would bring ideas, but they didn't." When he thinks about Kirkuk's level of service provision, he says, he feels "shame".
Back at the picnic, the food has been packed up and the dancing begins in earnest; the young girls line up holding hands while the men stomp energetically, waving their Kurdish flags.
Earlier, Diyar, the host, gave his thoughts on why it is so important for Kirkuk to be part of the KRG.
"We need to be protected by our own people," he said.
"We want to improve and develop our city like Erbil and Suli." Then, after a pause in which he thought some more, he added "plus, it's blood. I have the same blood with the Kurdish people."
* The National
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
RESULTS
5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud
6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash
The%20specs
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The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
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.”