Iraq is increasingly referred to as the "forgotten war". This is due to the diversion of US attention and resources to other theatres, including Afghanistan, and fatigue in the international community and media for a conflict that has no clear ending. But the bumpy road to normalisation for Iraqi politics is also to blame.
An important episode is playing out right now: Iraqis will go to the polls on March 7 to elect a new national assembly. The manner, outcome and aftermath of this election will vindicate, or disprove, the relative optimism about the trajectory of the country.
So far, compared to the sectarian violence and horrors that engulfed the country only a few years ago, the campaign is proceeding relatively freely and peacefully.
According to recent American and Iraqi polls seen by the Iraqi journalist Hussain Abdul-Hussain, the list headed by the current prime minister Nouri al Maliki and known as "State of Law" is expected to come first and win around 80 of the 325 seats in the Iraqi assembly. The list of Iyad Allawi, a former prime minister who heads a multi-sectarian list that originally included the disbarred candidate Saleh al Mutlaq as well as other prominent Sunni figures, would come second with approximately 70 seats. The Iraqi National Alliance (INA), the list that groups the Islamic Supreme Council of Iraq, the Sadrist movement, and other Shia organisations, would come third with around 60 seats.
The process, however, has been tainted by sectarian politicking aimed at the country's more nationalistic and less confessional elements. A relentless if myopic campaign against former members of the Baath Party has tarnished, perhaps irremediably, the pretence of reconciliation and inclusiveness. The controversial banning, un-banning and re-banning of candidates with often tenuous links to the Baath party will have effects even after the elections are over. In fact, the call for boycott of the upcoming Iraqi elections by Mr al Mutlaq, its most prominent victim, has made headlines and crystallised the frustration of many Iraqis with this blatant manipulation of the electoral process.
Mr al Mutlaq's grievances were given additional credence by the extraordinary admission by senior US officials that the commission that disqualified him, among others, was essentially in the hands of two individuals, including the infamous Ahmad Chalabi, doing the bidding of Iranian-aligned Iraqi parties.
Yet, few Iraqis seem ready to follow the exhortations of Mr al Mutlaq, including many in the Sunni community which has steadily lost political power.
This is why Mr al Mutlaq may become his community's sacrificial lamb: the outrage at his exclusion is genuine but the political mobilisation that will ensue can paradoxically boost nationalist and Sunni candidates. In fact, many members of his own party, though sympathising with his fate, have rejected his call. The community is driven by the sense that its voluntary exclusion has damaged its standing and ability to shape the country's identity, and that the armed struggle has not only been counterproductive but has also targeted the wrong enemy (the physical occupier, the US, rather than the political one, Iran).
The fight for Iraq's future is ongoing. Pro-Iranian politicians may have been able to exclude some of their opponents, but overall, they have had suffered significant setbacks. The limits of Iranian influence were made plainly obvious by the Iraqi parliament's approval of the Status of Forces Agreement with the US despite Iranian objections, by the bad performance of pro-Iranian parties at the provincial elections of 2009 and by the decision of Mr al Maliki not to join a unified Shia alliance. It is entirely possible that Iran's allies have used the de-Ba'athification committee to counter these blows and rising anti-Iranian feelings among the population.
Warnings that an Iranian take-over of Iraq is imminent may be smart politics but they are overly pessimistic. In fact, a look at the various electoral slates shows how fragmented the Iraqi scene has become. Perhaps the biggest mistake is to continue to read Iraqi politics uniquely through the prism of sectarian rivalries.
Mr Allawi met the Saudi monarch, King Abdullah, on Saturday in a highly symbolic wink to the Sunni community. Mr al Maliki himself has met one of his Sunni partners, the defence minister Abdel Qader Obeidi, who was disqualified for old ties to the Baath. Mr al Maliki was not too pleased with the ban, but fearing he could lose his share of his Shia base to the INA, he ended up supporting it.
Left to their own devices, the Iraqis may well replicate the stalemated and dysfunctional politics of Lebanon, where delicate sectarian considerations hinder progress on governance issues until violence flares up. There is little doubt that the US ability to determine political outcomes in Iraq has considerably shrunk, but US pressure is what made the holding of the elections on time possible.
The Americans, however, are looking for ways to extricate themselves from Iraq and are increasingly reluctant to manage its politics. In Washington's view, nothing must be allowed to disrupt the gradual US withdrawal from Iraq, a key objective of the Obama administration. The US has been unwilling to question the legitimacy of the electoral process, although the top US commander in Iraq, Gen Ray Odierno, said on Monday that the US could slow its military drawdown if needed. The appearance of Iraqi sovereignty and political progress has indeed become a central element of its exit strategy - another is a standing Iraqi government.
The results of the election will not be the final litmus test of its success. The formation of a new cabinet also promises to be an excruciating affair.
ehokayem@thenational.ae
TOUR DE FRANCE INFO
Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198
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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Stars: Basel Adra, Yuval Abraham
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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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
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