Sectarianism has no place in Iraq election



Today is the deadline for more than 500 Iraqi politicians to appeal against blacklisting that would ban them from contesting parliamentary elections in March. A cursory examination of the list is sufficient to confirm that the proposed ban is a blatant attempt by sectarian Shiite parties to retain their dominant position in parliament. If any further evidence were needed, the head of the committee that compiled the blacklist, Ali al Lami, is a Sadrist running on the Iraqi National Alliance ticket, an alliance of religious Shiite parties. The UN, US and the affected political parties are lobbying to have consideration of the blacklist delayed until after voting has taken place. Their calls should be heeded or the elections will be a farce that will serve only to exacerbate sectarian tensions.
It is not surprising that religious Shiite parties are concerned about their prospects in free and fair elections. The Sadrists, the Islamic Supreme Council of Iraq and their allies have seen their electoral appeal suffer a sharp decline. Iraqis are increasingly supporting parties and candidates who advocate a strong central government. The Iraqi National Alliance's vision of a loose federal structure with a semi-autonomous Shiite state in the South is losing its appeal. Should the current trend continue in the parliamentary elections, they stand to lose seats in parliament and control of powerful cabinet positions. As a result, they are willing to trade reconciliation efforts and economic and social recovery for short-term gains that keep their agenda alive.
Of course, these parties have not been the only ones guilty of seeking to manipulate the elections. The Sunni vice president Tariq al Hashemi almost derailed the whole process in a dispute over how seats for Sunni candidates would be apportioned. Optimists will argue that it is perversely reassuring to see how seriously Iraq's politicians are viewing this election. The energy and vigour that many of these groups once devoted to fighting in the streets is now directed towards the political process. Unfortunately, they engage in verbal battles in the same manner that sectarian militias slaughtered each other in the streets - with a complete disregard for the rule of law.
Recovery depends on setting aside sectarianism and embracing a strong, unified government of a diverse Iraq. Efforts to controvert the will of the people risk reversing years of hard-won progress. Iraq cannot allow the selfish interests of any one party to control the nation's future. But unless its politicians show the courage to stand against such people, then the country will stay steeped in conflict and recovery will become increasingly difficult to achieve.

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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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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

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