Lebanese President Michel Aoun, right, meets with David Schenker, Assistant Secretary of State for Near Eastern Affairs, at the presidential palace, in Baabda east of Beirut, Tuesday, Sept. 10, 2019. AP
Lebanese President Michel Aoun, right, meets with David Schenker, Assistant Secretary of State for Near Eastern Affairs, at the presidential palace, in Baabda east of Beirut, Tuesday, Sept. 10, 2019. AP
Lebanese President Michel Aoun, right, meets with David Schenker, Assistant Secretary of State for Near Eastern Affairs, at the presidential palace, in Baabda east of Beirut, Tuesday, Sept. 10, 2019. AP
Lebanese President Michel Aoun, right, meets with David Schenker, Assistant Secretary of State for Near Eastern Affairs, at the presidential palace, in Baabda east of Beirut, Tuesday, Sept. 10, 2019.

Iraq needs an independent government, says senior US diplomat


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The US is urging that “a credible government” be formed in Iraq, a senior US diplomat said on Wednesday, as pro-Iranian players threaten to remove a prime minister-designate close to Washington.

Assistant State Department secretary David Schenker told Al Arabiya Television that the next government in Baghdad should observe “the interest of Iraq as far as bilateral issues and respond to the demands and needs of the Iraqi people".

Mr Schenker oversees the Near East section at the State Department.

On April 9, Mustafa Al Kadhimi, an intelligence chief supported by the US, became the third person in 10 weeks named to form a government, after pro-Iranian groups brought down his two predecessors.

The power brokers reversed their initial position of no-objection to Mr Al Kadhimi’s appointment, saying he was changing agreed rules and was too close to Washington.

He said this week that there were serious difficulties in forming a Cabinet, but he would not bow to political pressure that was undermining the national interest.

Mr Al Kadhimi has been key in countering Iranian influence in Iraq, but Mr Schenker rejected that Iraq was a battleground between Washington and Tehran.

“I do not think this is the correct way to describe our relationship with Iraq,” he said.

Mr Schenker said the US had sent significant aid to Iraq and gave it sanctions waivers, allowing Baghdad to buy electricity from Iran.

He said Iran had “another approach”, based on sending military enforcers to “tell Iraqis what to do”.

Mr Schenker said the US did not want Iraq “to be a vassal to Iran”, and neither did “the overwhelming majority of Iraqis who want Iraq to be sovereign”.

On Yemen, he said the priority should be a peace deal after the unilateral truce by the Saudi-led Coalition fighting the Iran-backed Houthi rebels.

Meanwhile, the secessionist Southern Transitional Council declared a plan for self-rule in southern Yemen at the weekend, but Mr Schenker said now was not the time to address separatist aspirations, although the group “has a role to play”.

And Lebanon's government, he said, had to prove it could carry out reforms demanded by international donors before it could access $11 billion (Dh40.4bn) in support they had pledged.

An accelerating financial meltdown revived a protest movement this week that dropped its code of non-violence.

Several banks have been attacked, burnt and bombed in the recent days and clashes with the police are now common.

A protester was shot by authorities during a protest in the northern city of Tripoli and buried on Tuesday.

Mr Schenker said Beirut would have to make “very difficult decisions to terminate the deep-rooted corruption regime in Lebanon”.

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

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.”

Match info

Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')

Bournemouth 1
(Ake 45 2')

Red card: Eric Bailly (Manchester United)

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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

THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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