Iraqi army soldiers stand guard near posters for Ayad Allawi, the Iraqiyya leader, in Baghdad. Mr Allawi ended in a virtual tie with the prime minister, Nouri al Maliki.
Iraqi army soldiers stand guard near posters for Ayad Allawi, the Iraqiyya leader, in Baghdad. Mr Allawi ended in a virtual tie with the prime minister, Nouri al Maliki.

Iraqis assume US will shape country's future



BAGHDAD // On paper and in speeches at least, the United States formally ends its seven-and-a-half-year combat mission in Iraq at midnight tonight. George W Bush's Operation Iraqi Freedom will be over and Barack Obama's Operation New Dawn will begin.

For Iraqis, it may not be easy to tell the difference. Militarily, and especially politically, Iraq remains in a twilight zone, neither completely sovereign nor completely occupied. Although the last US combat brigade crossed into neighbouring Kuwait 12 days ago, 50,000 US soldiers will stay in Iraq another year. Without apparent irony, Gen Stephen Lanza, a US military spokesman, describes them as "combat troops on a non-combat mission".

This "non-combat" designation, however, is belied by the armoured US military vehicles that conduct patrols without Iraqi escorts. It is also contradicted by the unilateral military operations that the US forces are still carrying out in Mosul, in the north, and elsewhere in Iraq, under the rubric of "force protection" or rooting out improvised explosive devices. President Obama, who will mark tonight's milestone with a televised address, said at the weekend that the withdrawal of US combat troops from Iraq means "the war is ending" and Baghdad is in a position "to chart its own course". Yet most Iraqis assume that tens of thousands of US contractors, even soldiers, will remain in their country for many years to come, shaping its future.

Where the US presence in Iraq remains even more pervasive, however, is in the country's politics. Efforts to form a government have dragged on since March, when parliamentary elections ended in a virtual tie between Ayad Allawi's Iraqiyya list and the State of Law coalition of the prime minister, Nouri al Maliki. Mr Obama wanted a government agreed upon by Ramadan. The Americans describe themselves as "facilitators" in the political process, even though they worry about "losing our leverage", a phrase heard often from diplomatic, intelligence and military officials at the US Embassy.

As the political crisis continues, rumours swirl that Washington is backing Mr al Maliki. That suggestion causes US diplomatic and military officials to bristle. There are severe limits to what the US government can and should do, especially since Iraq is a democratic government, insisted James Jeffrey, the US ambassador to Baghdad. "We have no real power or authority here," Mr Jeffrey said in a briefing last week. "We have no right to interject ourselves in any kind of threatening way."

Mr Jeffrey said the United States is not "picking winners and losers", merely supporting a process that will result, and soon, in an effective and inclusive government. Still, Washington has preferences. A chief one is to ensure that a new government has more Sunni leaders than any of its predecessors in the post-Saddam Hussein era. To accomplish this, it wants a prominent place in the new Iraqi administration for Mr Allawi, who currently lacks sufficient support among key parliamentary blocs to be prime minister but is a proven bridge-builder.

"We would like to see an important role for Allawi," Mr Jeffrey said, acknowledging that the former member of the Baath Party, although a Shiite, was able to break new political ground in post-invasion Iraq by winning the acceptance of the new order among the country's Sunnis and secular elite. According to sources participating in the negotiations, the most likely configuration for the new government is an Allawi presidency with increased powers combined with a Maliki premiership with a term limit and reduced powers.

Political reward is not the only factor spurring US efforts on behalf of Mr Allawi. The commander of US military forces in Iraq, Gen Raymond Odierno, is worried about a renewed insurgency if Mr Allawi's Iraqiyya list is not satisfied, according to officers close to the general. As tonight's milestone approaches, US officials here seem nervous and impatient. They worry that the pro-Iranian followers of Moqtada al Sadr, the populist, anti-occupation Shiite cleric, might end up playing a critical role in the new government. That would be unacceptable, Mr Jeffrey said:

"We would really have to ask whether we can have much of a future in this country given the Sadrists' political position. They like to be part of the political process and threaten to blow up the political process. Their whole world view and whole vision of relations with the US is incompatible with any relationship we could have." For Washington, much is at stake in the outcome of negotiations to form a new government. It has an extensive agenda in mind for Iraq, including integrating it into its regional alliances and persuading Sunni-dominated governments in the region to welcome Iraq into the fold.

"A strong democratic Iraq will bring stability to the Middle East, and if we see an Iraq that's moving toward that two, three, five years from now, I think we can call our operations a success," Gen Odierno said this week. For that success, it needs an amenable, if not a friendly, Iraqi government and an extension of the Status of Forces Agreement, which set the deadline for the withdrawal of US forces from Iraq by the end of 2011.

Unless that administration is formed soon, the hard-won accomplishments in Iraq that Washington are touting could be for naught. "You don't want to test the hypothesis that this society can endure without a government and with leaders preoccupied with government formation," Mr Jeffrey warned. "It's not a comfortable scenario. We don't feel comfortable about this. Every day that goes by increases the risk that something bad will happen. This is not a stable environment and it's not an environment where our powers of prediction over the past five years have been impressive."

@Email:foreign.desk@thenational.ae

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.”

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
MATCH INFO

Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)

Kolkata won by 31 runs

COMPANY%20PROFILE%20
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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

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The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

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
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DUBAI SEVENS 2018 DRAW

Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers

Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2

Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC

Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers

Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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COMPANY%20PROFILE
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5