An Iraqi Kurdish man poses with his inked fingers after casting a vote during the referendum on independence from Iraq in Erbil on September 25, 2017. Khalid Mohammed / AP
An Iraqi Kurdish man poses with his inked fingers after casting a vote during the referendum on independence from Iraq in Erbil on September 25, 2017. Khalid Mohammed / AP

Kurdish referendum: Excitement at polls contrasts with silence on streets



The Kurdish capital of Erbil awoke to an unusual silence on Monday morning as businesses and shops stayed shut and residents readied themselves to vote in a historic poll that could bring Iraq’s Kurds closer to their decades-old dream of independence.

At 8am, voters began pouring into polling stations in their finest traditional Kurdish clothing. After casting their votes, men and women showed off their ink-stained index fingers with pride and excitement.

Kurdish nationalism was at its peak, with flags draped everywhere and car windows plastered with images of Iraqi Kurdish president Masoud Barzani visible on most of Erbil’s streets.

Following weeks of intense campaigning in both Iraq's autonomous Kurdish region and territories held by Kurdish forces but contested by both the Kurds and Baghdad, Mr Barzani delivered on his promise to hold the much-anticipated referendum. The decision was taken in spite of a widespread international backlash, including Iran closing its air space to flights from the Kurdish region.

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Read more on the Kurdish referendum:

Analysis: Vote a smokescreen for Barzani's domestic political woes

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The result of the vote is not legally binding, but Kurdish officials insist it will lead to more fruitful talks with their counterparts in Baghdad. President Barzani declared on Sunday that once the votes were cast, Kurdistan would not return to its “failed partnership” with Baghdad.

In downtown Erbil, a handful of referendum posters could be seen draped over the ancient walls of the newly restored citadel. One showed the Kurdish sun emblem shackled to a red, white and black chain — the colours of the Iraqi flag.

At the foot of the citadel, in one of Erbil’s oldest tea shops, two elderly friends and former fighters with the Kurdish peshmerga forces were waiting to cast their votes for independence.

“There’s no way we will return to Baghdad again,” said Jabar Hassan Sulaimani, a blue-eyed man in his 70s sporting a white moustache and dressed in khaki.

“God willing we will not fight,” he added, alluding to the rising tension between Erbil and Baghdad. Like the majority of Kurdistan’s older generation, Mr Sulaimani witnessed Saddam Hussein’s fierce campaign against Iraq’s rebellious Kurds and wants to break away from the central government.

Baghdad, said Mr Sulaimani, had lied and oppressed the Kurds for too long; only independence could bring security.

In an attempt to undermine the vote, Iraqi prime minister Haider Al Abadi demanded on Sunday that Kurdish authorities relinquish control of the airport in Erbil and border crossings with Iran and Turkey to Baghdad. He also asked other countries stop buying oil from the Kurds.

“We’re a different nationality, a different culture, everything about us is different,” explained Fatah Mohammad, also in his 70s. “We feel we’re being reborn. We’ve shed blood for this [dream] for many years,” said the former peshmerga fighter, sipping on steaming tea.

Across the city, in the wealthy Azadi neighbourhood, an unusually organised queue of families waited to cast their votes in a school named after Mr Barzani’s father, the nationalist leader and Kurdish hero Mustafa Barzani.

Jamila Rahman, 43, was visibly happy as she made her way toward the voting booth with her youngest child. “We couldn’t sleep from the excitement last night,” she admitted, nervously rearranging her black headscarf.

“Independence means more security and more freedom. We want our flag and our country,” she explained.

For Ms Rahman and her fellow Kurds, the day was laden with historical importance, yet it was also a day for celebration and family gatherings. “I’ve cooked celebratory food,” she smiled. Some residents likened the day to Eid celebrations.

North of Azadi, in the Christian neighbourhood of Ainkawa, shop shutters stayed down and windows sported pro-referendum posters.

Bigi Yousef, a slight woman with long white hair, pushed her vote in the ballot box before turning and smiling. “I’m happy to be voting for my country,” said the elderly Christian woman. “With independence it will be more secure and Christians want security.”

But not all Kurds chose to vote.

Ahmed Najm, a 28-year-old journalist in the Iraqi Kurdish city of Sulaymaniyah, said he was disillusioned with the political elite for turning two communities that should support one another against each other — adding that he knew other Kurds who felt the same.

“I don’t want to say yes to independence because I’m really proud of being Iraqi, but I don’t want to say no because it’s other people’s right to decide their future,” he said.

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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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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

Kill%20
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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

The Written World: How Literature Shaped History
Martin Puchner
Granta

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.