BAGHDAD // The anti-US Sadrist movement showed its strength in Baghdad yesterday, staging a massive rally to demand that American troops leave Iraq at the end of the year as scheduled.
As many as 70,000 followers of cleric Muqtada al Sadr joined in the peaceful march, according to independent estimates, although Sadrist sources claimed the real figure was closer to 100,000.
The procession, through Shiite neighbourhoods of the Iraqi capital, was headed by fighters from the Mahdi Army, the group's armed wing. Although none carried weapons, they paraded in an openly military fashion, marching in tight, disciplined blocks.
Well organised and drilled, their appearance was a far cry from the movement's early days in 2003, when critics dismissed them as a violent, poorly disciplined rabble, intent on fighting US-led forces, sectarian bloodshed and crime.
Now, those critics are comparing the Sadrists with Hizbollah, the Shiite militant movement in Lebanon which the Sadr bloc openly applauds. Like Hizbollah, the Sadrists, receive support from Tehran.
Renowned for its slick organisation and tight discipline, Hizbollah has grown to be what some experts describe as a "state within a state", operating its own social infrastructure and operating a powerful military independent of Lebanon's armed forces.
Iraqi opponents to the Sadrists believe Mr Sadr intends to take his movement along a similar path. Yesterday's rally only added to those fears.
Izzat al Shabander, a parliamentarian with the ruling National Alliance, referring to the march, said: "It's an open challenge to the Iraqi armed forces, the Iraqi government and Iraqi democracy," The National Alliance bloc governs an uneasy coalition with the Sadrists, among other political parties.
"What I saw at the parade brought Hizbollah immediately to mind," he said. "This is a serious challenge to the authorities. It was like there is no government."
Analysts said none of the Sadrists' rivals are capable of calling so many supporters to the streets at once. The scale of the rally shocked some politicians and commentators. "They have made a serious threat," said Alia al Nasais, an MP with Iraqiya, a nationalist bloc and one of the main factions in Iraqi politics. "It made the government look weak and the Sadrists look strong."
Busloads of Sadr loyalists from across the country - principally from the Shiite majority south - had been arriving in Baghdad since Wednesday.
Witnesses reported a festive atmosphere prior to yesterday's march. Residents of Sadr city, Baghdad's sprawling Shiite slum, provided food and lodging for many of their fellow Sadrists.
The parade had been planned for weeks, with Sadrists across Iraq setting up training camps where they instructed supporters in how to march in a military style. Among the slogans chanted during the march were "No, no, America!" and "No, no, Israel!"
Ahmad al Taie, editor of the daily newspaper Baghdad, said the size of the march was a testament to the failure of Iraq's politicians to provide an alternative to Mr Sadr's populist appeal.
"You've got thousands of young people, educated and uneducated alike, living without jobs and without hope," he said. "The Sadrists present themselves as the saviour of Iraq, and that message is getting through to people. Ordinary people have faith in the Sadrists that they do not have in the government."
The rally had been due to take place earlier in the week and, according to sources, was postponed when senior Sadrist officials learnt that hardliners had prepared to shout sectarian slogans aimed at Iraq's Sunni community. The Mahdi Army was heavily implicated in the country's sectarian civil war between 2005 and 2007, as it fought and exchanged guerrilla attacks with Sunni militants.
Ali al Tamimi, a Sadrist MP, stressed the rally had been peaceful and nationalist in sentiment. Mr Tamimi pointed out that the march passed without any clashes with the Iraqi army, which was heavily deployed on Baghdad streets.
"It shows the Mahdi Army is powerful now, and capable of organising this kind of event," he said. "But it was not just Sadrists, it represents all Iraqi people who are against the continued occupation of their lands by foreign troops."
The question of US forces staying on in Iraq beyond the end of the year, when the agreement between Baghdad and Washington expires, looms over Iraqi politics. Many politicians and officials, as well as a significant portion of the populace, want US troops to stay on in some fashion in support of the Iraqi forces.
The Sadrists, however, have said they will send their Mahdi Army back to war if Americans forces remain. Many Iraqis are eager for the US to depart.
A decision on the issue might be made as early as next week, according to a range of Iraqi lawmakers. Washington and Pentagon officials have said time is short if American soldiers are to be pulled out on schedule.
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.”
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
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COMPANY%20PROFILE
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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.
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
The%20specs
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
