Iraq’s alliance of Shia political blocs, the Coordination Framework, on Monday named Ali al-Zaidi as its nominee for the post of prime minister, said a coalition statement.

Zaidi, in his 40s, is an Iraqi multimillionaire with interests spanning several sectors, including banking and the supply of Iraq’s vast government food basket programme that serves millions of people.

Under Iraq’s constitution, Zaidi now has 30 days to form a cabinet and present it to parliament for approval.

Under a power-sharing system designed to avoid sectarian conflict, Iraq’s president is a Kurd, its prime minister a Shia and its parliament speaker a Sunni.