Local elections are hard to get worked up about. It’s presidents and prime ministers who launch wars, create jobs, have their pictures taken with Bono one day and Angelina Jolie the next, make stirring speeches and ban Twitter. It’s mayors and councillors who decide where to build bike paths.
If tomorrow’s elections in Turkey are different, it’s because the stakes are much, much higher than they appear. The political destiny of the country’s prime minister, Recep Tayyip Erdogan, the man around whom all of Turkey’s politics have come to revolve, hangs in the balance.
A year ago, Mr Erdogan, even with few new reforms to his credit, with the economy stalling and with Turkey’s southern border licked by the flames burning in Syria, appeared to have an iron grip on his Justice and Development Party (AKP) and on national politics as a whole. The first evidence to the contrary arrived in late May, when a series of mass anti-government protests erupted in Istanbul, Turkey’s biggest city, and fanned out across the country. The second arrived in November, when Mr Erdogan fell out with the Gulen community, a powerful Islamic sect, prompting a handful of MPs to leave his party and triggering a furious backlash by the Gulenist media.
Soon afterwards, things spiralled out of control. In mid-December, the AKP government was blindsided by a corruption investigation that almost immediately brought down four of its ministers. Three resigned quietly. One openly called on Mr Erdogan to do the same. Ever since, the prime minister has had to contend with an avalanche of leaked documents and wiretapped phone conversations, some of which appear to be part of the anti-graft investigation and some of which are evidently intended to embarrass him. Their contents – the authenticity of most of the tapes has not been confirmed – are potentially toxic.
Several feature Mr Erdogan and his confidants ordering media executives to change headlines, remove news tickers and even to doctor opinion polls. Others purport to show corrupt dealings between construction tycoons and leading AKP figures. The most contentious is a conversation in which Mr Erdogan and his son are heard discussing ways to remove millions of dollars in cash from their homes. By the time this article goes to print, further, potentially even more damaging recordings are likely to appear on the internet.
In many democracies, similar allegations would have sufficed to bring down a government or, at the very least, forced it into a public apology. This one, however, has come out swinging. Mr Erdogan, defiant as ever, has purged the Gulen followers he holds responsible for engineering the scandal from the police and judiciary, accused foreign powers of trying to topple him, denounced the key tapes as forgeries, and rammed restrictive internet legislation through parliament in order to stem the leaks.
In a move greeted by outrage among his allies in Europe and the US, as well as opponents at home, his government has also banned Twitter. On Wednesday, a Turkish court moved to suspend the ban.
None of this appears to have significantly hurt the AKP’s ratings. In most polls the party maintains a double-digit lead over the main opposition. Its election rallies attract tens and sometimes hundreds of thousands of people. If pro-government sources are to be believed, a March 23 rally in Istanbul drew two million. The way it unfolded left no doubt as to the impact that the local elections are expected to have on the national stage. Mr Erdogan, having arrived by helicopter, spoke at length, interrupted only by deafening music, chants, and applause. The AKP’s candidate for Istanbul mayor, the incumbent Kadir Topbas, was barely visible. Of course, the only foolproof means of gauging the damage done to the AKP by the corruption claims is the ballot box. Mass rallies and opinion polls won’t decide Mr Erdogan’s political future. The results of Sunday’s election will.
A resounding AKP victory would not only provide Mr Erdogan with a popular vote of confidence and a green light to pursue his war against the Gulenists, but also affords him the political room for manoeuvre he desperately needs.
Now in his third term as prime minister, Mr Erdogan has long pledged not to run for a fourth, in accordance with party rules. If he secures a major victory on March 30, no one will stand in his way should he decide to rewrite those rules and spend at least four more years at the helm. Likewise, no one within the AKP will stop him if he decides on a less likely alternative: to run as a candidate in this summer’s presidential elections.
Should the AKP to perform poorly, however, and particularly if it were to lose Istanbul and Ankara, where pollsters predict tight races, the party may be due for a bout of inner turmoil the likes of which it has not seen in years.
Unpredictable, abrasive and increasingly despotic as he may have become, Mr Erdogan is still the biggest force in Turkish politics. As the symbol of Turkey’s economic success, the vehicle of its global aspirations and the voice of a rising Islamic bourgeoisie, he remains the AKP’s trump card – but only as long as he delivers votes. Should he fail to do so on tomorrow, his aura of invincibility, already tested, will shatter. Beset by scandals and desperate enough to resort to measures such as the Twitter ban, Mr Erdogan may become to his party what he has already become to Turkey’s image in the US and Europe – a liability.
That is where Turkey’s president and fellow AKP founding father, Abdullah Gul, comes into the picture. Over the past year, Mr Gul seems to have made it a point to put some distance between himself and the prime minister. During last summer’s unrest, Mr Gul acknowledged many of the protesters’ grievances as legitimate. Throughout the ongoing corruption scandal, he has pointedly, if indirectly, criticised Mr Erdogan for blaming foreign powers for engineering the crisis. Earlier this week, after the authorities banned Twitter at Mr Erdogan’s behest, Mr Gul not only challenged the ban by the way of several tweets but also suggested that it was illegal.
What Mr Gul’s calculations might be is still anyone’s guess. Some Turks insist that the president is ready to pounce as soon as Mr Erdogan’s stock begins falling. Others prefer to believe that he is biding his time, waiting for the prime minister to make the first move. An increasing number think that both men are reading from the same script and playing out a sort of “bad cop, good cop” routine.
Mounting speculation about the rivalry, real or choreographed, between Mr Gul and Mr Erdogan speaks to a wider, more fundamental problem, however: that uncertainty has become the only constant left in Turkish politics.
Amid the endless stream of corruption claims, rumours of new leaks and scandals, plus the ongoing war of attrition between the AKP and the Gulenists, Sunday’s election might provide Turks with some answers. But its results are just as likely to force them, and at least some people in power, to ask new and difficult questions about what – and who – best serves Turkey’s future.
Piotr Zalewski is a freelance writer living in Istanbul
On Twitter: @ p_zalewski
Alan%20Wake%20Remastered%20
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
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.”
COMPANY%20PROFILE
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Squads
Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.
India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Killing of Qassem Suleimani
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Company%20profile
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
COMPANY%20PROFILE%20
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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
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills