Algerians appear to be staying at home in record numbers, rejecting President Abdelmadjid Tebboune's invitation to vote in the country's early legislative election and lay the ground for a "new Algeria."
Brought forward from 2022 following pressure from the country's mass protest movement, or Hirak, the elections have been pitched to the populace as an opportunity for political renewal.
The regime is so obsessed with repression that it forgets that our country needs a new economic model
However, with many voicing scepticism over the possibility of Algeria's political establishment ever truly reforming itself, voters appear to be heeding the call from protest leaders and staying away.
Algeria’s election authority head Mohamed Chorfi said late on Saturday that the turnout had reached 30.20 per cent – down on the 35.38 per cent turnout in 2017.
Since the legislative elections were announced in February, many of the country's opposition parties have withdrawn from the vote.
The liberal Rally for Culture and Democracy, the leftist Workers Party, and the Socialist Workers Party have all announced a boycott.
Likewise, the country's oldest opposition party, The Socialist Front Forces, while emphasising the political distance between it and the hirak, has shied away from the contest. However, others, such as Jil Jadid, (New Generation) have echoed the government slogan of "You want change, cast your ballot" and fielded candidates.
Speaking of the boycott after casting his own vote, President Tebboune dismissed concerns over the participation rate, telling reporters that parties and voters were free to decline participation, but would need to respect the "popular legitimacy" of those elected.
Voters lose hope
Chemsou Tamrabet, a 43 year old energy worker from the small town of Meskiana in northeast Algeria said he was boycotting the election, going to the polling station to deliver nothing but a blank paper.
"I think it's gonna be a shock to the traditional parties," he told The National.
With polls opening at 8am, those who do participate must choose from a field of 13,000 candidates vying for the 407 seats in the lower house.
More than half of those candidates are said to be independent, with government grants available to candidates under 40 to subsidise their campaign.
Underscoring the government’s emphasis on renewal has been a ban on candidates who have served two or more terms from running again.
However, a recent BBC report claims that some established parties have sought to game the system, running party candidates as independents.
Candidates who are genuinely independent face an uphill struggle against almost continuous, entrenched rule by the same circle of parties since the country gained independence in 1962.
Thirty-five-year-old Said from Constantine, who didn't want to share his surname, was doubtful about prospects for change.
He and his family were all staying away from a process he slammed as "a masquerade of the regime."
For Said, "the government is a group of fools and incompetents, who don't have the solutions to our problems," he said, which were principally economic, not "renewing idle institutions."
Said’s view is typical of many in the electorate.
Algeria's pro-government parties, principally the Front de Libération Nationale, (FLN) and the Rassemblement National Démocratique, (RND) are expected to be punished by voters due to their historic closeness to the locus of power.
But the main opposition parties have little chance to secure a needed majority.
Fragmented politics
The Muslim Brotherhood affiliated Mouvement de la Société pour la Paix, (MSP) is likely to be frustrated by a large number of politically Islamist candidates who have fragmented the political scene.
Low turnouts have also become something of a theme in contemporary Algerian politics.
The country has conducted two polls since the ousting of Mr Tebboune's predecessor, Abdelaziz Bouteflika in April 2019, a constitutional referendum granting greater independence to parliament and Mr Tebboune's own election to the presidency.
Both were marked by disappointingly low voter numbers, with ballot counts in the northern region of Kabylie, home to many of the country's principal opposition parties, said to run close to zero.
Kabylie was also witness to several clashes between security forces and demonstrators around Bouira, TSA reported.
Photographs and video posted to social media showed security forces dressed in riot gear deploying tear gas confronting demonstrators TSA claimed were attempting to disrupt the vote.
Despite government promises to the contrary, hopes of reform are undermined by an escalating wave of state repression upon protesters since the hirak resumed in February after a months' long break caused by the global pandemic.
Since resuming, hundreds have been arrested in an increasingly harsh crackdown on a movement the government says has come under the influence of "foreign" elements.
Three prominent journalists were released after spending more than twenty four hours in police custody for their part in the protest movement.
Independent journalist, Khaled Drareni, protest leader Karim Tabbou and director of Radio M, Ihsane El Kadi were all released hours before the polls opened. Many more remain in detention or under threat of prosecution.
Speaking shortly before his arrest on Thursday, Mr Drareni told Franceinfo, "The people of Hirak are against these elections. They consider that they do not represent anything, that they come at the wrong time. These elections are not what Algeria needs."
He continued, "The regime is so obsessed with repression that it forgets that our country needs a new economic model."
Looming economic crash
Despite energy prices remaining low since 2014, Algeria remains largely reliant on oil and gas exports to support one of the most generous subsidy packages within OPEC.
Its inability to diversify, despite the urging of international bodies such as the IMF and World Bank, as well as the regular charges of corruption at the government owned energy giant, Sonatrech, have come to be seen as emblematic by protesters of a bloated and aged state.
With the country’s foreign reserves dwindling, a further vote marred by low turnout will do little to bolster the fortunes of President Tebboune's beleaguered government. What it will do next remains to be seen.
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
Match info
Champions League quarter-final, first leg
Liverpool v Porto, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Getting%20there%20
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COMPANY%20PROFILE
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