Conservative cleric and head of Iran’s judiciary Ebrahim Raisi is due to become the country’s next president, after a landslide win in Friday's election.
Mr Raisi had received 17.8 million votes with 90 per cent of 28.6 million votes cast counted, the semi-official Fars news agency reported, citing the Interior Ministry.
Of the three other candidates, Mohsen Rezaei, a former commander of the Islamic Revolutionary Guard Corps, received 3.3m votes, followed by former central bank governor Abdolnasser Hemmati with 2.4m. Amirhossein Ghazizadeh Hashemi, first deputy speaker of the Iranian Parliament, received 1m votes.
"God willing, we will do our best so that the hope for the future now alive in people's hearts grows further," Mr Raisi said.
He said he wanted to strengthen public trust in the government for a "bright and pleasant life together".
Mr Raisi will succeed President Hassan Rouhani, a moderate who defeated him in the previous election but has now served the maximum of two consecutive four-year terms.
"I congratulate the people on their choice," Mr Rouhani said after the election result became clear.
Mr Raisi, 60, was the favourite going into election day with 63.7 per cent support, according to polls, and had the support of supreme leader Ayatollah Ali Khamenei and the backing of the powerful Guardian Council.
The turnout among the electorate of 59.3 million was a historic low – falling below 50 per cent for the first time since Iran became an Islamic republic in 1979.
Many Iranians sat out the election in protest against the narrow field and the seemingly predetermined outcome – a stark contrast to the 2017 election that gave Mr Rouhani a second term, when long lines lines formed at polling stations as 73 per cent of voters took part.
"We keep voting and there is no change. If we vote for a reformer, their hands are tied and they can't do anything, it all stays the same," Parisa, a student in Tehran, told The National on Friday "If we vote in a hardliner things get more repressive, but at least they are on the same page as Khamenei."
Mr Khamenei hailed the election as victory for Iran.
"The great winner of yesterday's elections is the Iranian nation because it has risen up once again in the face of the propaganda of the enemy's mercenary media," he said.
Mr Raisi is expected to usher in hardline policies that will close Iran off from the world.
He has come down hard on thawing relations with the West and on the more open social policies of reformist and moderate politicians, like the outgoing president Mr Rouhani.
Mr Raisi will be the first Iranian president to have had sanctions imposed against him by the US government before entering office.
He was placed under sanctions for his involvement in the mass execution of political prisoners in 1988, as well as for his time as the head of Iran’s internationally criticised judiciary body.
He will take office in August, after Mr Rouhani's term ends.
Mr Raisi's election victory seemed assured even before counting of votes was completed, with all three of his rivals conceding.
Mr Hemmati, who was seen as Mr Raisi's main challenger, issued a letter congratulating him on Saturday morning.
"I hope your government, under the leadership of Supreme Leader Ayatollah Ali Khamenei, will bring comfort and prosperity to our nation," he said.
Mr Rezaei also congratulated Mr Raisi, while Mr Hashemi issued a message hailing him as "the nation’s chosen one", Fars reported.
Mr Raisi's election comes as Iran and world powers are in talks to revive the 2015 nuclear accord that lifted global sanctions on Tehran.
The deal is jeopardy after former US president Donald Trump withdrew from the accord in 2018 and imposed sanctions targeting Iran's economy, military and senior leaders. His successor Joe Biden has expressed willingness to return to the deal, leading to indirect negotiations with Tehran in Vienna.
Although he is hostile to the West and has criticised the accord, Mr Raisi has said he intends to preserve the deal, to which Britain, France, Germany, Russia and China are the other signatories.
The next president's other immediate challenges will be addressing an economic downturn that has led to spiralling inflation and job losses, and tackling the region's worst outbreak of the coronavirus pandemic.
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Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
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Runners up: Abu Dhabi Harlequins
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Runners up: Dubai Exiles
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5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
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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.”