Former parliament speaker Ali Larijani registered on Saturday to run in Iran's coming presidential election, becoming the first high-profile candidate to potentially back the policies of the departing administration that reached Tehran's tattered nuclear deal with world powers.
Mr Larijani, long a prominent conservative voice who later allied himself with Iran's relatively moderate President Hassan Rouhani, filed his papers on the last day of registration for the June 18 election.
Although all candidates must be approved by a panel overseen by supreme leader Ayatollah Ali Khamenei, Mr Larijani has maintained close ties to the cleric over his decades in government.
Mr Larijani, a former commander in Iran's paramilitary Revolutionary Guard, previously served as the minister of culture and Islamic guidance and as the head of Iran's state broadcaster.
Under hardline president Mahmoud Ahmadinejad, he served as secretary of Iran's powerful Supreme National Security Council for two years, and as a senior nuclear negotiator. He later became speaker of the Iranian parliament for about 12 years, stepping down in May last year.
Mr Larijani's family includes prominent members of Iran's theocracy, with his cleric brother once serving as the head of the Iranian judiciary. His father was a prominent ayatollah.
Within Iran, candidates exist on a political spectrum that broadly includes hardliners who want to expand Iran’s nuclear programme, moderates who hold on to the status quo, and reformists who want to change the theocracy from within.
Those calling for radical change find themselves blocked from even running for office by the Guardian Council, a 12-member panel that vets and approves candidates under Mr Khamenei’s watch.
“Like outgoing President Rouhani, Larijani is someone Khamenei trusts to represent Iran without compromising the regime’s basic tenets of religious supervision over society and independence from foreign powers,” Barbara Slavin, the director of the Future of Iran Initiative at the Atlantic Council, wrote recently.
A clear candidate has yet to emerge within the reformists. Some mentioned Foreign Minister Javad Zarif, who later said he would not run after a scandal about a leaked recording in which he offered frank criticism of the Revolutionary Guard and the limits of the civilian government’s power.
Hardline contenders
The most prominent candidate to register on Saturday was Iran’s judiciary chief Ebrahim Raisi, a prominent hardline cleric who also took part in a panel involved in the mass execution of thousands of prisoners in 1988.
He ran against Iranian President Hassan Rouhani and lost in the 2017 presidential election, though he still garnered nearly 16 million votes.
Mr Raisi has been named as a possible successor to Mr Khamenei, 82, leading some to suggest he would not run in the race.
However, his registration shows he still has interest in the office he failed to obtain in 2017.
Hardliners have increasingly suggested that a former military commander should be president given the country’s problems, something that has not happened since Iran’s 1979 Islamic Revolution and the purge of the armed forces that followed.
Mr Ahmadinejad, the former hardline president, registered to run on Wednesday. His attempt to contest the 2017 election was blocked after Mr Khamenei criticised him, but the supreme leader has not warned him off this time.
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
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Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier