• Iranians take part in an event to mark the 44th anniversary of the 1979 Islamic Revolution, in Tehran. EPA
    Iranians take part in an event to mark the 44th anniversary of the 1979 Islamic Revolution, in Tehran. EPA
  • A man holds a flag written "Down with the US" in Persian and depicting a picture of the late supreme leader Ayatollah Ruhollah Khomeini. EPA
    A man holds a flag written "Down with the US" in Persian and depicting a picture of the late supreme leader Ayatollah Ruhollah Khomeini. EPA
  • A man wears a jacket in the colours of the Iranian flag. AP
    A man wears a jacket in the colours of the Iranian flag. AP
  • Tens of thousands of people took to the streets of Tehran and other cities as Iran marked anniversary. EPA
    Tens of thousands of people took to the streets of Tehran and other cities as Iran marked anniversary. EPA
  • Iranian girls show their hands written in Persian, "Ready to sacrifice my life for the leader". EPA
    Iranian girls show their hands written in Persian, "Ready to sacrifice my life for the leader". EPA
  • For the past two years, the day was commemorated mainly in vehicles and on motorcycles because of coronavirus restrictions. AFP
    For the past two years, the day was commemorated mainly in vehicles and on motorcycles because of coronavirus restrictions. AFP
  • This year, many people waving flags walked to the capital's Azadi Square, despite low temperatures. AFP
    This year, many people waving flags walked to the capital's Azadi Square, despite low temperatures. AFP
  • They chanted slogans including “Down with the US”, “Down with Israel” and “Down with the UK”. AFP
    They chanted slogans including “Down with the US”, “Down with Israel” and “Down with the UK”. AFP
  • The chief of Iran's Islamic Revolutionary Guard Corps Hossein Salami, centre, takes part in the events in Tehran. AP
    The chief of Iran's Islamic Revolutionary Guard Corps Hossein Salami, centre, takes part in the events in Tehran. AP
  • This year's commemorations come after months of nationwide protests triggered by the death in custody of Mahsa Amini. AFP
    This year's commemorations come after months of nationwide protests triggered by the death in custody of Mahsa Amini. AFP
  • Fireworks are set off in Tehran. Reuters
    Fireworks are set off in Tehran. Reuters

MENA

Iran

Iran marks 44th anniversary of Islamic revolution

Celebration follows months of protests against the government

AFP

February 11, 2023

  • English
  • Arabic

Tens of thousands of people took to the streets of Tehran and other cities on Saturday as Iran marked the 44th anniversary of the Islamic revolution after months of anti-government protests.

For the past two years, the 1979 overthrow of the Western-backed Shah Mohammad Reza Pahlavi was commemorated mainly in vehicles and on motorcycles because of coronavirus restrictions.

But this year many people waving flags walked to the capital's Azadi Square, despite low temperatures.

They chanted slogans including “Down with the US”, “Down with Israel” and “Down with the UK”.

Sejjil ballistic missiles and Shahed 136 drones were on display around the square. President Ebrahim Raisi was expected to address the crowds.

State television said the celebrations were held in 1,400 cities and towns, airing footage of large rallies in Isfahan, Mashhad, Shiraz and Tabriz.

People carried portraits of Iran's supreme leader Ayatollah Ali Khamenei as well as the late Ayatollah Ruhollah Khomeini, founder of the Islamic Republic, and the Islamic Revolutionary Guard Corps general Qassem Suleimani, who was assassinated by the US in Baghdad in January 2020.

They also held placards reading “We stand to the end”, “A united, strong and stable Iran” and “We obey the leader”.

The celebrations mark the day that the shah's government fell 10 days after Mr Khomeini returned from exile in France and led the uprising in February 1979.

The Shah had fled Iran in January, after months of protests against his rule.

This year's commemorations come after months of nationwide protests triggered by the death in custody of Mahsa Amini, a 22-year-old ethnic Kurd, on September 16.

She was arrested by morality police in Tehran for allegedly not wearing her headscarf in accordance with the Iran's strict dress rules.

Authorities said hundreds of people, including dozens of security personnel, have been killed during the protests which the authorities describe as “riots”.

Campaigners said more than 500 protesters were killed by security forces.

Thousands of Iranians, including public figures, journalists and lawyers, have been arrested but many have been released recently.

Most analysts agree that the protests have lost momentum in recent months in the face of Tehran's repression, which included four protest-related executions.

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The number of Chinese people living in Dubai: An estimated 200,000

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The biog

Name: Capt Shadia Khasif

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The first female investigator in Hatta.

Role Model: Father

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Bharat

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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.”

Updated: February 11, 2023, 11:14 AM
Iran