January 16 marks 45 years since the departure from Iran of its last shah, Mohammad Reza Pahlavi, marking the end of five decades of family rule and 2,500 years of monarchy.
“I am very tired,” a tearful Pahlavi said as he boarded an Egypt-bound flight from Tehran with his wife, Empress Farah.
In Tehran that day, hundreds of thousands of car horns blared in “wild scenes of celebration” as his departure was announced on the radio, with crowds celebrating across the country as newspapers reported “frenzied rejoicing” in the capital.
In Paris, soon-to-be leader Ayatollah Ruhollah Khomeini, exiled by the shah in 1965, congratulated Iran on the “first step towards victory”.
Less than two weeks later, he would return to Tehran, welcomed by crowds of up to five million people before being declared Iran's first supreme leader.
The royal family re-emerged in 2022 as the fiercest anti-government protests yet broke out across Iran following the death of Mahsa Amini in the custody of the morality police after refusing to cover her head.
The protests spread to every province and attracted support from around the world, as crowds in North America and Europe denounced Tehran and its paramilitary forces responsible for the heavy-handed response.
Iran's diaspora led calls for tougher action against Iran. Among voices critical of the government was Reza Pahlavi, the shah's son and exiled prince, whose supporters believe he is the legitimate ruler of Iran.
The Pahlavi dynasty left a complicated legacy.
While it ushered in unprecedented economic reforms, privatised oil wealth and increased rights for women, many remember the shah, who died of cancer in Egypt in 1980, as an autocratic ruler reliant on his secret police, corruption, and political repression.
Fierce disagreement over his legacy as ruler has splintered opposition to the government in Tehran.
Disconnected from the people
“Eventually, we went faster than some people could digest,” Pahlavi told the Washington Post from Cairo in the months before his death, defending his rule as a “blossoming” of wealth and intellectual life.
The most emblematic policy of his reign, according to Dr Sanam Vakhil, was introduced with the 1963 White Revolution, when land was distributed to millions of people and increased emphasis on literacy and education, “the development of healthcare, infrastructure … policies aimed at economic development”.
But his critics also point to widespread repression and a leader out of touch with the needs of his people.
“He wasn’t the most connected individual with his people,” Dr Vakhil, director of the Middle East and North Africa programme at Chatham House, a UK think tank with ties to the British government, told The National.
“The [1979 Islamic] Revolution didn’t come out of nowhere. People were seeing grievances and becoming politicised.”
Anger at the shah reached a peak in 1978, when anti-government protesters across the country were killed, including student demonstrators in the holy city of Qom.
The city had been the seat of Khomeini's political power before his exile in France.
Protesters who rallied against what many described as state terrorism under supreme leader Ayatollah Ali Khamenei in 2022 drew parallels with the public anger after the Cinema Rex fire in Abadan in August 1978.
There, four men, suspected of being religious radicals, burnt more than 400 people to death after locking them in the building.
The attack has been blamed on secret police as well as revolutionary Shiite militants, who had a track record of burning cinemas. It nonetheless politicised many people and led to a wave of anger against the shah.
Like the Iranian regime today, Pahlavi sought to make his country a regional heavyweight, but notably kept economic and consular relations with Israel, which was reliant on Iranian gas.
Reza Pahlavi made a landmark visit to Israel in April 2023, positioning himself as a community figurehead by “delivering a message of friendship from the Iranian people”.
“Mohammad Reza was contending with a lot of regional competition, the impact of communism, the Cold War and trying to build greater domestic legitimacy for his role,” said Dr Vakhil.
“His father [Reza Shah] was not particularly well-loved domestically … and so his policies and politics were driven to strengthening the monarchy.”
That involved the imprisonment of political opposition, and opponents of the monarchy and the repression of minorities, including groups that have long suffered under the current theocracy.
In 1934, schools for followers of the Baha'i faith were shut upon orders of his Reza Shah. Minorities such as the Baha'i were often used as scapegoats by the shah for unpopular government policies, according to community campaigners.
The shah’s secret police were one of the “main agencies” of persecution” against the minority, the Baha’i said.
Memories of this resurfaced during the Amini protests, when there was an outcry after the former deputy head of Savak, Pahlavi's secret police force, was pictured at a pro-democracy for Iran rally in the US in February 2023.
“In a free Iran, he would be put on trial,” one X user wrote.
“Ordinary Iranians were marginalised, they weren’t a key pillar of the government’s focus at the time,” said Dr Vakhil.
Today, Iranians who seek an end to the regime in Iran are not looking to opposition figures abroad, whose influence has waned since the protests triggered by Ms Amini’s death.
“There’s been an awakening where no one from abroad is going to be able to swan in and save Iranians from their own leadership,” said Dr Vakhil.
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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.”
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The%20specs
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
Persuasion
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Power: 350hp @ 7,400rpm
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Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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Fuel consumption: 11.7L/100km
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