Hassan Rouhani announced in November that he was seeking a new term on Iran's influential Assembly of Experts. AP
Hassan Rouhani announced in November that he was seeking a new term on Iran's influential Assembly of Experts. AP
Hassan Rouhani announced in November that he was seeking a new term on Iran's influential Assembly of Experts. AP
Hassan Rouhani announced in November that he was seeking a new term on Iran's influential Assembly of Experts. AP

Iran’s Rouhani says he is banned from running in March election for elite assembly


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Former Iranian president Hassan Rouhani said on Wednesday that he has been barred by the Guardian Council from running in the March election for the Assembly of Experts.

One of the main tasks for the 88-member assembly is to appoint, supervise and, if needed, dismiss the country’s supreme leader – who has the final say in all matters of state in Iran.

Ayatollah Ali Khamenei, 84, has been in that post since 1989.

The jurists in charge of vetting hopefuls “did not approve” Mr Rouhani's candidacy for a new term on the Assembly of Experts, his official website said. It did not elaborate on the reason.

He was first elected to the body in 1999 and in November he announced that he was seeking a new term.

Mr Rouhani served as Iran's president from 2013 to 2021. Close to moderates, he was elected in a landslide in 2013 and 2017 on a promise to reduce Iran's diplomatic isolation.

In 2015, he reached a nuclear pact with six major powers, angering the political hardliners who opposed any rapprochement with the US.

The deal unravelled in 2018 when then-US president Donald Trump ditched the agreement and reimposed sanctions that have crippled Iran's economy. Efforts to revive the pact have failed.

“There was no reason given for the Guardian Council's decision,” a source close to Mr Rouhani told Reuters, adding that “no decision has been made yet for an appeal” as he has three days to object.

“Rouhani has been a member of the assembly since 1999 for three terms. It will be interesting to see what the reason for his disqualification was,” he added.

The 12-member Guardian Council, which oversees elections and legislation, disqualified 80 per cent of candidates running for the assembly in its last election in 2016.

Moderate politicians have accused the Guardian Council of disqualifying rivals, and said excluding candidates from the race undermines the vote's legitimacy.

A low turnout for the upcoming parliamentary and Assembly of Experts elections is expected, with Mr Rouhani saying last week that the majority of people do not want to vote and that this will favour the ruling minority which relies on low turnout.

With Mr Rouhani's disqualification, the Guardian Council had made it clear that hardliners intended to keep moderates away from the assembly, a pro-reform insider told Reuters.

The Guardian Council has also disqualified hundreds of hopefuls running for the parliamentary election, also to be held on March 1, Reuters reported.

State media reported that only 30 mid-ranking moderate candidates have been qualified to stand for the 290-seat parliament. Around 12,000 hopefuls will run, state media reported.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Man of the Match: Erik Pieters (Stoke)

UAE currency: the story behind the money in your pockets
The specs

Engine: 2.0-litre four-cylinder turbo

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Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

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The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

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Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

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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.”

Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah

Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz 

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Updated: January 24, 2024, 1:24 PM