An Iranian man in Tehran passes a general election billboard for the upcoming parliamentary elections. EPA
An Iranian man in Tehran passes a general election billboard for the upcoming parliamentary elections. EPA
An Iranian man in Tehran passes a general election billboard for the upcoming parliamentary elections. EPA
An Iranian man in Tehran passes a general election billboard for the upcoming parliamentary elections. EPA

More than half of Iranians disapprove of leadership as election looms, poll finds


Ismaeel Naar
  • English
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More than half of Iranians currently disapprove of their country’s leadership, according to a new Gallup poll released a day before the country heads to the polls for parliamentary elections.

The election on Friday is Iran's first since a nationwide uprising sparked by the death of Mahsa Amini in police custody in late 2022. While those protests were violently suppressed after several months, widespread discontent remains over the state of the economy, tensions with the West over Tehran's nuclear programme and Iran's support for Russia in its war with Ukraine.

The Gallup poll found that a slim majority of Iranians – 52 per cent – said they disapprove of their country’s leadership, while 43 per cent approved.

Dissatisfaction was higher among Iranians under the age of 30 – a key part of the protest movement after Ms Amini’s death, with 61 per cent saying they disapproved of their leadership, according to Gallup. Data from 2023 also showed that 26 per cent of Iranians would like to move permanently to another country, more than double the rate in 2014 when it was at 12 per cent. More than two in five Iranians aged 15 to 29 – 43 per cent – said they would also like to move abroad permanently.

Iranians face higher food prices compared with the rest of the region, with the inflation rate staying above 40 per cent for several years, as the economy remains under sustained pressure from US-led sanctions.

With high inflation putting pressure on household budgets, three in five Iranians (61 per cent) said they found it difficult or very difficult to get by on their current incomes, Gallup said – the highest level since it started surveying Iran.

After a record-low voter turn-out in the 2021 presidential election, officials have urged people to come out to vote on Friday. As opposed to previous elections, no information has been released this year from the state-owned polling centre, ISPA, about the expected turn-out.

More than 15,000 candidates are vying for a seat in the 290-member parliament, formally known as the Islamic Consultative Assembly. Terms run for four years and five seats are reserved for Iran's religious minorities.

Under the law, the parliament has oversight over the executive branch, votes on treaties and handles other issues. In practice, absolute power in Iran rests with its supreme leader, Ayatollah Ali Khamenei.

“Iran heads into its latest vote facing numerous pressures, internal and external. While it suppressed the popular uprising of 2022 after Amini’s death, Iran’s leadership continues to receive higher disapproval than approval – notably lower than its close trading partner, China, does,” said Benedict Vigers and Julie Ray, the authors of the Gallup survey.

Hardliners have controlled the parliament for the past two decades – with chants of “Death to America” often heard from the floor.

Under parliament speaker Mohammad Bagher Qalibaf, a former Revolutionary Guard general who supported a violent crackdown on Iranian university students in 1999, the legislature pushed forward a bill in 2020 that greatly curtailed Tehran's co-operation with the UN nuclear watchdog, the International Atomic Energy Agency.

More recently, the parliament has focused on enforcement of Iran's mandatory headscarf, or hijab, for women. The issue came into focus after the death of Ms Amini, who was detained for allegedly not wearing her hijab properly.

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Director: Rupert Wyatt

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Results

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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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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.”

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Updated: February 29, 2024, 10:21 AM