An Iranian cleric casts his vote during parliamentary elections at a polling station in Tehran on Friday. Reuters
An Iranian cleric casts his vote during parliamentary elections at a polling station in Tehran on Friday. Reuters
An Iranian cleric casts his vote during parliamentary elections at a polling station in Tehran on Friday. Reuters
An Iranian cleric casts his vote during parliamentary elections at a polling station in Tehran on Friday. Reuters

Turnout in Iran parliamentary elections at a record low, initial reports suggest


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Participation in Iran’s elections for parliament on Friday was at a record low despite extended voting hours, unofficial reports suggest.

Around 61 million Iranian people were eligible to vote, including 3.5 million first-time voters, according to state news agency Irna.

However, only about 25 million people voted, which translates into a turnout of about 40 per cent, the Tasnim news agency said, citing reports in unnamed unofficial media.

The electoral authority is expected to release an official figure later on Saturday. The previous lowest turnout was 42 per cent in the 2020 parliamentary election.

Authorities twice extended voting hours on Friday to keep polling centres open until midnight in the first national election since mass anti-government protests sparked by the death in custody of Mahsa Amini in September 2022.

Leaders had called on Iranians to vote in large numbers, with Supreme leader Ayatollah Ali Khamenei warning them that the world was watching the election.

“Onlookers from all over observe the affairs of our country; make friends happy and ill-wishers disappointed,” he said while casting his vote in Tehran.

The vote is being held as Iranians struggle with soaring inflation and amid heightened regional tensions over the Israel-Gaza war.

Iranians were also electing the Assembly of Experts, which elects the country’s supreme leader.

Several winners of parliamentary and Assembly of Experts seats emerged on Saturday morning from early counts, Tasnim said.

Candidates for parliament are vetted by the Guardian Council, whose members are either appointed or approved by the supreme leader.

They approved 15,200 candidates out of nearly 49,000 applicants to run for seats in the 290-member parliament.

Analysts expect conservatives and ultra-conservatives, who won 232 out 290 seats in the 2020 election after reformist and moderate candidates were disqualified, to dominate once again.

Conservatives are also expected to maintain a firm grip on the Assembly of Experts, an 88-member body exclusively made up of male Islamic scholars.

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s:
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Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
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Camille Serme (FRA)
Nouran Gohar (EGY)
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GAC GS8 Specs

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Transmission: 8-speed auto

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Price: From Dh149,900

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UAE currency: the story behind the money in your pockets
Dubai Rugby Sevens, December 5 -7

World Sevens Series Pools

A – Fiji, France, Argentina, Japan

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The five pillars of Islam

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Updated: March 02, 2024, 10:57 AM