Iranian President Ebrahim Raisi has been re-elected to the Assembly of Experts in the country’s elections, state-run media outlets have reported.
The 88-member legislative body, which comprises male Islamic scholars, has a remit of appointing, supervising and, if needed, dismissing the country’s supreme leader – who has the final say in all matters of state in Iran.
Ayatollah Ali Khamenei, who turns 85 this year, has been in his post since 1989.
Mr Raisi, who took office in 2021, has been touted as a possible future supreme leader.
Iranian news agency Tasnim, which is affiliated with the Islamic Revolutionary Guards Corps, on Sunday reported Mr Raisi had won 82 per cent of the valid votes in South Khorasan province, an 8 per cent increase from the last elections.
In January, the Guardian Council barred former president Hassan Rouhani, who was in office from 2013 to 2021, from running in elections for the Assembly of Experts, without elaborating on the reason.
He was first elected to the body in 1999 and in November announced he was seeking a new term.
The former leader, described as a moderate, was elected in a landslide in 2013 and 2017 on a promise to reduce Iran's diplomatic isolation.
In 2015, he agreed on 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 unilaterally ditched the agreement and reimposed sanctions that have hamstrung Iran's economy. Efforts to revive the pact have failed.
The 12-member Guardian Council, which oversees elections and legislation, disqualified 80 per cent of candidates running for the assembly in the last election in 2016.
Officials have not yet released turnout figures from Friday’s polls but some state-run media outlets reported only 41 per cent of eligible voters participated, down from 42 per cent in 2020 which was then the lowest since the 1979 revolution.
In Tehran, turnout was estimated at only 24 per cent, it was reported.
Conservatives are leading in the initial vote count, looking likely to consolidate control over Iran’s 290-seat Parliament, according to state media.
Iranians are notably less engaged with the country's leadership after a crackdown on anti-regime protests in 2022 and worsening living conditions under western sanctions, with inflation officially at nearly 40 per cent and the currency's value dropping heavily in recent months.
About 61 million Iranians were eligible to cast a ballot, including 3.5 million first-time voters, state-run media outlets said.
A number of reformists boycotted Friday's election, during which authorities twice extended voting hours to keep polling centres open until midnight.
Besides setting laws, key parliamentary functions include approving the government’s budget and international contracts.
All new legislation has to be approved by the Guardian Council, half of whose members are directly appointed by the supreme leader.
In practice, absolute power in Iran rests with Mr Khamenei.
The ballot takes time to count as authorities in Iran tally votes manually.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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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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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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