Israelis voted on Tuesday in their country’s fourth election in two years, with exit polls showing Prime Minister Benjamin Netanyahu may have a chance to form a coalition and stay in power.
The three TV polls showed Mr Netanyahu’s Likud party winning between 31 and 33 seats, although weeks of uncertainty are expected before a government is formed and a fifth election cannot be ruled out.
“I call on everyone to go out of your homes and realise the democratic right to vote,” he said earlier on Tuesday as he cast his ballot in Jerusalem.
Turnout was lower than last March and reached 60.9 per cent at 8pm, the Central Elections Committee said, hinting at voter apathy after three elections in swift succession.
Mr Netanyahu’s popularity has endured despite corruption charges. He appeared in court last month where he denied wrongdoing in three cases.
Jerusalem coffee shop owner Brandon Treger described the premier as “a phenomenal manager of this country”.
Mr Netanyahu has overseen an aggressive vaccination drive in which more than 55 per cent of Israelis have received one dose, allowing the country’s economy to reopen.
But his government has come under criticism from rights groups for providing vaccines to only about 2 per cent of the Palestinian population in Gaza and the West Bank.
“I think his management’s really good but I don’t trust Netanyahu with absolute power. I want him to have good partners,” said Mr Treger, 50, without saying for whom he voted.
The Likud leader will need the support of smaller parties if he is to gain a 61-seat majority in Parliament.
Mr Netanyahu would have to rely once again on religious and right-wing parties, with the possible inclusion of the far-right Religious Zionism alliance.
Led by Bezalel Smotrich, the alliance is forecast to gain six or seven seats, according to exit polls.
Such a result would hand a parliamentary seat to lawyer Itamar Ben-Gvir, who is widely seen as a disciple of the late ultra-nationalist rabbi Meir Kahane.
Mr Treger said he was personally acquainted with Mr Ben-Gvir who “doesn’t talk hatred of anybody”.
Mr Netanyahu has governed since 2009 and has styled himself as the ultimate statesman, steering Israel to four normalisation deals with Arab nations last year and describing himself as a firm friend of former US president Donald Trump.
Likud has well outperformed its closest opponent, the Yesh Atid party led by Yair Lapid, which is forecast to win 16 to 18 seats.
Running under a “sanity” campaign slogan, the former finance minister said on Tuesday that he was the alternative to a “racist, homophobic, Orthodox, extremist government”.
Mr Lapid has won the support of voter Judith Ovadia, who said she was dissatisfied with Mr Netanyahu’s leadership.
“I want Yair Lapid, because he’s very honest and all the time, what he says is what he does and he never changes his mind,” said Ms Ovadia, 69, who was visiting Jerusalem from the northern city of Haifa.
One of her companions voted for Mr Netanyahu while another had switched from the premier to Naftali Bennett of the right-wing Yamina party.
“I think Netanyahu on the whole is a very good prime minister for us, he represents us well all over the world," the Yamina voter said.
"But many people want a change. They might not even know who to vote for, they just want someone different."
While exit polls show the premier may be able to reach a majority, it remains unclear whether parties from across the political spectrum who oppose his rule would be able to form their own coalitions.
The Arab-led Joint List, which gained 15 seats in last year’s election, is due to win eight, exit polls show, having been hindered by the Ra’am party’s decision to run on its own ticket.
The split came after Ra’am leader Mansour Abbas suggested he would be willing to co-operate with Mr Netanyahu, a controversial position for the Joint List, which has vowed to stand in opposition.
But Mr Abbas’s gamble appears to have backfired, with exit polls suggesting Ra’am would fail to pass the electoral threshold.
If confirmed by the final tally, the results would significantly diminish the voice of the Arab-Israeli community in Parliament.
Benny Gantz, who rose to prominence before Israel’s third election as Mr Netanyahu’s top challenger, appeared to have fared slightly better than expected.
Leader of the Blue and White alliance, which exit polls put at seven to eight seats, Mr Gantz saw his popularity fall after he broke an election pledge not to govern alongside Mr Netanyahu.
In May, the political rivals formed a coalition that was beset with mistrust and infighting, lasting seven months before collapsing when the government failed to pass a budget.
After two years of political turmoil, Israelis may have to wait weeks to find out if legislators are able to form a stable government.
Following the exit polls, it could take days for the final results to be known, with coronavirus measures slowing down the count and a large number of absentee ballots.
Consultations will follow between party leaders and President Reuven Rivlin, who will authorise a candidate to form a coalition.
A fifth round of elections will be scheduled if no candidate is able to get a government together by early July.
Speaking at a Jerusalem polling station, Mr Rivlin warned that the spate of elections “erode public trust in the democratic process”.
“I am voting today for the last time as president, but above all, I do so as a concerned citizen. Very concerned,” he said.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info:
Leicester City 1
Ghezzal (63')
Liverpool 2
Mane (10'), Firmino (45')
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
ITU Abu Dhabi World Triathlon
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
Killing of Qassem Suleimani
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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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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