South Africa election: ruling ANC facing key challenge as voters head to polls

South Africans have begun voting in an election that could upset the political order in the country, dominated by the African National Congress, the party of Nelson Mandela, which has ruled since the end of apartheid in 1994.

Security forces were preparing for potential disorder, including attempts to disrupt the polling. Voters will elect assemblies in nine new provincial legislatures, after which the new national parliament will choose the next president.

The country was brought to a standstill by rioting in 2021 following the arrest of former president and ex-ANC head Jacob Zuma, who was charged with corruption relating to a $2.5 billion arms deal.

If the ANC wins less than 50 per cent of the national vote, it will have to seek one or more coalition partners to govern, forming what would the first such alliance in its 30 years in power.

Polling stations opened at 5am GMT and will close at 7pm, with more than 27 million people registered to vote out of a population of about 62 million.

South Africa's electoral commission is expected to start releasing partial results within hours of voting stations closing. The commission has seven days to announce final results.

The ANC has won every vote since the end of white-minority rule in 1994 but its support slipped from a peak of almost 70 per cent in 2004 to 57.5 per cent in 2019 and most opinion polls suggest the party could lose its parliamentary majority for the first time.

While the ANC has dismissed the surveys, there is widespread disgruntlement over a 33 per cent unemployment rate, one of the world’s highest crime rates and the collapse of government services across much of the country. Inequality is soaring across the country, which has also been grappling with a severe energy crisis, with prolonged power cuts last summer.

Many analysts estimate the ANC may stay above 45 per cent. That would allow it to retain power by forming an alliance with at least one smaller party and exclude its main rivals – particularly Zuma’s uMkhonto weSizwe Party and the radical leftist Economic Freedom Fighters, which have both pledged to nationalise land and mines and would seek major concessions on policy and appointments.

It is thought it would also omit the business-friendly Democratic Alliance, currently the main opposition.

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What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

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.”