• Moldova's incumbent President and presidential candidate Maia Sandu casts her ballot at a polling station in the capital Chisinau. Reuters
    Moldova's incumbent President and presidential candidate Maia Sandu casts her ballot at a polling station in the capital Chisinau. Reuters
  • Ms Sandu addresses the media after casting her vote. AFP
    Ms Sandu addresses the media after casting her vote. AFP
  • Presidential candidate Alexandr Stoianoglo with his wife and daughters after voting in Chisinau. EPA
    Presidential candidate Alexandr Stoianoglo with his wife and daughters after voting in Chisinau. EPA
  • Mr Stoianoglo and his wife Tsvetana cast their ballots. EPA
    Mr Stoianoglo and his wife Tsvetana cast their ballots. EPA
  • Mr Stoianoglo speaks to the media after casting his vote. AP
    Mr Stoianoglo speaks to the media after casting his vote. AP
  • Residents wait to vote at a polling station in Costesti, northern Moldova. AFP
    Residents wait to vote at a polling station in Costesti, northern Moldova. AFP
  • Children cast the ballot of a relative at a polling station in Costesti, northern Moldova. AFP
    Children cast the ballot of a relative at a polling station in Costesti, northern Moldova. AFP
  • A voter casts a ballot in Chisinau. Reuters
    A voter casts a ballot in Chisinau. Reuters
  • A child helps a woman to cast her ballot in Chisinau. Reuters
    A child helps a woman to cast her ballot in Chisinau. Reuters

Moldova election: Maia Sandu declares victory


Soraya Ebrahimi
  • English
  • Arabic

Moldova's Maia Sandu has declared victory in the country's presidential election, a result that appears to rubber stamp her plans to steer the former Soviet republic into the EU by the end of the decade.

The President, a former World Bank official, said on Sunday that her successful re-election campaign proved "we can defeat those who wanted to bring us to our knees". She secured had more than 55 per cent of the vote, with preliminary results from 99 per cent of polling stations tallied, the country’s Central Electoral Commission said.

Ms Sandu has claimed victory over rival Alexandr Stoianoglo, a former prosecutor who pledged to maintain strong ties with Russia. The ballot count included a record number of votes from Moldovans living abroad, who strongly supported the President. Authorities on Sunday warned of “massive interference” from Moscow that was intended to disrupt the election.

Ms Sandu, 52, has vowed to press ahead with the aim of joining the EU, as she confronts a fragmented public and fierce resistance from Russia. Voters approved the country’s EU bid in a referendum two weeks ago, albeit by a slim margin. That came after polls showed a consistent majority were in favour of joining the bloc.

Less than a week later, Georgia’s Moscow-aligned ruling party declared victory in a parliamentary vote, leading to condemnation from the opposition, which said the vote was rigged.

French President Emmanuel Macron congratulated Ms Sandu on Sunday, saying her win represented a "triumph for democracy". "France will continue to stand beside Moldova on the country's European path," Mr Macron said on X.

German Chancellor Olaf Scholz also congratulated Ms Sandu, who he said "has steered the Republic of Moldova safely through difficult times and set the country on a European course. We stand by Moldova's side".

Moldova' President Maia Sandu says her election win shows 'we can defeat those who wanted to bring us to our knees'. Reuters
Moldova' President Maia Sandu says her election win shows 'we can defeat those who wanted to bring us to our knees'. Reuters

The future of Moldova, a poor agricultural nation of a population of less than three million, has been in the spotlight since Russia began its invasion of neighbouring Ukraine in 2022.

Moldova began EU accession talks this year after securing candidacy status alongside Ukraine in 2022. Ms Sandu’s government has pledged to overhaul the nation’s justice system and bolster the economy to become a member by 2030.

But Russia, which held a strong influence over Moldova’s energy resources and political system in the more than three decades since the collapse of the Soviet Union, has sought to thwart the country’s path. With the US and EU accusing Moscow of meddling in the election, the chief Moldovan negotiator with the bloc last month said Moscow spent about €100 million ($109 million) trying to disrupt the vote.

A Harvard-educated economist, Ms Sandu took office in 2020 after promising integration with Europe. She will become the country’s first head of state to be elected to a second term in a popular vote. Vladimir Voronin secured a second term in 2005, although that came under a previous system in which the president was elected by parliament.

Presidential election candidate Alexandr Stoianoglo aimed to strengthen ties with Russia. EPA
Presidential election candidate Alexandr Stoianoglo aimed to strengthen ties with Russia. EPA

The results will set the tone for parliamentary elections next year, when Ms Sandu's Party of Action and Solidarity may struggle to retain its majority. "Today is a crucial day for us … we go in one direction or the other. We didn't have such an important day in the last 30 years," said Mihai David, 58, who voted in the capital, Chisinau.

Mr Stoianoglo's stance on relations with Russia and the West contrasted with Ms Sandu's four years in power, during which Moldova's ties with Moscow have unravelled, Russian diplomats have been expelled and she has condemned the invasion of Ukraine. Moscow has called her government "Russophobic".

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The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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UAE currency: the story behind the money in your pockets

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: November 04, 2024, 8:46 AM