• Ekrem Imamoglu, Istanbul mayor and the Republican People's Party candidate, after claiming victory in Istanbul, Turkey. AFP
    Ekrem Imamoglu, Istanbul mayor and the Republican People's Party candidate, after claiming victory in Istanbul, Turkey. AFP
  • Mr Imamoglu addresses his supporters in front of the Istanbul Metropolitan Municipality in Istanbul, Turkey. Reuters
    Mr Imamoglu addresses his supporters in front of the Istanbul Metropolitan Municipality in Istanbul, Turkey. Reuters
  • Opposition Republican People's Party supporters celebrate outside the main municipality building following municipal elections across Turkey, in Istanbul. AFP
    Opposition Republican People's Party supporters celebrate outside the main municipality building following municipal elections across Turkey, in Istanbul. AFP
  • Turkey's main opposition party claimed big election victories in the main cities of Istanbul and Ankara. AFP
    Turkey's main opposition party claimed big election victories in the main cities of Istanbul and Ankara. AFP
  • Mr Imamoglu's supporters celebrate the closing of the polls in the local elections in Istanbul, Turkey. EPA
    Mr Imamoglu's supporters celebrate the closing of the polls in the local elections in Istanbul, Turkey. EPA
  • Turkish President and leader of Justice and Development Party Recep Tayyip Erdogan with his wife Emine Erdogan after the local elections in Ankara. AFP
    Turkish President and leader of Justice and Development Party Recep Tayyip Erdogan with his wife Emine Erdogan after the local elections in Ankara. AFP
  • Supporters of Justice and Development Party cheer as Mr Erdogan delivers a speech after the elections, in Ankara. AFP
    Supporters of Justice and Development Party cheer as Mr Erdogan delivers a speech after the elections, in Ankara. AFP
  • Ankara's Mayor and Republican People's Party candidate Mansur Yavas, waves to supporters in Ankara. AFP
    Ankara's Mayor and Republican People's Party candidate Mansur Yavas, waves to supporters in Ankara. AFP
  • A man holds a portrait of Mr Yavas in Ankara. AFP
    A man holds a portrait of Mr Yavas in Ankara. AFP
  • Supporters of Mr Yavas listen to his victory speech in Ankara, Turkey. AFP
    Supporters of Mr Yavas listen to his victory speech in Ankara, Turkey. AFP

Turkey local elections: President Erdogan accepts defeat in 'turning point'


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  • Arabic

Opposition mayors in Istanbul and Ankara claimed victory in Turkey's local elections on Sunday, delivering a surprise election defeat to President Recep Tayyip Erdogan.

He later accepted their gains, calling the vote a “turning point”, as his ruling Justice and Development Party (AKP) lost in key battlegrounds Ankara and Istanbul.

With 96 per cent of ballot boxes opened, Istanbul's Republican People's Party (CHP) mayor Ekrem Imamoglu said he had seen off the challenge of Mr Erdogan's candidate by more than one million votes.

“We have won the election,” Mr Imamoglu declared. “Tomorrow is a new spring day for our country.”

Large crowds filled the square outside the Istanbul city headquarters waving Turkish flags and lighting torches to celebrate the result.

The CHP also retained the capital with Mayor Mansur Yavas saying “the elections are over, we will continue to serve Ankara”.

Mr Yavas was leading with 58.6 per cent of the vote against 33.5 per cent for his AKP opponent from 46.4 per cent of ballot boxes opened. The CHP was also ahead in Izmir, Turkey's third city and a party stronghold.

Both Mr Imamoglu and Mr Yavas are members of the pro-secular nationalist Republican People's Party or CHP. Mr Erdogan's AKP lost control of both cities in a surprise victory for the country’s embattled opposition in 2019, which ushered in fresh crackdowns on his opponents, and was followed by Mr Erdogan's re-election as president in 2023.

Sixty-one million people were eligible to vote in the local elections across the country.

The vote was taking place after years of economic gloom, with the country having suffered 70 per cent inflation and a fall in industrial output. But in recent months, the economy has returned to modest growth and youth unemployment dipped around a percentage point to nine per cent last year, significantly below a lot of European countries, but still near double digits.

There were reports of violence in separate incidents across the country, despite the Interior Minister Ali Yerlikaya earlier announcing that 594,000 security personnel had been posted to ensure the vote goes smoothly.

The state-owned Anadolu reported that armed groups clashed in south-eastern Turkey, with at least one person killed and 11 more injured. It added that another 16 were injured in a clash in Sanliurfa, also in Turkey's restive south-east, where Kurdish separatist groups have a strong presence.

The election was seen as crucial for Mr Erdogan's plans to usher in a new national constitution that would allow him to rule beyond 2028, analysts say.

Observers say many governing party supporters could have chosen not to go to the polls in protest of the economic downturn that has left many struggling to pay for food, utilities and rent.

Mr Imamoglu ran in the poll without the support of some of the parties that helped him to victory in 2019.

Both the pro-Kurdish Peoples’ Equality and Democracy Party and the nationalist IYI Party fielded their own candidates in the race, which risked siphoning away votes from Mr Imamoglu.

A six-party opposition alliance led by CHP disintegrated after it failed to oust Mr Erdogan in last year's election, unable to capitalise on the economic crisis and the government's initially poor response to last year's devastating earthquake that killed more than 53,000 people.

Meanwhile, a new religious-conservative party, the New Welfare Party, or YRP, was appealing to voters who have been disillusioned with Mr Erdogan’s handling of the economy and was expected to draw some votes away from his candidates.

In Turkey's mainly Kurdish-populated south-east, the DEM Party was expected to win many of the municipalities but it's unclear whether it would be allowed to retain them. In previous years, Mr Erdogan’s government removed elected pro-Kurdish mayors from office for alleged links to Kurdish militants and replaced them with state-appointed trustees.

Agencies contributed to this report

The%20specs
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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

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COMPANY%20PROFILE
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Updated: April 01, 2024, 6:35 AM