Former Iranian president Mahmoud Ahmadinejad registers his candidacy for the presidential election at the Interior Ministry in Tehran. EPA
Former Iranian president Mahmoud Ahmadinejad registers his candidacy for the presidential election at the Interior Ministry in Tehran. EPA
Former Iranian president Mahmoud Ahmadinejad registers his candidacy for the presidential election at the Interior Ministry in Tehran. EPA
Former Iranian president Mahmoud Ahmadinejad registers his candidacy for the presidential election at the Interior Ministry in Tehran. EPA

Former Iranian president Mahmoud Ahmadinejad to run in presidential election


Holly Johnston
  • English
  • Arabic

Iran's former president Mahmoud Ahmadinejad will run again for the presidency in the June 28 elections, state media announced on Sunday.

He was filmed registering his candidacy at the Interior Ministry in Tehran, pledging to bolster Iran's economy in a video shown on state television.

The elections were announced following the death of President Ebrahim Raisi in a helicopter crash on May 19.

Foreign Minister Hossein Amirabdollahian and several other officials were killed in the crash in north-western Iran as they returned from the Azerbaijan border.

“My most important motivation is to focus on solving economic problems,” Mr Ahmadinejad said in a speech aired by state TV.

Mr Ahmadinejad is regarded as a hardliner and was sanctioned by the US last year over the detention of American citizens, held for years in Tehran's Evin prison.

During his time in office, he was criticised for human rights abuses, economic policies which weakened the Iranian rial and stunted economic growth, and alleged involvement in the assassination of an exiled Kurdish politician.

He also accelerated Tehran's nuclear programme and hinted at building a nuclear weapon.

His re-election in 2009, viewed by opponents as rigged, prompted the Green Movement protests which at the time were the largest in Iran's history. Hundreds of people were arrested by security forces.

Former parliament speaker Ali Larijani, regarded as a moderate aligned with the former reformist president Hassan Rouhani, is also running.

The final list of candidates is to be decided by the Guardian Council, which is appointed by supreme leader Ayatollah Ali Khamenei.

Masoud Zaribafan, who served as vice president under Mr Ahmadinejad, has also registered, alongside eight others, including Tehran mayor Alireza Zakani and Vahid Haghanian, a former Islamic Revolutionary Guard Corps (IRGC) commander and close aide to Mr Khamenei.

Hardliner Zohreh Elahian has also registered to run and would be the first women to run for president, if approved by the council.

The EU and Canada imposed sanctions on her for the crackdown on protesters, hundreds of whom were killed in demonstrations following the death of Mahsa Amini in September 2022.

Both Mr Larijani and Mr Ahmadinejad were barred by the council from running in previous elections, with Mr Khamenei saying Mr Ahmadinejad would polarise Iran.

The former president has criticised Mr Khamenei in the past and called for “free elections.”

The 2021 election, won by Mr Raisi, who was expected to succeed Mr Khamenei as supreme leader, was criticised as a fix.

The council will release a list of approved candidates on June 11.

The elections come months after record low turnout in parliamentary elections, with only 41 per cent of eligible voters casting ballots.

Voter apathy has been compounded by economic issues, worsened by US sanctions, and Tehran's crackdown on anti-regime protesters, including the introduction of harsh laws against women who do not cover their heads in public.

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Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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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Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

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