Former Iranian president Akbar Hashemi Rafsanjani waves to media as he registers his candidacy for the upcoming presidential election. Ebrahim Noroozi / AP Photo
Former Iranian president Akbar Hashemi Rafsanjani waves to media as he registers his candidacy for the upcoming presidential election. Ebrahim Noroozi / AP Photo

A family feud looms large over Iran's political future



Campaigning is in full swing for Iran’s February 26 elections for both the parliament and the Council of Experts. They will be conducted amid the euphoria that has followed the nuclear deal with the West, the lifting of sanctions against Iran and the ending of its international isolation.

In a pre-emptive strike to control the results in both houses, the conservative Guardian Council has been exercising its constitutional right to screen applicants on the basis of their “guaranteed allegiance” to the supreme leader, Ali Khamenei. More than 12,000 candidates applied, but the council rejected more than half of them, mostly moderates, liberals and independents.

Among those refused was Hassan Khomeini, grandson of the founder of the Islamic Republic, who is known as a moderate with close ties to president Hassan Rouhani and former president Hashemi Rafsanjani.

Denying Mr Khomeini the right to run has created uproar. Many have accused the supreme leader of being behind the decision. The justification given by the council was that Mr Khomeini does not have enough Islamic clerical knowledge. However, Mr Rafsanjani has pointed out that Mr Khomeini grew up in Jamran near his grandfather, who had nurtured his understanding of Islam from an early age.

Mr Rafsanjani described Mr Khomeini as the closest person to his grandfather in character, knowledge and wisdom.

Mr Khomeini, 43, is a well-known cleric in Qom and he maintains good and close relations with moderate clerics. He is also well known on university campuses among students and young faculty members. This has exposed him to criticism from the hawks of the regime.

Some observers attribute the dispute to envy, noting that Mr Khamenei lacks the charisma, and the theological and intellectual status of the father of the revolution.

Mr Khamenei is said to hate the Khomeini legacy and does not want to see a bright descendant carry on the family line.

Additionally, some sources have suggested Mr Khamenei is suffering from a terminal illness. He and his supporters are keen to ensure that they control the 88-member Council of Experts because it will elect his successor. The council also has the right to supervise the conduct of the supreme leader and dismiss him – although there is no precedent for an impeachment.

Mr Rouhani is held in high regard in Iran for his role in the nuclear deal. He objects to discrimination against candidates on the basis of their political leanings. He has said that there is no reason for elections if there is no competition.

But the election is not just about a tussle between conservatives and liberals. There is a struggle within the conservative camp between the hawks, who refuse to deal with the new dynamics of change to preserve their status and privileges, and the more moderate faction, who are open to the winds of change if they can handle matters on their terms.

Some right-wing mullahs favour economic reform while still preserving the state's Islamic ideology. The “soft” conservatives are speaking out openly for broader economic and political change, taking into account the aspirations of Iranian youth, who make up 65 per cent of the population.

Young people are demanding jobs, housing, good universities, travel opportunities and personal freedoms. Many people in the West, including US president Barack Obama, are banking on change in Iran.

They believe that the opportunity to trade with the West will lead to a moderation in Tehran’s domestic and foreign policies. There have been comparisons with Cuba, but the situation in Iran is different and more complex.

Change in Iran will only come slowly. Both houses of parliament are currently controlled by extreme right-wingers. We’ll have to wait until the elections are over to see if that changes.

Maha Samara is a journalist in Beirut

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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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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Rating: 4.5/5

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Director: Sam Raimi

 

Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams

 

Rating: 3/5

 
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)

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

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On the menu

First course

▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water  

▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle

Second course

▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo

▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa

Third course

▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro

▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis

Dessert

▶ Lumi Black lemon ice cream, pistachio, pomegranate

▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream