Tunisians rally in support of President Kais Saied in Tunis last week. Reuters
Tunisians rally in support of President Kais Saied in Tunis last week. Reuters
Tunisians rally in support of President Kais Saied in Tunis last week. Reuters
Tunisians rally in support of President Kais Saied in Tunis last week. Reuters


Kais Saied's narrow window of opportunity


  • English
  • Arabic

October 12, 2021

When Tunisian President Kais Saied dismissed the country's prime minister and closed the Parliament, he said he was doing so to "restore social peace and save the state”. He was addressing a series of crises that had been plaguing the Arab uprisings’ success story.

At the time of Hichem Mechichi’s dismissal as prime minister, Tunisia had less than 7 per cent of its public vaccinated against Covid-19, the economy was in shambles, there was widespread government corruption, and major cities were being rocked by mass protests. A few weeks later, from mid-August through early September, Zogby Research Services (ZRS) conducted a survey of 1,551 Tunisian adults to examine their attitudes about satisfaction with their lives and optimism for the future, their most important priorities for their country and approval of the government’s handling of those concerns, the current crisis of governance, and the way forward.

What we found was that Tunisians are dissatisfied with their current situation (more say they are worse off now than they were five years ago) and pessimistic that their lives will get better in the next five years. Maybe the most telling expression of this deep dissatisfaction is the fact that 71 per cent of Tunisians say that life was better before the 2010 uprising.

Tunisians clearly blame Mr Mechichi’s government and Rachid Ghannouchi, the former speaker of the Parliament, for this state of affairs. They give the government extremely low scores for its handling of what respondents say are the three top issues facing the country: controlling the pandemic (a performance rating of 22 per cent positive), the economy (only 13 per cent positive rating), and ending corruption (22 per cent positive rating).

Opinion is divided down the middle on Mr Saied’s subsequent actions. When asked to recommend the way forward, an overwhelming majority of Tunisians say that they want the constitution and the election law amended and early elections. They do not want to restore the system as it was. And they lean towards a presidential system instead of a parliamentary system.

ZRS has been polling in Tunisia since 2011 and a look back at findings shows how opinion has changed during the past decade.

Back in 2011, shortly after the uprising, 54 per cent of Tunisians said they were confident that the country was on the right track; the remaining 46 per cent simply said they weren’t sure because it was too early to tell. By 2013, when we asked Tunisians to look back and tell us how hopeful they had been in 2011, 83 per cent said they had been hopeful. But in that same 2013 poll, only 39 per cent said they were still hopeful, with 55 per cent saying they were disappointed. Opinion had soured with only 27 per cent saying the country was on the right track (with 64 per cent saying it was on the wrong track).

Because there is a vibrant democratic culture in Tunisia, public opinion can be quite volatile

This decline in satisfaction was due to the fact that the Ennahda party, which was leading the government at that time, was seen as having been ineffective in addressing all of the major issues facing the country. Two-thirds of respondents gave the government poor scores in dealing with the economy, protecting personal and civil rights, fighting extremism and stopping corruption. As a result, only 28 per cent said they had confidence in Ennahda. It is important to note that Tunisians have little confidence in all of the country's political parties and the Parliament. Unlike the situation in Egypt, where the objection to the Muslim Brotherhood-led government of Mohammed Morsi was based on concern with its ideologically driven agenda, Tunisian frustration with Ennahda in 2013 and now appears to be driven by its failure to govern competently and deliver on the promises of the uprising.

After several governments rose and fell over the next five years, by 2018 only 20 per cent of Tunisians said the country was on the right track and only 21 per cent said they were better off than they had been five years earlier. And only 25 per cent had any confidence in the Parliament as an institution.

In 2019, in the midst of presidential and parliamentary elections, we witnessed an upward movement in Tunisians’ optimism. For the first time since 2011, more than 50 per cent of Tunisians said they were optimistic about the future. But that optimism collapsed by 2021 owing largely to the government’s failure to address the pandemic, the economy and corruption.

Hichem Mechichi was dismissed as Tunisia's prime minister in July. EPA
Hichem Mechichi was dismissed as Tunisia's prime minister in July. EPA

What comes through quite clearly from our past decade of polling in Tunisia is that precisely because there is a vibrant democratic culture in the country, public opinion can be quite volatile.

Tunisians are deeply dissatisfied with the failure of the Mechichi government and its inability to address what overwhelming majorities say are the most pressing issues facing the country. While it appears that Tunisians are not of one mind on to how to move forward toward securing their future, there appears to be strong consensus in the public’s desire to have both the election law and the constitution amended and then to hold early elections.

While the public appears to have more confidence in the president than they do in the speaker or the prime minister, Mr Saied should recognise that he doesn’t have much time to deliver both on structural change and meeting the basic unmet needs of a deeply divided and restless polity.

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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.”

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith  

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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”.

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Indoor Cricket World Cup

Venue Insportz, Dubai, September 16-23

UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

UAE currency: the story behind the money in your pockets
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ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

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Scores

Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia

UAE currency: the story behind the money in your pockets
Key developments

All times UTC 4

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

Updated: October 12, 2021, 4:00 AM