Iran has been in the throes of a presidential election campaign since Sunday, when the Guardian Council announced the final slate of candidates to run for the second-highest office in the land.
The Guardian Council, a panel of jurists and clerics appointed by Iran’s supreme leader, Ayatollah Ali Khamenei, decides who is allowed to contest in any of the country’s elections. Of the more than 80 current or former regime officials who applied to run, only six have been given the green light.
As expected, most of the approved candidates are conservative hardliners, with the top contenders being Parliament Speaker Mohammad Baqer Qalibaf and former national security adviser Saeed Jalili. Surprisingly however, Masoud Pezeshkian, the only reformist candidate in the shortlist, has quickly garnered support and now counts as a serious contender, even if he has a steep hill to climb.
A physician and an MP from the north-western city of Tabriz, Dr Pezeshkian has qualities that will surely appeal to many voters.
He has no serious corruption charges against him or his family. He can point to the fact that, as a heart surgeon, he would make a lot more money if he were to quit politics and return to private practice. He is also respected as a single parent who raised his children on his own after his wife died in an accident.
Dr Pezeshkian has political and administrative experience, having served under former president Mohammad Khatami as health minister more than two decades ago. Since 2008, he has stood out as a reformist MP in a conservative-dominated Parliament.
In the June 28 election, the soon-to-be septuagenarian will hope to get a sizeable number of votes from the country’s minority groups. He is of Azeri-Turkic heritage, as are about 15 million fellow Iranians, and was born to a Kurdish mother in the Kurdish-majority city of Mahabad and speaks the language.
The big question is, can he help revive Iran’s moribund reformist movement?
Eslahtalaban, as the movement is called, is nominally one of two informal schools that make up the official politics of the Islamic Republic (the other is Osoolgerayan, which consists of conservative “principlists”). But in recent years, the reformists have been driven out of almost every position of power, with the Guardian Council having barred them from most elections.
In 2009, Eslahtalaban held demonstrations to challenge the re-election of the then president, Mahmoud Ahmadinejad. It was a seminal moment in national politics, for that is when Mr Khamenei shed the public position of non-partisanship and openly backed Mr Ahmadinejad, a conservative. Iran’s security apparatus then violently cracked down on the movement, following which the main reformist parties were banned and several leaders were put on sham trials and sentenced to years in prison.
The movement has yet to recover from that blow. It hasn’t held the presidency since Mr Khatami stepped down in 2005 after two full terms, with its candidates repeatedly barred from running for office. What it has managed to do is survive and remain politically relevant. Rather than call for the overthrow of the regime, it has backed moderate candidates such as Hassan Rouhani, another two-term former president.
In recent years, however, the Guardian Council has outdone itself, primarily by disqualifying reformist candidates aiming to run for Parliament. This has spurred many within the movement to boycott the last two parliamentary elections.
In 2021, the Council barred the candidacy of all reformists except one, former central bank governor Abdolnaser Hemmati, who wasn’t considered a strong candidate. Mr Hemmati, though, finished third and garnered 8.5 per cent of the vote. Interestingly, one of the candidates to have been barred then was Dr Pezeshkian.
That he has been allowed to run for president a mere two years later could be a ploy on the part of the regime's efforts to get out the vote.
The uncompetitive 2021 presidential election helped Mr Khamenei put his trusted candidate, Ebrahim Raisi, in power. But the regime’s support base narrowed down considerably and for the first time in a presidential election held since 1979, a majority of voters stayed home. Lacklustre turnout was also a theme during the 2020 and 2024 parliamentary elections, and something needed to be done about it.
It could be the case Mr Khamenei has calculated that Dr Pezeshkian is not strong enough to win the election but might generate enthusiasm among the reformist base enough to raise the overall voter turnout to above 50 per cent once again.
Dr Pezeshkian has already secured the resolute support of the Iranian Reformist Front, which brings together all the major reformist parties. IRF chairwoman Azar Mansouri said: “In this unequal scene, we will work for Dr Pezeshkian’s victory while also pursuing rights of all Iranians, including the right to a free, just and competitive elections.”
To his benefit, he will also be the main choice for centrists since the main moderate candidate, Ali Larijani, was barred from running.
The only other choice for centrist voters is Mostafa Pourmohammadi, who served as cabinet minister under both Mr Ahmadinejad and Mr Rouhani. But as a cleric who has long been associated with the regime’s judicial and security organs, his candidacy comes with baggage and few expect him to win.
Given that, Dr Pezeshkian has secured endorsements from Mr Rouhani’s Moderation and Development Party, as well as from key figures such as former vice president Eshaq Jahangiri and former foreign minister Mohammad Javad Zarif.
But endorsements from elders aren’t enough for Dr Pezeshkian to win. He needs to get out the vote, particularly by inspiring the mostly disillusioned citizenry. With hundreds of protesters having been killed during demonstrations in recent years, many Iranians have lost all hope in change.
The heart surgeon’s campaign has, so far, failed to tug at their heartstrings. In his first televised interview on Monday, he pledged to follow “the general policies set by the supreme leader” – not exactly a rousing call to those who need the motivation to cast their ballot.
Many of his supporters expressed their disappointment after watching the interview, including an IRF spokesperson who urged Dr Pezeshkian to “use a rhetoric in line with the expectations of the majority who are critical of the status quo”. He still has a chance to make amends in the upcoming televised debates.
Dr Pezeshkian’s chances of becoming the next president remain dim. Nonetheless, the very fact that he has been allowed to run has given some hope to Iran’s reformists. For a movement that’s been out of power for almost two decades, it’s not nothing.
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The five pillars of Islam
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia