• Former Malaysian prime minister Tun Abdul Razak Hussein formed a huge parliamentary coalition that co-opted opposition parties in pursuit of national unity. Getty Images
    Former Malaysian prime minister Tun Abdul Razak Hussein formed a huge parliamentary coalition that co-opted opposition parties in pursuit of national unity. Getty Images
  • Tun Abdul Razak, then Malaya's deputy prime minister and defence minister, exchanges gifts with then US president John F Kennedy in the White House, Washington. Alamy
    Tun Abdul Razak, then Malaya's deputy prime minister and defence minister, exchanges gifts with then US president John F Kennedy in the White House, Washington. Alamy
  • Tun Abdul Razak, second right, poses for pictures with ministerial representatives from the Philippines, Indonesia, Thailand and Singapore in Bangkok during the creation of the Association of South-East Asian Nations in 1967. AFP
    Tun Abdul Razak, second right, poses for pictures with ministerial representatives from the Philippines, Indonesia, Thailand and Singapore in Bangkok during the creation of the Association of South-East Asian Nations in 1967. AFP
  • Tun Abdul Razak, centre, meets Shah Mohammed Reza Pahlevi during his visit to Iran in 1968. AP Photo
    Tun Abdul Razak, centre, meets Shah Mohammed Reza Pahlevi during his visit to Iran in 1968. AP Photo
  • Tun Abdul Razak with then French president Georges Pompidou during a meeting at the Elysee Palace, Paris in 1971. Getty Images
    Tun Abdul Razak with then French president Georges Pompidou during a meeting at the Elysee Palace, Paris in 1971. Getty Images
  • Tun Abdul Razak, by now Malaysia's prime minister, meets then chairman Mao Zedong of China in 1974. Getty Images
    Tun Abdul Razak, by now Malaysia's prime minister, meets then chairman Mao Zedong of China in 1974. Getty Images
  • Tun Abdul Razak is awarded the Most Honorable Order of the Crown of Brunei at Istana Tetamu in Kuala Lumpur in 1975. Getty Images
    Tun Abdul Razak is awarded the Most Honorable Order of the Crown of Brunei at Istana Tetamu in Kuala Lumpur in 1975. Getty Images
  • Tun Abdul Razak's funeral procession outside Parliament House, Kuala Lumpur in 1976. Tun Razak died in London while undergoing treatment for chronic leukaemia. AP Photo
    Tun Abdul Razak's funeral procession outside Parliament House, Kuala Lumpur in 1976. Tun Razak died in London while undergoing treatment for chronic leukaemia. AP Photo
  • Pall bearers carry Tun Abdul Razak's casket to the police hearse at Subang International Airport, Kuala Lumpur, upon arrival from UK in 1976. Tun Razak died at the age of 53. AP Photo
    Pall bearers carry Tun Abdul Razak's casket to the police hearse at Subang International Airport, Kuala Lumpur, upon arrival from UK in 1976. Tun Razak died at the age of 53. AP Photo

Legacy of Tun Razak, saviour of Malaysia’s political system, endures


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In the 1960s and 70s, it wasn't just the "domino effect" of communism that threatened the countries of South-East Asia. Autocrats were seizing power and overthrowing or reducing democracies to a shell all over the region: Ne Win in 1962 in Burma, Suharto in 1967 in Indonesia, Lon Nol in Cambodia in 1970 and Ferdinand Marcos in the Philippines in 1972.

In Malaysia, parliamentary democracy was suspended in 1969, after the opposition did unprecedentedly well against the Malay-dominated governing coalition, leading to the May 13 race riots between ethnic Malay and Chinese that left hundreds dead. And all of this against the backdrop of an ongoing armed communist insurgency.

A state of emergency was declared, and a National Operations Council with supreme powers was set up to rule the country, headed by the long-serving deputy prime minister, Tun Abdul Razak Hussein, who became prime minister the following year.

And then, something extraordinary happened. In February 1971, 50 years ago last month, Tun Razak gave up his powers and reconvened Parliament. As his eldest son, the prime minister at the time, Najib Razak, said at a seminar in memory of his father in 2016: “Many others in that situation would have held onto those powers. Indeed, his actions went against the grain of many leaders in the world and this region at the time. But Tun Razak was a great democrat. He never wanted to use the powers he wielded – in fact he seemed fearful of them – and as soon as he could he sought to relinquish them.

“By 1971, peace and order had been restored in the country and Tun Razak willingly re-established parliamentary rule. That… saved Malaysia, and it saved Malaysian democracy from the fate that many other developing countries endured.”

Given the knife-edge racial tensions – due partly to the fact that Malays and other indigenous peoples were the majority but only owned three per cent of the country’s wealth in 1970, compared to the 27 per cent owned by the large Chinese ethnic minority – Tun Razak could easily have justified holding onto his autocratic powers. Many advised him to do so.

“There were sections of Umno” – the United Malays National Organisation, which anchored every administration continuously until 2018 – “that wanted the NOC to continue,” Tun Razak’s youngest son, the leading corporate figure and public intellectual Nazir Razak, tells me. “It was much easier to govern that way, and they feared a return to civil disorder.” But Tun Razak wouldn’t hear of it. “My father was a strong democrat,” says Mr Nazir. “He never envisaged a non-democratic Malaysia.”

Tun Razak and his deputy Tun Dr Ismail had a vision to “recalibrate”, as Mr Nazir puts it, the country’s foundations. The “Rukun Negara”, or national principles, were promulgated in 1970, and a New Economic Policy that aimed to reduce racial inequality was launched the following year. Both were supported by a National Consultative Council of 67 people from all sectors of society.

“They really robustly debated the causes, and what was needed to bring back a more stable politics,” says Mr Nazir. Part of the problem, he says, was that the Westminster-style governance structure Malaysia had been bequeathed by the UK “was designed for a homogenous society, not one where people view matters in racial terms. We needed to tweak it. Because it was unfettered racial and religious talk that had led to 1969".

Following a period of tumult, Tun Abdul Razak Hussein and then deputy prime minister Tun Dr Ismail, pictured, recalibrated Malaysia’s foundations. Keystone Pictures USA/Shutterstock
Following a period of tumult, Tun Abdul Razak Hussein and then deputy prime minister Tun Dr Ismail, pictured, recalibrated Malaysia’s foundations. Keystone Pictures USA/Shutterstock
Tun Razak and Tun Dr Ismail died tragically young in office, but both are revered across the political spectrum in Malaysia to this day

Tariq Ismail, grandson of Tun Dr Ismail, says that the aim was to “glue back Malaysia’s fragile multiculturalism". He mentions a quote from his late grandfather’s memoirs: “Why did we fight for Merdeka [independence]? So that the different races can be divided? That can’t be the way, right? I hope the new discussions will start. What Malaysia are we building? What kind of symbol is Malaysia supposed to be?”

Tun Razak went on to form a huge parliamentary coalition that co-opted opposition parties in pursuit of national unity. Both he and Tun Dr Ismail died tragically young in office, but both are revered across the political spectrum in Malaysia to this day, to the extent that the current Prime Minister, Muhyiddin Yassin, ordered a state funeral to be given for Tun Razak’s widow when she died last December.

Their achievements resonate across the decades. Not just because they fought for an inclusive and equitable future for their young nation, and not just because the way they did so provides a model for others to follow. The consultative council is “useful for all countries to consider", according to Mr Nazir. “If the system gets into a jam and is no longer adequate, the kind of structural changes necessary cannot be done by elected representatives with short-term mindsets.”

Former Philippines president Ferdinand Marcos undermined his country's democracy while in power. He was not the only South-East Asian leader to do so. Ted Spiegel / Corbis
Former Philippines president Ferdinand Marcos undermined his country's democracy while in power. He was not the only South-East Asian leader to do so. Ted Spiegel / Corbis

But it is above all the example set by a leader who had untrammelled authority – and who then freely gave it up for something greater. As Tun Razak said: “Unless we restore power to where it properly belongs, and to the people through Parliament, all the struggle for independence, the struggle against communism, all that will have been in vain.”

Elina Noor, my former colleague at Malaysia’s Institute of Strategic and International Studies and now a director at the Asia Society Policy Institute in Washington, sums up Tun Razak’s contribution beautifully: “Perhaps the enduring lesson of that era is that the security of the nation cannot hinge on the insecurity of its leaders; that service to the nation means fidelity to its people and their choices; and that the nation is more than the state.”

Tun Razak is already honoured by being called the country’s “Father of Development”. Younger generations, and not just in Malaysia, should know about the distinguished public servant who may well have saved his nation’s democracy as well.

Sholto Byrnes is an East Asian affairs columnist for The National

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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.”

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club:

1st ODI, Wednesday, April 10

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele
The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Match info

Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

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GROUPS AND FIXTURES

Group A
UAE, Italy, Japan, Spain

Group B
Egypt, Iran, Mexico, Russia

Tuesday
4.15pm
: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000