RABAT // The moderate Islamist Justice and Development Party (PJD) is expected today to be proclaimed the winner of Morocco's parliamentary elections, which would make it the second Islamist party in North Africa - after Tunisia's Ennahda - to win a major election since the start of the Arab Spring in January.
The PJD has won 80 out of the 280 seats that had been decided in the 395-member lower house of parliament, according to partial results announced by the Moroccan interior ministry yesterday. Final results are to be announced today. The turnout was 45.4 per cent, a little more than 8 per cent higher than in the last elections in 2007.
The PJD secretary general, Abdelillah Benkirane, said yesterday that he expected his party to win about 100 seats when all the votes are counted.
Under the new Moroccan constitution, which was passed in July, the party with the most votes in the elections gets to form a new government after consulting with the king. But due to a proportional party representation system, any winning party would be forced to form a coalition government.
The PJD would need to forge a coalition representing 51 per cent of seats - that is 198 - to form a government.
Taoufiq Bouachrine, the publisher of Rabat's Akhbar Al Youm newspaper, said yesterday that the PJD had been expected to win, but not by such a large margin.
The partial results "have surprised everybody. The PJD has got almost double the number of seats of its closest contenders," Mr Bouachrine said in a telephone interview.
Mr Benkirane said his party has always been a proponent of introducing democratic change while preserving the status of the monarchy. "That's what happened today," he told a TV reporter.
"Quite humbly, we're ready to assume responsibility," he added. "We're optimistic, and we hope Moroccans won't be disappointed in us."
The Istiqlal party, which was the first-established party in the country and the winner of the last elections, came in second with 45 seats.
Mr Benkirane is now faced with two challenges. "First, he must forge alliances, and the Koutla [or the Bloc, a three party-coalition that includes the Istiqlal party] is his closest option," Mr Bouachrine noted.
"Second, he will have to negotiate with the palace about sovereign portfolios and sensitive senior posts and the like … This said, if everything goes democratically, Mr Benkirane will be Morocco's next head of government."
Mr Benkirane confirmed yesterday interest in starting talks with the Koutla, but left his party's options open. "PJD never hid its positive vibes towards the Koutla, but that won't prevent us from seeking alliances with other parties," he said on national television.
The National Rally of Independents (RNI), a technocrat-dominated party chaired by the incumbent finance minister, Salaheddine Mezouar, came in third, according to the partial results, with 38 seats.
The Authenticity and Modernity Party (PAM), won 33 seats.
RNI has led the Coalition for Democracy, an eight-party bloc - including PAM - that observers say was forged ahead of the elections to counter the surge of the PJD in popularity.
"The Coalition for Democracy is as good as dead now," Mr Bouachrine said. "The bloc came into existence on the assumption that the RNI will win and easily form a government with allies. It didn't happen. Now they will be moving to the opposition."
Mr Benkirane, who is known for his down-to-earth and sometimes irreverent discourse, has been likened in the media to Turkey's prime minister, Recep Tayyip Erdogan, as their political parties have the same name and have been widely seen to have a similar moderate outlook on the role of religion in politics.
Mr Benkirane has also been compared to the head of Tunisia's Ennahda party, Rached Ghannouchi, whose party won national assembly elections last month.
"I'm no new Erdogan or new Ghannouchi. I'm Benkirane, as I was and still am," Mr Benkirane said this month before the elections.
aelbahi@thenational.ae
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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On sale: Now
Price: From Dh590,000
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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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.”
The Kites
Romain Gary
Penguin Modern Classics
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The Freedom Artist
By Ben Okri (Head of Zeus)
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9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
