Iran's Supreme Leader Ayatollah Ali Khamenei leaves the polling station after casting his vote to elect a new president at his office in Tehran.
Iran's Supreme Leader Ayatollah Ali Khamenei leaves the polling station after casting his vote to elect a new president at his office in Tehran.

Questions surround supreme leader



With many convinced that President Mahmoud Ahmadinejad's hotly disputed landslide victory was an electoral coup, attention is focusing on the role played by Iran's enigmatic supreme leader, Ayatollah Ali Khamenei.

Did he willingly authorise the president's allegedly fraudulent election or was he pressed into making his glowing endorsement of Mr Ahmadinejad's tainted triumph? It is impossible to know, given the secrecy that envelops deliberations within the highest echelons of Iran's power structure. Yet it is clear that the campaign's contested outcome is generating a power struggle within Iran's divided leadership that could have more far-reaching repercussions than any turmoil on the streets. The state appears confident that it can contain any popular unrest by furious supporters of Mr Ahmadinejad's nominally defeated reformist rival, Mir Hossein Mousavi.

However, if the election was fraudulent, "it stores up trouble for the regime, leaving it temporarily stronger but weaker long-term as it has lost another opportunity to evolve peacefully", said a western former diplomat who served in Tehran. The most obvious theory is that Ayatollah Khamenei knows allegations of a rigged election are highly damaging to the Islamic system, but feared victory by a moderate candidate even more. Therefore, firmly in control, the supreme leader backed the alleged electoral coup. After all, he had consistently given his tacit support to Mr Ahmadinejad, a loyal if turbulent lieutenant, throughout the president's campaign. Both men share a deep suspicion of the West and a hardline stance on the nuclear dispute.

"In retrospect, it looks like the entire campaign was a show, in the sense that Ayatollah Khamenei was never going to let Ahmadinejad lose," Karim Sadjadpour, an Iran expert at the Carnegie Endowment for International Peace, wrote in a web briefing. But there are also intriguing suggestions the supreme leader's hand was forced. Fuelling such suspicions is that his message hailing the "divine blessing" of Mr Ahmadinejad's re-election was read to the media and not delivered in his own voice.

Ayatollah Khamenei has always been acutely aware that he never enjoyed the political and religious authority of Ayatollah Khomeini, his towering predecessor who led the 1979 Islamic Revolution. For that reason, Ayatollah Khamenei has craved legitimacy for himself and the system, viewing elections as the key to popular endorsement - even if his own position is not an elected one. Therefore, some analysts argue, he would not have allowed the legitimacy of the Islamic system to be undermined by an apparently sham election unless he was forced. They add that Ayatollah Khamenei does not enjoy the position of strength normally attributed to him - and that his power has been curtailed by the machinations of his supposedly subordinate president.

According to this theory, Mr Ahmadinejad, together with former and current members of the Revolutionary Guards and security forces - on whom he has lavished positions of political and economic influence - have seized real power, with the supreme leader reduced to a ceremonial figurehead. Writing in MideastAnalysis.com, Gordon Robison outlined several possible scenarios, one being that "Ahmadinejad and the security services have taken over. The supreme leader has been preserved as a figurehead, but the structures of clerical rule have effectively been gutted and are being replaced by a National Security State."

Mr Ahmadinejad and his colleagues, young revolutionaries in 1979 and now middle-aged, have developed careers in the Revolutionary Guards and other security services. "They may be committed to the Islamic Republic as a concept, but they are not part of its clerical aristocracy and are now moving to push the clerics into an essentially ceremonial role," Mr Robison wrote. Mr Ahmadinejad demonstrated his confidence in challenging powerful sections of the clerical and political old guard during his election campaign with vitriolic accusations of corruption campaign against Akbar Hashemi Rafsanjani, a former president. But Mr Ahmadinejad also dared to lash out against key aides of Ayatollah Khamenei.

The president's election was "in effect a coup using electoral machinery against not just the reformists but also the conservative and centrist factions and powerful individuals, clerical and non-clerical, who opposed Ahmadinejad", said the western former diplomat. Will Mr Ahmadinejad's still powerful if wrong-footed opponents take up Mr Ahmadinejad's gauntlet? They cannot rely on Ayatollah Khamenei, who ignored plaintive pleas from Mr Mousavi to intervene after the disputed official election results were released.

"Their only option [now] seems to be to directly challenge - or threaten to challenge - the supreme leader," said Trita Parsi, president of the National Iranian American Council. "Here's where the powerful chairman of the Assembly of Experts - Mousavi supporter Akbar Hashemi Rafsanjani - comes in." The Assembly is an elected body of 86 Islamic scholars charged with electing and supervising the supreme leader, whom it can also dismiss. The assembly has never sacked a sitting supreme leader, nor has it been known to challenge one.

"Only this assembly has the formal authority to call for Khamenei's dismissal, and it is now widely assumed that Rafsanjani is quietly assessing whether he has the votes to do so or not," Mr Parsi said. But many doubt Mr Rafsanjani has the muscle to risk such a course - and insist that Ayatollah Khamenei's authority should not be underestimated. "Rafsanjani doesn't have the battalions at the moment," said one Iran expert, who requested anonymity. "And what would the military do? After all, Khamenei has appointed all these people [military leaders] and can dismiss them. He has a very large organisation of his own - he is not a constitutional monarch who can be isolated."Meanwhile, Gary Sick, an Iran expert at New York's Columbia University, has catalogued the suspicious sequence of events that started on Friday afternoon. Together, they give the impression of a "well-orchestrated strike [by the ruling elite] intended to take its opponents by surprise - the classic definition of a coup", he wrote on his blog (http://garysick.tumblr.com).

"Curiously, this was not a coup of an outside group against the ruling elite; it was a coup of the ruling elite against its own people." Mr Sick added: "The willingness of the regime simply to ignore reality and fabricate election results without the slightest effort to conceal the fraud represents a historic shift in Iran's Islamic Revolution ? At the same time they have provided an invaluable gift to their enemies abroad."

mtheodoulou@thenational.ae

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

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.”

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

COMPANY PROFILE

Company name: Terra
Started: 2021
Based: Dubai
Founder: Hussam Zammar
Sector: Mobility
Investment stage: Pre-seed funding of $1 million

 

 

 

When Umm Kulthum performed in Abu Dhabi

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Hotel Data Cloud profile

Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5


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