Malaysian opposition leader Anwar Ibrahim waves after meeting Malaysia's King, Sultan Abdullah, at the National Palace in Kuala Lumpur on Tuesday. AFP
Malaysian opposition leader Anwar Ibrahim waves after meeting Malaysia's King, Sultan Abdullah, at the National Palace in Kuala Lumpur on Tuesday. AFP
Malaysian opposition leader Anwar Ibrahim waves after meeting Malaysia's King, Sultan Abdullah, at the National Palace in Kuala Lumpur on Tuesday. AFP
Malaysian opposition leader Anwar Ibrahim waves after meeting Malaysia's King, Sultan Abdullah, at the National Palace in Kuala Lumpur on Tuesday. AFP

Reformist leader Anwar Ibrahim sworn in as Malaysian PM


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Malaysia's King has named reformist leader Anwar Ibrahim as the country's next prime minister after last week's elections produced an unprecedented hung parliament.

Mr Anwar was sworn in as PM by the monarch in an official ceremony on Thursday evening.

“The people should not be burdened by endless political turmoil as the country needs a stable government that will boost the economic landscape and national development”, Sultan Abdullah said.

Mr Anwar's opponent, former prime minister Muhyiddin Yassin, refused to accept the result, claiming his bloc had gained a majority of 115 seats in parliament after refusing to join a coalition requested by the king.

Mr Anwar’s Alliance of Hope led Saturday’s election with 82 seats, short of the 112 needed for a majority.

The incoming prime minister, 75, has had a turbulent journey to top office, coming close to the premiership several times.

He spent more than a decade in jail on what he said were politically motivated charges.

Mr Anwar was seen as former prime minister Mahathir Mohamad’s successor back in the 1990s and was expected to replace him after the 2018 election, only for the plans to unravel both times.

Mr Yassin said he would not join him in a coalition government, leaving Sultan Abdullah with no choice but to appoint a new prime minister to break the deadlock.

The former leader, who allied with an Islamist party in Saturday's vote, secured 73 seats with his National Alliance bloc. His party initially said it was willing to enter a coalition with "like-minded parties" but would not join forces with Mr Anwar's more progressive bloc.

  • United Malays National Organisation president Ahmad Zahid Hamidi, centre, arrives at his party's headquarters in Kuala Lumpur, Malaysia. AP
    United Malays National Organisation president Ahmad Zahid Hamidi, centre, arrives at his party's headquarters in Kuala Lumpur, Malaysia. AP
  • Opposition Pakatan Harapan (PH) supporters celebrate at an election event in Subang. Malaysia has its first hung parliament after competing parties failed to win a majority, stoking political uncertainty in an economy on a fragile rebound. Bloomberg
    Opposition Pakatan Harapan (PH) supporters celebrate at an election event in Subang. Malaysia has its first hung parliament after competing parties failed to win a majority, stoking political uncertainty in an economy on a fragile rebound. Bloomberg
  • The country's next government appears to be leaning to the religious right as voters abandoned a coalition of Malay nationalists led by Mr Zahid's party. AFP
    The country's next government appears to be leaning to the religious right as voters abandoned a coalition of Malay nationalists led by Mr Zahid's party. AFP
  • The reformist PH bloc led by opposition leader Anwar Ibrahim, centre, won 82 seats to beat the Malay-centric Perikatan Nasional alliance, led by former prime minister Muhyiddin Yassin, which won 73 seats. AP
    The reformist PH bloc led by opposition leader Anwar Ibrahim, centre, won 82 seats to beat the Malay-centric Perikatan Nasional alliance, led by former prime minister Muhyiddin Yassin, which won 73 seats. AP
  • Mr Muhyiddin leads an alliance that includes the religious Pan-Malaysian Islamic Party led by Abdul Hadi Awang, centre. AFP
    Mr Muhyiddin leads an alliance that includes the religious Pan-Malaysian Islamic Party led by Abdul Hadi Awang, centre. AFP
  • Mr Abdul Hadi's party more than doubled its number of seats to 49 this year, from 18 in 2018. AFP
    Mr Abdul Hadi's party more than doubled its number of seats to 49 this year, from 18 in 2018. AFP
  • Mr Zahid, who is fighting dozens of corruption charges, faces pressure to resign after the UMNO's second drubbing at the polls. AP
    Mr Zahid, who is fighting dozens of corruption charges, faces pressure to resign after the UMNO's second drubbing at the polls. AP
  • The campaign flags of Malaysia's ruling Barisan Nasional coalition, blue, and Mr Anwar's PH, red, in Kuala Lumpur. AP
    The campaign flags of Malaysia's ruling Barisan Nasional coalition, blue, and Mr Anwar's PH, red, in Kuala Lumpur. AP
  • A man casts his ballot at a polling station in Seberang Perai, Penang state. AP
    A man casts his ballot at a polling station in Seberang Perai, Penang state. AP
  • Mr Muhyiddin delivers his speech after the announcement of the results in Subang, Malaysia. AP
    Mr Muhyiddin delivers his speech after the announcement of the results in Subang, Malaysia. AP
  • Mr Muhyiddin shows his inked finger as he casts his ballot at a polling station in Muar, a city in Malaysia's Johor state. AFP
    Mr Muhyiddin shows his inked finger as he casts his ballot at a polling station in Muar, a city in Malaysia's Johor state. AFP
  • Former Malaysia prime minister Mahathir Mohamad casts his vote at a polling station in Kuala Kedah, a district in Malaysia's Kedah state. Mr Mahathir lost in his longtime constituency of Langkawi, his first defeat in 53 years. AFP
    Former Malaysia prime minister Mahathir Mohamad casts his vote at a polling station in Kuala Kedah, a district in Malaysia's Kedah state. Mr Mahathir lost in his longtime constituency of Langkawi, his first defeat in 53 years. AFP
  • Mr Anwar and senior PH leaders celebrate during a press conference in Subang district, Kuala Lumpur. EPA
    Mr Anwar and senior PH leaders celebrate during a press conference in Subang district, Kuala Lumpur. EPA
  • Members of the media watch voting results as they are announced at PH's camp in Subang, Malaysia. Bloomberg
    Members of the media watch voting results as they are announced at PH's camp in Subang, Malaysia. Bloomberg
  • Mr Anwar, centre, insists his alliance won a simple majority. EPA
    Mr Anwar, centre, insists his alliance won a simple majority. EPA

His co-operation with the Malaysian Islamic Party (PAS) stoked fears of division in the multi-ethnic country, with PAS advocating rule based on a strict interpretation of Sharia.

On Wednesday, TikTok said it was on “high alert” and in touch with Malaysian authorities over content related to the elections on its platform. Security was boosted across the country and police urged social media users not to post "provocative content" ahead of the vote.

Mr Anwar “has been seen to be a bridge builder across communities, which will test his leadership moving forward but at the same juncture offers a reassuring hand for the challenges that Malaysia will face”, political expert Bridget Welsh told AFP.

His rule is hoped to usher in a much-needed economic recovery and ease ethnic tension laid bare in the elections at the weekend.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Scoreline

Australia 2-1 Thailand

Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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.”

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UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

Manchester City (0) v Liverpool (3)

Uefa Champions League, quarter-final, second leg

Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD

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Updated: November 24, 2022, 9:57 AM