President Recep Tayyip Erdogan acknowledges supporters at the presidential palace in Ankara. Getty
President Recep Tayyip Erdogan acknowledges supporters at the presidential palace in Ankara. Getty
President Recep Tayyip Erdogan acknowledges supporters at the presidential palace in Ankara. Getty
President Recep Tayyip Erdogan acknowledges supporters at the presidential palace in Ankara. Getty

Turkey elections: Erdogan congratulated by Putin and Zelenskyy after win


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Russian President Vladimir Putin and Ukrainian leader Volodymyr Zelenskyy led the congratulations on Sunday after Turkish President Recep Tayyip Erdogan extended his two-decade rule.

Mr Erdogan's challenger, Kemal Kilicdaroglu, called it “the most unfair election in years” but did not dispute the outcome.

Official results showed he won 47.9 per cent of the votes, compared with Mr Erdogan's 52.1 per cent, pointing to a deeply divided nation.

Mr Erdogan received messages of congratulations from leaders around the globe after Sunday's run-off election.

“The election victory was a natural result of your selfless work as the head of the Republic of Turkey, clear evidence of the support of the Turkish people for your efforts to strengthen state sovereignty and conduct an independent foreign policy,” Mr Putin said in a message to Mr Erdogan.

“We highly appreciate your personal contribution to the strengthening of friendly Russian-Turkish relations and mutually beneficial co-operation in various areas.”

Mr Zelenskyy also sent a message of congratulations on Twitter.

“We count on the further strengthening of the strategic partnership for the good of our countries, as well as the strengthening of co-operation for the security and stability of Europe,” he said.

  • Turkey's President Recep Tayyip Erdogan and his wife Emine casts their ballots in Istanbul in the run-off election on Sunday. AFP
    Turkey's President Recep Tayyip Erdogan and his wife Emine casts their ballots in Istanbul in the run-off election on Sunday. AFP
  • Main opposition alliance presidential candidate Kemal Kilicdaroglu and his wife Selvi arrive to vote at a polling station in Ankara. Getty
    Main opposition alliance presidential candidate Kemal Kilicdaroglu and his wife Selvi arrive to vote at a polling station in Ankara. Getty
  • A woman checks a voting list at a polling station as people wait to vote in Istanbul. AP
    A woman checks a voting list at a polling station as people wait to vote in Istanbul. AP
  • Voters in Turkey returned to the polls on Sunday to decide between Mr Erdogan and Mr Kilicdaroglu. AP
    Voters in Turkey returned to the polls on Sunday to decide between Mr Erdogan and Mr Kilicdaroglu. AP
  • A woman casts her ballot at a polling station in Ankara. EPA
    A woman casts her ballot at a polling station in Ankara. EPA
  • A first election was held on May 14, when none of the candidates exceeded the 50 per cent mark. EPA
    A first election was held on May 14, when none of the candidates exceeded the 50 per cent mark. EPA
  • People leave a polling station in Ankara. Reuters
    People leave a polling station in Ankara. Reuters
  • A woman casts her ballot in Adana. AFP
    A woman casts her ballot in Adana. AFP
  • A woman casts her ballot at a polling station in Ankara. Reuters
    A woman casts her ballot at a polling station in Ankara. Reuters
  • An election representative checks a stamp at a polling station in Istanbul. AP
    An election representative checks a stamp at a polling station in Istanbul. AP
  • A woman votes in Istanbul. AFP
    A woman votes in Istanbul. AFP
  • A woman holds a ballot in Istanbul. Reuters
    A woman holds a ballot in Istanbul. Reuters
  • A man arrives to vote in Ankara. Getty
    A man arrives to vote in Ankara. Getty
  • A ballot slip featuring Mr Erdogan and Mr Kilicdaroglu is seen at a polling station in Ankara. Getty Images
    A ballot slip featuring Mr Erdogan and Mr Kilicdaroglu is seen at a polling station in Ankara. Getty Images
  • A voter in Istanbul. Reuters
    A voter in Istanbul. Reuters
  • A voter casts her ballot at a polling station in Ankara. AFP
    A voter casts her ballot at a polling station in Ankara. AFP

US President Joe Biden said he looked forward to working together with him, as Nato allies, “on bilateral issues and shared global challenges”.

Turkish state news agency Anadolu tweeted a list of leaders from 23 countries who sent messages, including those from Gulf states Saudi Arabia, the UAE and Qatar, as well as leaders from Iran, Israel and Palestine.

In a phone call, British Prime Minister Rishi Sunak laid emphasis on the “strong relationship between the UK and Turkey, as economic partners and close Nato allies”.

French President Emmanuel Macron said France and Turkey had “huge challenges to face together”.

UAE President Sheikh Mohamed, Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court, also sent their congratulations.

Saudi Crown Prince Mohammed bin Salman sent a cable of congratulations to Mr Erdogan.

“On the occasion of your excellency's re-election for a new presidential term, I am pleased to send your excellency my sincere congratulations and best wishes for success,” Prince Mohammed said.

In a tweet, Indian Prime Minister Narendra Modi expressed his confidence "that our bilateral ties and co-operation on global issues will continue to grow in the coming times".

German Chancellor Olaf Scholz told Mr Erdogan that their two countries were close partners and allies, whose people and economies were deeply intertwined.

“Congratulations to President Erdogan. Together we want to advance our common agenda with a fresh impetus,” he said.

EU Council President Charles Michel said in a tweet that he looked forward to working with Mr Erdogan to deepen relations between the EU and Turkey.

Ursula von der Leyen, head of the European Commission, also wrote on Twitter: “I look forward to continue building the EU-Turkiye relationship. It is of strategic importance for both the EU and Turkiye to work on advancing this relationship, for the benefit of our people.”

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Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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Sofyann Ben Youssef
Glitterbeat 

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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.”

Sole survivors
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  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

COMPANY%20PROFILE
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THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

Match info

Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')

West Ham United 0

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Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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Updated: May 29, 2023, 7:02 AM