Morocco's Prime Minister-Designate Aziz Akhannouch announced the country's liberal National Rally of Independents (RNI), loyalist Authenticity and Modernity Party (PAM) and the Islamist Istiqlal Party have agreed to form a new government.
Parliamentary and local elections were held earlier this month amid fears of an upset that would favour the right-wing Istiqlal party. But on September 8, the RNI run by the billionaire and former agriculture minister Mr Akhannouch won 102 of the 395 seats in Parliament.
On Wednesday it added its total to the seats of the two other biggest parties to form a coalition wielding 270 seats, far exceeding the 198 needed to pass legislation.
The moderate Islamist PJD party, which had been the largest in the previous two elections and whose leader had served as prime minister since 2011, crashed to a heavy defeat and said it would join the opposition together with leftist parties.
History was also made in this year's elections as women secured more than 400 local government and parliamentary seats.
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Saad-Eddine El Othmani, Morocco's Prime Minister and president of the Islamist Justice and Development Party (PJD) casts his ballot on September 8. AFP -

A man casts his vote at a polling station in Casablanca, Morocco. Reuters -

The PJD has dominated Morocco's politics for a decade. Reuters -

A voter casts a ballot in the capital Rabat. AFP -

Polls are banned in Morocco. AFP -

Wednesday's elections came as the country grapples with the economic impact of Covid-19 . AFP -

Voter turnout in Moroccan elections is usually below 50 per cent. AFP -

Official figures show that about three million young people between 18 and 22 registered to vote for the first time this year. Reuters -

Morocco adopted a new constitution in 2011 in response to the February 20 Movement, the local version of the Arab uprisings. Reuters -

The step brought the country closer to a system of constitutional monarchy. EPA -

A woman prepares to cast her ballot during Morocco's parliamentary and local elections in the capital Rabat. AFP
Mr Akhannouch said the three parties "ensured the formation of a united and effective government majority" to "conduct their work in harmony and solidarity between its elements and the society".
Mr Akhannouch said this co-operation revolves around one goal which is to provide Moroccans with a good standard of living.
Before he can announce the Cabinet line-up, Mr Akhannouch must clear it with the king, who has the ultimate say on all major issues. The new Parliament will govern for the next five years.
Priorities are expected to revolve around the tycoon's 100 Days 100 Cities programme launched this year, lauded as Morocco's best-funded and most ambitious public consultation.
Mr Akhannouch has promised to increase the monthly salary of teachers, create one million jobs and allocate a monthly salary for those aged 65 and older without an income.
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DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
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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.”
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Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
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