LUANDA, ANGOLA // As expected, President Jose Eduardo dos Santos extended his 33-year rule when his party won decisively in Friday's election, despite frustrations among the poor at being left out of Angola's oil boom.
His People's Movement for the Liberation of Angola (MPLA) took 74.46 per cent of the vote, according to provisional results from the National Election Commission yesterday. The main opposition Union for the Total Independence of Angola (Unita) was second with about 18 per cent, and the new Casa party finished third with 4.5 per cent, the commission reported.
Angolans voted on Friday for 220 members of parliament, with the leader of the winning party receiving a five-year term as president.
It was only the third national election since Angola won independence from Portugal in 1975, and the second since a 27-year civil war ended a decade ago.
Counting began as soon as the polls closed, but the process will take several days to complete as the final results are compiled in the southern African nation.
About 57 per cent of more than 9 million eligible voters went to the polls to vote peacefully for a legitimate outcome, said John Billy Tendwa, chairman of the Southern African Development Community's Electoral Advisory Council, said. "It was a credible election because there was no hindrance, violence or intimidation of people trying to exercise their right to vote," he said. "Everything was cool."
The MPLA, in power since Angola's independence from Portugal in 1975, took 81 per cent of the vote in the last election in 2008, the first ballot after the civil war ended in 2002.
Mr Dos Santos, 70, has ruled Angola for 33 years, through the devastating civil war and then during an oil boom which, over the last decade, has transformed the country into one of the world's fastest-growing economies.
While his family has built a business empire, he has also ploughed billions of dollars into rebuilding the nation, with new roads, schools, bridges and dams rising up from the ruins.
Public health and incomes have improved, but 55 per cent of the country still lives in abject poverty, often in shacks without electricity or running water.
Resentment among young Angolans, who enviously eye the luxurious new skyscrapers filling Luanda's skyline, has sparked protests demanding Mr Dos Santos step down and calling for the oil wealth to be spread more evenly.
Protests in Angola are quickly and violently repressed, but they clearly rattled a government that never allows any show of dissent. Unita accuses Mr Dos Santos of using his power and money to strengthen his control over the state and has promised a better democracy.
The party leader, Isaias Samakuva, has lambasted the organisation of the elections, citing worries about accreditation of observers and the failure to make a public audit of the 9.7 million names on the voter roll.
With only 10 per cent of votes in the last poll, Unita needs a strong showing to prove it remains relevant, particularly after a bruising split that saw a top party official form the new Casa party with a high-profile defector from the MPLA.
Casa has made inroads among young voters with promises of better jobs and homes.
"The MPLA will be the winner of the elections, but it is going to have to address the dissenters over the next five years," said Bango Serra, of the Angolan civic group Justice, Peace and Democracy.
"This dissent will first centre on the results, because of doubts about the organisation of the polls, then on the party's social policies."
Pedro Verona Pires, the former Cape Verde president and the chief of the African Union's observer team, described the poll's organisation as "satisfactory".
In 2008, chaos at the polls forced the government to allow a second day of voting. Friday's ballot appeared to go smoothly, with no incidents reported by police.
* Agence France-Presse and Reuters
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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Global state-owned investor ranking by size
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A list of the animal rescue organisations in the UAE
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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Company%20Profile
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The%20Mother%20
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Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
MATCH INFO
Fulham 0
Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')
Man of the match: Jack Grealish (Aston Villa)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
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3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
COMPANY%20PROFILE
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Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Origin
Dan Brown
Doubleday
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.”