Kgalema Motlanthe, left, becomes South Africa's caretaker leader rather than Jacob Zuma.
Kgalema Motlanthe, left, becomes South Africa's caretaker leader rather than Jacob Zuma.
Kgalema Motlanthe, left, becomes South Africa's caretaker leader rather than Jacob Zuma.
Kgalema Motlanthe, left, becomes South Africa's caretaker leader rather than Jacob Zuma.

Caretaker Motlanthe takes helm


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  • Arabic

JOHANNESBURG // At the end of Thabo Mbeki's speech to the ANC congress last year, a pondering, seemingly interminable discourse that went on for more than 2½ hours, Kgalema Motlanthe walked up to the podium and raised his fist. At the time, Mr Motlanthe was the ANC secretary general, having been elected to the post as an ally of Mr Mbeki five years previously.

"Viva the ANC! Viva!" he cried, to be met with cheers and applause. "Viva comrade President Thabo Mbeki! Viva!" he pronounced, triggering scattered shouts and subdued, polite approval. "Viva comrade Deputy President Jacob Zuma! Viva!" he offered, and the hall erupted into chanting, singing and whistling for the man who was challenging Mr Mbeki for the party leadership. It was a simple and brutally effective political execution. From that moment on, no one could have any doubt about the result of the party election due a few days later.

Now Mr Zuma has overseen the ousting of Mr Mbeki as the national president, in a first for South Africa and an assertion of the party's dominance over the government. But it is Mr Motlanthe, elected as the African National Congress's deputy leader at the same time in Polokwane, who parliament will vote in as president today. With the cloud of corruption allegations still hanging over Mr Zuma, despite the dismissal of formal charges by a judge who implied Mr Mbeki had interfered in the prosecution, and the ANC keen to see its leader enter the Union Buildings with a popular mandate, Mr Motlanthe is being installed as a stop gap measure ahead of elections next year.

South Africa's new president is being put into the position largely because he is a party loyalist. Mr Motlanthe, 59, was born in Alexandra, a township in northern Johannesburg, and as a schoolboy was attracted to Steve Biko's Black Consciousness Movement. He has impeccable struggle credentials, a prerequisite to advancement in the ANC. In his 20s, while he was working for Johannesburg City Council, he joined Umkhonto we Sizwe, the organisation's armed wing. At first his unit concentrated on finding more recruits for military training, but then switched to sabotage activities and smuggling cadres into and out of Swaziland.

In April 1976, two months before the eruption of the Soweto Uprising, he was arrested for furthering the aims of the ANC, which was then banned as a terrorist organisation. He was held in custody before his trial the next year, when he was convicted and sentenced to 10 years in prison, finding himself jailed on Robben Island alongside Nelson Mandela and Walter Sisulu. When he was released he joined the national union of mineworkers, beginning his ascent through the ranks as a strike organiser, and rising to become secretary general in 1992. Five years later he moved across to take the same post in the ANC - his predecessor in both cases being Cyril Ramaphosa, a highly respected figure who is now a billionaire businessman.

A jazz lover and football fanatic - as an aside in Polokwane, he said he would rather coach Bafana Bafana, South Africa's abysmally underperforming football team, than be president - he has successfully maintained his privacy. (His biography page on the ANC website shows only a photograph and a collection of speeches this year). Seen as a Left-leaning intellectual, his trade union background holds him in good stead among Mr Zuma's more radical allies, and his elder status - he is known as Mkhulu, or grandfather in Zulu - is allied to a non-confrontational, soft-spoken, conciliatory and even dull style. He portrays himself as a servant of the party, hence his role in Polokwane, but he is also a figure who is prepared to defend what he sees as the organisation's moral standing.

Eight years ago, he was one of the first people to condemn the beginnings of graft. "We believe South Africa will never be able to overcome corruption unless the ANC itself is incorruptible." And this year he criticised Julius Malema, leader of the ANC Youth League, as "irresponsible" for declaring that he was prepared to "kill for Zuma". It was a rare voice of reason in the fighting that has engulfed the party in the struggle between Mr Mbeki and Mr Zuma, and Mr Motlanthe was once touted as a possible compromise candidate between the two - despite his standing in the Zuma group, he was also on Mr Mbeki's slate of candidates in Polokwane.

But Mr Motlanthe has not been entirely able to avoid scandal. He was alleged to have been involved when claims were made that the ANC benefitted from the oil-for-food scandal in Saddam Hussein's Iraq, and he has connections to Pamodzi, a company that became embroiled in controversy when it emerged that the state-owned Land Bank, set up to help farmers, had loaned it more than US$100 million (Dh367m). The firm denies any wrongdoing.

Nonetheless Helen Zille, leader of the opposition Democratic Alliance, described his nomination for the presidency as "the best case scenario under the circumstances". "Motlanthe is perhaps the most reasonable of all the politicians in the Zuma camp," she said. But she added: "The challenge for Minister Motlanthe is to rise above the ruling party's internal power play and govern in the best interests of the people of South Africa between now and the next election."

She is right. But Mr Motlanthe is one of the best-placed people in the ANC to try to heal the party's self- inflicted wounds. sberger@thenational.ae

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

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Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

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Specs
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What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration. 

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RESULTS
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My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

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