Algeria's president Abdelaziz Bouteflika  in Algiers on January 14, 2013. Mr Bouteflika was in a Paris hospital for examinations on April 28, 2013 after suffering a mini-stroke, but is reportedly not experiencing any lasting effects from his latest health scare. Farouk Batiche/ AFP Photo
Algeria's president Abdelaziz Bouteflika in Algiers on January 14, 2013. Mr Bouteflika was in a Paris hospital for examinations on April 28, 2013 after suffering a mini-stroke, but is reportedly not Show more

Algeria’s aging president to stand for reelection in April



ALGIERS // Ailing Algerian president Abdelaziz Bouteflika will stand for reelection in April, prime minister Abdelmalek Sellal said in comments carried by national television on Saturday.

“The prime minister officially announces the candidacy of the president of the (Algerian) republic for the coming elections,” due on April 17, a screen caption read.

Mr Sellal was speaking in Oran, west of Algiers, on the sidelines of an economic seminar.

The television said Mr Bouteflika will collect the necessary documents for his candidacy from the interior ministry on Sunday, but added that he might send someone else to do so.

The television said his decision was a “response to the encouragement of citizens from all over the country.”

The 76-year-old, who has been in power for 15 years, suffered a mini-stroke last year that confined him to a Paris hospital for three months. It has been unclear whether his health would prevent him from running for reelection.

One of the few remaining veterans of the war of independence against France, Mr Bouteflika came to power in 1999. The latest years of his rule have been dogged by ill health and more recently by corruption scandals implicating members of his inner circle.

He also tried to check the power of Algeria’s unelected military and intelligence leaders, who have played a key role in the North African country’s politics since its independence from France in 1962.

Despite his efforts to roll back their prerogatives the army and its secretive DRS intelligence agency retain much of the political power they have wielded.

Recent weeks have seen a mounting war of words over the role of the military in public life, relayed by Algeria’s independent media, in which senior officers were portrayed as opposing a fourth term for the Mr Bouteflika.

Earlier this month, a retired senior general urged Mr Bouteflika to step down “with dignity” and not run for reelection.

Hocine Benhadid also accused the president’s inner circle of “treason” after Amar Saidani, the ruling party’s secretary general, publicly accused the powerful military intelligence chief of interfering in politics to the detriment of the country’s security.

But the president himself hit out on Tuesday at what he said were moves to undermine his office and the army, suggesting both were falling prey to political infighting.

“The fictitious conflict ... within the ranks of the People’s National Army is linked to a destabilisation plan developed by those troubled by Algeria’s regional weight and influence,” he said in comments published by state media.

Mr Bouteflika did not elaborate on the destabilising activities to which he referred.

* AFP

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Favourite colour: Brown

Favourite Movie: Resident Evil

Hobbies: Painting, Cooking, Imitating Voices

Favourite food: Pizza

Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon

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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.”

The specs

Engine: 5.2-litre V10

Power: 640hp at 8,000rpm

Torque: 565Nm at 6,500rpm

Transmission: 7-speed dual-clutch auto

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On sale: Q3 or Q4 2022 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

UAE currency: the story behind the money in your pockets
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Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The specs

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Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright