BANGKOK // With charisma and promises of populist giveaways, Yingluck Shinawatra was a powerful weapon for Thailand's opposition party and is set to become the country's first woman prime minister just six weeks into her political career.
Video: Thaksin's sister to lead Thailand
Celebrations overnight and mixed reactions in the morning after Thailand wakes to its first female premier, Yingluck Shinawatra, sister of exiled former premier Thaksin.
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Ms Yingluck's Puea Thai party looked set for a landslide win in Sunday's election, marking a stunning turnaround in fortunes for a party stigmatised for its links to her exiled billionaire brother, Thaksin Shinawatra, a twice elected premier despised by Thailand's elite.
Ms Yingluck, a 44-year-old businesswoman, has earned rock-star status, capturing the hearts of the millions of working class Thais loyal to her brother, a tycoon seen as the only Thai prime minister who sought to boost the livelihoods of the millions of rural poor beyond Bangkok's bright lights.
For hours after exit polls indicated a Puea Thai win, her supporters were rapturous, screaming and chanting her name in anticipation of a Shinawatra political dynasty taking shape.
"Prime Minister Yingluck", chanted hundreds of people crammed into the party's Bangkok headquarters. "Landslide, landslide," others shouted in English.
Ms Yingluck has promised to revive Mr Thaksin's famous populist policies and raise living standards, vowing to pursue reconciliation to end Thailand's six-year political crisis without seeking vengeance for her brother's overthrow in a 2006 coup.
"I'll do my best and will not disappoint you," she told supporters after receiving a call of congratulations from her brother.
Her late entry on to the scene came with a political marketing blitz, mass rallies and carefully choreographed speeches. Posters of a smiling, suited, Ms Yingluck were erected everywhere from bustling Bangkok intersections to rustic villages.
Mr Thaksin remains a divisive figure, loathed as much as he is loved, and has drawn sharp criticism for calling Ms Yingluck his "clone".
But Ms Yingluck's supporters do not seem to care and believe she will bring something of her own to Thailand, if she becomes Thailand's first female prime minister since it became a democratic country 79 years ago.
Thanida Permsombat, a computer technician from Bangkok, said: "She's beautiful, she's clever, she's kind, She has the ability to make everything better again. Now, Thailand can have real change."
Supporters thronged the corridors of Puea Thai headquarters and scores of photographers and cameraman battled to catch a glimpse of Ms Yingluck's first news conference since Prime Minister Abhisit Vejjajiva conceded defeat.
She refused to comment on when Mr Thaksin might return from exile. Puea Thai had no amnesty policy, she said, and it would be up to independent panels to decide, with no special arrangements for one man.
There is little doubt Ms Yingluck was the catalyst for Puea Thai's victory, but a rocky road lies ahead for as long as Mr Thaksin casts his shadow over Thai politics.
Roberto Herrero-Lim, an analyst with Eurasia Group, said: "Yingluck was the big factor in this win. She didn't make any mistakes, she stuck to the script.
"She has been an impressive stand-in for Thaksin, but what happens next is the big issue. What are Yingluck's real plans regarding her brother?"
As for Mr Thaksin, he said in Dubai he had no immediate plans to return.
"If my return is going to cause problems, then I will not do it yet. I should be a solution, not a problem."
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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115 Special programme for artists
25 Evacuation of injured and sick
U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
