Bulgaria's incumbent President Rumen Radev and Vice President Iliyana Yotova after winning the election on Sunday. AFP
Bulgaria's incumbent President Rumen Radev and Vice President Iliyana Yotova after winning the election on Sunday. AFP
Bulgaria's incumbent President Rumen Radev and Vice President Iliyana Yotova after winning the election on Sunday. AFP
Bulgaria's incumbent President Rumen Radev and Vice President Iliyana Yotova after winning the election on Sunday. AFP

Bulgarian President Radev wins second term on anti-corruption ticket


Neil Murphy
  • English
  • Arabic

Bulgarian President Rumen Radev won a second term in office by a wide margin on Sunday as voters backed his strong anti-corruption message, exit polls showed.

Mr Radev, 58, defeated his challenger Anastas Gerdzhikov, also 58, winning 66 per cent to 32 per cent in the presidential run-off after nearly winning outright in the first round on November 14.

There has been widespread discontent against high-level corruption, which ended the decade-long rule of former prime minister Boyko Borissov in April and led a new anti-corruption party to victory in last week's parliamentary elections.

"An unprecedented political month with two types of elections ended that clearly highlighted the desire of the people for change, to break with corruption, robbery and unlawfulness and remove the mafia from power," a jubilant Mr Radev said after the vote.

The presidential post is largely ceremonial but provides a powerful platform to influence public opinion.

The president comes to prominence in times of political crisis, when the head of state can appoint interim cabinets.

Mr Radev, a former air force commander, gained popularity for his open support of huge anti-corruption protests against Mr Borissov in 2020.

He appointed interim governments that brought to light murky public procurement deals of Mr Borissov's last centre-right cabinet. Mr Borissov has denied any wrongdoing.

"Radev's win reconfirms the desire for change in Bulgaria. His re-election will facilitate the formation of a coalition government," said Daniel Smilov, a political analyst with the Centre for Liberal Strategies.

Mr Gerdzhikov, the Sofia University rector backed by Mr Borissov's Gerb party, conceded defeat and expressed regret for failing to convince Bulgarians that he could unite the nation.

Two Harvard-educated entrepreneurs Mr Radev appointed in May as interim ministers have since set up the We Continue the Change party (PP), which won Bulgaria's third national election this year on November 14, pledging "zero corruption".

Mr Radev is supported by Mr Borissov's political opponents − PP, the Socialists and the anti-elite ITN party which, along with another anti-corruption faction, are holding talks to form a coalition government.

In his first words after the vote, Mr Radev addressed the parties, urging them to forge a ruling government and start judicial reforms, battle the coronavirus pandemic and take measures to protect the vulnerable from high energy costs.

His second five-year term will start on January 22.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Brief scores:

Toss: Kerala Knights, opted to fielf

Pakhtoons 109-5 (10 ov)

Fletcher 32; Lamichhane 3-17

Kerala Knights 110-2 (7.5 ov)

Morgan 46 not out, Stirling 40

England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29

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.”

Updated: November 22, 2021, 2:05 AM