The centre-right Reform Party led by Estonian Prime Minister Kaja Kallas, one of Europe’s most outspoken supporters of Ukraine, won the general election by a large margin on Sunday, scoring 31.6 per cent against 16 per cent for the far-right EKRE, latest results show.
The Prime Minister since 2021, Ms Kallas has become popular at home and abroad for her unwavering support for Ukraine, and appeared to be in a strong position to form a coalition majority after a vote focused on national security and the economy.
“To be honest, I was not expecting such a strong result”, she said. “Let’s see what the final results are and then we can do the maths and make proposals for a coalition.”
The victory of Ms Kallas, 45, provides a strong mandate for her pledge to maintain Estonia’s transatlantic course as a committed member of the EU and Nato.
She had said that voters faced a choice between a “friendly, progressive, pro-western” country and an “isolated, bitter” one.
Her victory comes as the battle for Bakhmut in Ukraine — which has raged for seven months and led to high casualties — continues.
Russian artillery have been pounding the last routes out of the city, aiming to complete its encirclement, but the founder of the Wagner mercenary force leading the assault has said his troops are being deprived of ammunition by Moscow.
A Russian victory in the city, which had a pre-war population of about 70,000 but has now been blasted to ruins, would give Moscow the first major prize in a costly winter offensive.
Estonians went to the polls in record numbers, with turnout at 64 per cent. For the first time more than half of ballots cast were online.
Ms Kallas is likely to have several options to form a government. Her current coalition with Estonia’s Social Democrats and the conservative Fatherland party is on track to command a majority in the 101-seat parliament. Estonia 200, a liberal-conservative newcomer to the assembly, is also a contender.
The Centre Party secured 14.7 per cent of Sunday's ballot, Estonia 200 won 13.5 per cent, the Social Democrats 9.4 per cent and the Isamaa (Fatherland) party 8.3 per cent.
Reform is a centre-right liberal party that appeals to business owners and young professionals.
It has promised to raise military spending to at least 3 per cent of GDP, ease taxes on business and wants to pass a law approving same-sex civil partnerships.
“We support an open, friendly, western-minded, European, smart country,” Ms Kallas said.
Referring to the far-right EKRE, she added: “My biggest competitor thinks that we shouldn't help Ukraine, we shouldn't support Ukraine, we should only look for our self-interest.”
EKRE, which has accused Ms Kallas’s government of “warmongering” and depleting the country’s military stockpiles, sought support from older and rural voters. Its time in government under Juri Ratas from 2019 to 2021 was buffeted by controversy over extremist statements by EKRE members. It seeks to limit the Baltic nation’s exposure to Russia's war in Ukraine, and blames the current government for Estonia’s high inflation rate.
The country of 1.3 million people, which borders Russia and is a member of the EU and Nato, has led international calls over the past year for more military aid to help Ukraine fight off Moscow's invasion.
Estonia's military assistance to Ukraine is more than 1 per cent of its GDP — the biggest contribution of any country compared to the size of its economy — and the continuing war there was on many voters' minds.
The biggest surprise of the election, where more than 900,000 people were eligible to vote, was the emergence of Eesti 200, a small liberal centrist party, which won 14 seats and 13.3 per cent of the vote.
“I think that with such a strong mandate, the [aid to Ukraine] will not change because other parties, except EKRE and maybe Centre, have chosen the same line,” Kallas said.
She was referring to the substantial help that Estonia, a small nation of 1.3 million, has provided to Ukraine in the past year. Apart from weapons, Estonia is providing Kyiv with substantial humanitarian assistance and has welcomed more than 60,000 Ukrainian refugees.
The nationalist EKRE, which runs largely on an anti-EU and anti-immigration platform, has called for a cap on the number of refugees from Ukraine, saying Estonia cannot cope with so many people.
Its leader Martin Helme has also accused Ms Kallas of undermining Estonia's own defences by donating arms to Ukraine.
“It's obvious that what is happening in Ukraine is very important for Estonia as well”, 35-year-old engineer Juhan Ressar said at a polling station in the capital Tallinn.
“Maybe people … have forgotten the importance of independence.”
Estonia has also been grappling with a cost-of-living crisis, enduring one of the EU's highest inflation rates — 18.6 per cent in January.
For Pjotr Mahhonin, 62, said only EKRE “represents the Estonian people”. He accused the Prime Minister of being more interested in “another country”, referring to Ukraine.
Like many Estonians, he said he feared war. “We have a big neighbour, Russia, and it's very dangerous.
“If war starts, we are the country on the front line.”
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.”
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Representing%20UAE%20overseas
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More coverage from the Future Forum
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Off-roading in the UAE: How to checklist
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24
July 8: New Zealand v Lions
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The years Ramadan fell in May
The years Ramadan fell in May
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson