Kemal Kilicdaroglu, leader of the CHP, speaks after his nomination by opposition parties as their presidential candidate, in Ankara, Turkey, on March 6. AFP
Kemal Kilicdaroglu, leader of the CHP, speaks after his nomination by opposition parties as their presidential candidate, in Ankara, Turkey, on March 6. AFP
Kemal Kilicdaroglu, leader of the CHP, speaks after his nomination by opposition parties as their presidential candidate, in Ankara, Turkey, on March 6. AFP
Kemal Kilicdaroglu, leader of the CHP, speaks after his nomination by opposition parties as their presidential candidate, in Ankara, Turkey, on March 6. AFP

Kemal Kilicdaroglu: Turkey's fractured opposition unites to select challenger to Erdogan


Soraya Ebrahimi
  • English
  • Arabic

After months of debate and argument among Turkey's opposition parties, all sides united on Monday and named the head of the main secular party as their joint candidate against President Recep Tayyip Erdogan in the May 14 polls.

Republican People's Party (CHP) chief Kemal Kilicdaroglu said he would name the popular mayors of Istanbul and Ankara as vice presidents should he end Mr Erdogan's two-decade rule, to avoid a split of the opposition vote.

"We would have been eliminated had we split up," Mr Kilicdaroglu, 74, told huge crowds of cheering supporters after emerging from hours of tense talks.

Mr Erdogan, 68, faces the fight of his political life in what many regard as Turkey's most consequential election since its birth as a post-Ottoman republic 100 years ago.

He needs to overcome the hurdles of an economic crisis and the aftermath of a devastating earthquake as he seeks to extend his Islamist style of rule until 2028.

Opinion polls point to a tight race that remains far too close to call.

President Erdogan's $74m summer house - in pictures

But Mr Erdogan's task appeared to become a little easier when one of the main leaders of the six-party opposition alliance walked out of the talks on Friday.

Meral Aksener said Mr Kilicdaroglu, a soft-spoken member of the long-marginalised Alevi community, lacked the public appeal to defeat Mr Erdogan.

Ms Aksener has instead urged the popular CHP mayors of either Istanbul or Ankara — Ekrem Imamoglu and Mansur Yavas — to step into the race.

The two met Ms Aksener on Monday in a make-or-break attempt to bring her nationalist Iyi Party back into the opposition fold.

"Our nation cannot tolerate a split," Mr Yavas said after the meeting.

The opposition last united in an effort to unseat Mr Erdogan's allies in municipal elections held in 2019.

Awkward moment after Erdogan keeps Putin waiting in Tehran summit - video

Their ability to regain control of Turkey's two main cities shattered Mr Erdogan's aura of invincibility and set the stage for the possible return to power by the party of the secular state's revered founder Mustafa Kemal Ataturk.

But Mr Kilicdaroglu wanted Mr Yavas and Mr Imamoglu to keep their posts to avoid the threat of handing back control of either city to Mr Erdogan's Islamist-rooted party.

A 12-point text out Monday committed Mr Kilicdaroglu to naming the other five party leaders as vice president for a post-election transition period should he win.

Mr Kilicdaroglu would then appoint the two mayors as vice presidents "at a time deemed appropriate by the president".

Party leaders said Ms Aksener made the two appointments her main condition for rejoining the opposition bloc.

"The nation won," Iyi Party deputy leader Bahadir Erdem tweeted after the announcements.

Analysts regarded the opposition's failure to put aside their differences just two months before the vote as one of the main factors working in Mr Erdogan's favour.

His public approval plunged after he unleashed an unusual economic experiment in late 2021 that tried to fight inflation by drastically cutting interest rates.

A resulting currency crisis erased people's savings and pushed the annual inflation rate to 85 per cent.

Turkish stocks and eurobonds rallied on rising investor hopes that the candidate would be able to beat Mr Erdogan and restore economic orthodoxy after years of turmoil.

Mr Kilicdaroglu is now also expected to hold separate talks with the pro-Kurdish HDP — parliament's third-largest party — to see if he can further expand his appeal.

The HDP had been excluded from the opposition talks because of Ms Aksener's more hawkish policy views.

"We embrace the people's desire for change," HDP co-leader Mithat Sancar said after Mr Kilicdaroglu's name was announced.

"The HDP will do its part."

Mr Erdogan's widely praised handling of Russia's invasion of Ukraine helped to reverse the slide in his approval rating and set him up with a chance to secure a come-from-behind win.

But a catastrophic earthquake last month that killed more than 46,000 people in Turkey and nearly 6,000 in Syria threatened his entire political career.

Mr Erdogan conceded that his government had been slow to respond in the first critical days of the crisis and asked voters to forgive him for rescue delays.

He brushed aside rumours that he would try to delay the May vote to a more politically favourable date.

"We are not hiding behind excuses," Mr Erdogan said last week.

He told a weekly cabinet meeting that he would announce the formal start of the election campaign on Friday.

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Fuel consumption, combined: 7.6L / 100km

Results

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The Baghdad Clock

Shahad Al Rawi, Oneworld

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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.”

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F1 2020 calendar

March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

Updated: March 07, 2023, 4:27 AM