A video has emerged online in which Turkish President Recep Tayyip Erdogan appears to hand out cash to voters at a polling station in Istanbul during Sunday’s run-off election.
As voters surrounded the President some chant “Our president!” and “You’re so handsome!”
In what has caused much online debate, Mr Erdogan is seen taking cash from the pocket of his jacket and handing a 200 lira ($10) banknote to a supporter.
He then appears to take out more notes and hand them to other members of the crowd.
Mr Erdogan has a tradition of handing out gifts on special occasions, such as money or toys, usually during the Muslim holidays of Eid Al Fitr and Eid Al Adha.
The video was widely shared online, with some users saying Mr Erdogan was just following the Middle East tradition of giving gifts to children at a happy time.
"If you check the video it’s absolutely clear that Erdogan is lending pocket money only to kids," one Twitter user said.
"There is nothing to hide there as that is an old tradition in many places.
"Would you prefer that he lends big money to lobbies secretly like happens in most of the EU and US?"
Others were a little more sceptical, with one Twitter user saying: "Erdogan hands out money to supporters outside a polling station.
"Amazing that such a thing can happen just next to where ballots are cast.
"The sign of a desperate man in my opinion."
Mr Erdogan is unlikely to face questions as a recent change in the law has made campaign breaches more difficult to identify.
International observers led by the Organisation for Security and Co-operation in Europe have yet to comment on the video, but said media bias and restrictions to freedom of expression had created “an unlevel playing field” and “an unjustified advantage” for him in the election.
Some opposition supporters faced intimidation and harassment while both sides used “inflammatory and discriminatory language” by accusing each other of collaborating with “terrorist organisations”, exacerbating tensions, they added.
Erdogan claims victory in Turkish presidential election – in pictures
Turkey's long-time leader won the presidency in a run-off election on Sunday, gaining 52.14 per cent of the votes, according the High Election Board.
Mr Erdogan's rival Kemal Kilicdaroglu received 47.86 per cent of the votes.
On Monday, the President confronted the tough task of uniting his divided country after extending his two-decade rule to 2028.
He brushed aside a powerful opposition coalition, an economic crisis and anger after a devastating earthquake in February to beat secular challenger Mr Kilicdaroglu.
But the four-point victory margin was Mr Erdogan's narrowest of any past election, highlighting the sharp polarisation the Islamic-rooted conservative will contend with in his final term.
Turkey votes in run-off election – in pictures
Mr Erdogan, 69, called on Turks to “come together in unity and solidarity”, while Mr Kilicdaroglu vowed to “continue the struggle” against the President and his AKP, which has dominated Turkish politics since 2002.
Having harnessed a coalition of nationalist, conservative and religious voters, Mr Erdogan “will double down on his brand of populist policies … political polarisation is here to stay”, said Emre Peker of the Eurasia Group consultancy.
Relieving Turks of the country's worst economic crisis since the 1990s is an urgent priority.
Inflation is running at more than 40 per cent amid criticism of Mr Erdogan's unorthodox policy of cutting interest rates to try to cool rising prices.
Analysts say Mr Erdogan's lavish campaign spending pledges and unwavering attachment to lower interest rates will further strain banks' currency reserves and the lira, which edged down against the dollar on Monday.
Hopes for “an abandonment of the crazy, unconventional economic model and a return to the favour of international investors are finally dashed”, said Bartosz Sawicki, market analyst at fintech Conotoxia.
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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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