Supporters at the Vox party election rally in Madrid. Bloomberg
Supporters at the Vox party election rally in Madrid. Bloomberg
Supporters at the Vox party election rally in Madrid. Bloomberg
Supporters at the Vox party election rally in Madrid. Bloomberg

Spain's election could see far-right return to power for first time since Franco


Gillian Duncan
  • English
  • Arabic

Voters in Spain will go to the polls on Sunday in an election which could put the far-right back in office for the first time since dictator Francisco Franco in the 1970s.

Opinion polls indicate the right has the edge going into the election, raising the possibility that a neo-fascist party will be part of Spain's next government.

Polls suggest Alberto Nunez Feijoo and his right-wing opposition Popular Party will win, but without an absolute majority, which is likely to force him to seek support from the far-right Vox to govern.

The shift would represent an upheaval after five years under a left-wing government.

Socialist Prime Minister Pedro Sánchez called the early election a day after his Spanish Socialist Workers’ Party and its small far-left coalition partner, Unidas Podemos (United We Can), took a hammering in local and regional elections May 28.

Before that, Mr Sánchez had insisted he would ride out his four-year term, indicating that an election would be held in December.

But after the May defeat, he said it was only fair for Spaniards to decide the country’s political future without delay.

The Popular Party emerged from the local and regional elections as the most-voted party by far, giving it the right to take office in all but a handful of towns and one or two regions.

Since then, the Popular Party and Vox have agreed to govern together in about 140 cities and towns as well as to add two more regions to the one where they co-governed.

The Socialists and other leftist parties lost political clout across the country, but after weathering the initial shock, they have regrouped and recovered some ground, leaving the vote outcome on Sunday unknown.

A Popular Party-Vox government would mean another EU member has moved firmly to the right, a trend seen recently in Sweden, Finland and Italy. Countries such as Germany and France are concerned by what such a shift would portend for EU immigration and climate policies.

Spain’s two main leftist parties are pro-EU participation. On the right, the PP is also in favour of the EU, but Vox is not.

The election comes as Spain holds the EU’s rotating presidency. Mr Sánchez had hoped to use the six-month term to showcase the advances his government had made. An election defeat for Mr Sánchez could allow the Popular Party to take over the reins of the EU presidency.

Issues at stake

The campaign has been dominated by mudslinging from all sides, with both the left and right accusing each other of lying about their policies and records.

The Popular Party has managed to question Mr Sánchez’s honour by highlighting the many U-turns he has made and his alliances with small regional secessionist parties, something that alienates some left-wing voters.

The left has sought to convince voters that there is little difference between the two right-wing parties and that a victory for them would set Spain back decades in terms of social progress.

Nearly every poll has put the Popular Party firmly ahead of the Socialists and Vox ahead of Sumar for third place. But 30 per cent of the electorate is said to be undecided.

With the election taking place at the height of summer, millions of citizens are likely to be on holiday away from their regular polling places. But postal voting requests have soared, and officials are estimating a 70 per cent election turnout.

The surprise factor

A surprise factor that could upset poll predictions is Sumar: the brand broad-based movement of 15 small left-wing parties, including Podemos and prominent social figures.

Sumar is headed by popular Labour Minister Yolanda Díaz, who is also the second deputy vice president and the only woman among the leaders of the four main parties.

This is the first time small left parties have come together on a joint ticket in Spain. Their earlier fragmentation was blamed for many of the town and regional losses in the May election, and they hope that joined together they can make a bigger showing.

Sumar's big goal is to beat out Vox for the potential king-making third place finish. That would allow Sumar to give valuable support for another leftist coalition government. Surveys consistently suggested during the campaign that an absolute majority for Popular Party and Vox is very possible.

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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.”

Bio

Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro

While you're here
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Rating: 2.5/5 

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• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

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Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
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Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

Fifa Club World Cup quarter-final

Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')

Brief scores:

Day 1

Toss: India, chose to bat

India (1st innings): 215-2 (89 ov)

Agarwal 76, Pujara 68 not out; Cummins 2-40

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Updated: July 22, 2023, 10:16 AM