Armenian Prime Minister Nikol Pashinyan scored a decisive victory in snap parliamentary elections on Monday, bolstering his rule after months of discontent and protests following a military defeat to Azerbaijan.
Mr Pashinyan's Civil Contract party swept to victory with nearly 54 per cent of the Sunday vote, overcoming anger at his handling of the devastating fight for control of the breakaway Nagorno-Karabakh region to secure a strong majority.
People want to have an honest leader who does not steal and is not an oligarch
"The people of Armenia gave our Civil Contract party a mandate to lead the country and personally to me to lead the country as prime minister," Mr Pashinyan, 46, said in the early hours of Monday after preliminary results were announced.
He urged supporters to flood the main square in the capital Yerevan for an evening rally to celebrate the victory.
Mr Pashinyan announced the gamble of snap polls earlier in the year, when protests against his rule were coming to a head, and after he claimed he had fended off a coup attempt from military leaders.
Those rallies and calls from the opposition for Mr Pashinyan's resignation began last November when he signed an unpopular peace deal mediated by Moscow to end fighting with Armenia's long-standing enemy Azerbaijan.
The two countries fought a vicious six-week war last year which claimed some 6,500 lives and saw Armenia hand over swathes of territory in and around Karabakh to Azerbaijan.
On Monday morning, the prime minister visited a military cemetery and laid flowers at the graves of soldiers.
Sunday's vote was seen as a two-horse race between Mr Pashinyan and his main rival Robert Kocharyan, who led Armenia between 1998 and 2008 and is seen as close to Russian President Vladimir Putin.
Analysts said many Armenians had cast their ballots for the prime minister because they dreaded the return of old elites, a sentiment echoed on the streets of Yerevan.
"People want to have an honest leader who does not steal and is not an oligarch," said Ruben Kazaryan, a 60-year-old IT worker.
In the wake of the polls, Mr Kocharyan, whose alliance received 21 per cent of the vote, alleged foul play.
"Hundreds of signals from polling stations testifying to organised and planned falsifications serve as a serious reason for lack of trust" in the results, Mr Kocharyan's Armenia Alliance said in a statement.
The alliance said it would not recognise results until "violations" were studied.
However election observers from the Organisation for Security and Co-operation in Europe praised the polls as "competitive and well-run" and said that vote counting was "highly transparent."
"The fundamental freedoms key to democratic elections were generally respected," OSCE monitors said in a statement.
Armenia's general prosecutor's office said by Sunday evening it had received 319 reports of violations.
Mr Kocharyan was himself accused of rigging a presidential election in favour of an ally and presiding over a deadly crackdown on protesters in 2008.
In 2018, Armenia won international praise for holding the country's first free and fair vote under Mr Pashinyan.
OSCE observers did however point to "intense polarisation" in Armenia's political landscape, saying the race was "marred by increasingly inflammatory language from key contestants".
During a venomous campaign, the candidates exchanged insults and threats. Mr Pashinyan brandished a hammer at rallies, while Mr Kocharyan said he was ready to fight the prime minister in a duel.
Despite stifling heat, nearly 50 per cent of around 2.6 million eligible voters cast their ballots.
Mr Pashinyan, who had spent time in jail as an opposition politician, was celebrated as a hero when he swept to power in a peaceful revolution in 2018.
UPI facts
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More than 3.5 million Indians reside in UAE
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UAE currency: the story behind the money in your pockets
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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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UAE currency: the story behind the money in your pockets
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
ACC%20T20%20Women%E2%80%99s%20Championship
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UAE currency: the story behind the money in your pockets