A suggestion by Turkish President Recep Tayyip Erdogan for work to begin on a new constitution stirred fears for the country's democratic safeguards.
Turkey's last constitutional changes three years ago resulted in the end of parliamentary democracy and the concentration of power in Mr Erdogan's hands under an executive presidency.
“Perhaps the time has come for Turkey to once again discuss a new constitution,” the president said on Monday. “If we reach an understanding with our alliance partner, we may mobilise for a new constitution in the coming period.”
As Mr Erdogan spoke, police in Istanbul were arresting scores of students protesting in Istanbul over the presidential appointment of a university rector from the ruling party, highlighting Mr Erdogan's growing reach and the fragility of the rule of law in Turkey.
While not providing details on possible constitutional changes, Mr Erdogan said they were necessary to remove traces of “military tutelage” in the current charter, which dates to the junta of the 1980s.
The idea of a new constitution puzzled many observers, given Mr Erdogan is now able to govern by presidential decree.
“This is a populist’s strategy but usually it’s done in the first term, you don’t do it after being in power for 19 years,” said Berk Esen, assistant professor of political science at Istanbul’s Sabanci University.
“What’s the gain? Erdogan controls the economy, the army, the political system, the bureaucracy, there’s no institution that Erdogan doesn’t control, so I don’t know what a new constitution brings to the table.”
Critics claimed Mr Erdogan enjoys powers that have eroded judicial independence and the separation of powers. The system also allows a president to retain leadership of a political party for the first time, removing the office’s previous impartiality.
The government and its supporters said the system improves decision-making and provides clear direction.
Hints of constitutional change echo Mr Erdogan’s promises at the end of last year for judicial and democratic reform as Ankara faced international isolation and an economic crisis compounded by the coronavirus pandemic.
Coupled with recent economic and diplomatic pivots, this reform agenda is “the most important but also the most difficult” for the government to achieve, according to Ozgur Unluhisarcikli, director of the German Marshall Fund think tank in Ankara.
As Mr Erdogan seeks to manoeuvre, however, his alliance with the Nationalist Movement Party (MHP) is proving to be a hindrance, he said.
The ruling Justice and Development Party (AKP) has been allied to Devlet Bahceli’s MHP since the latter backed calls for the presidential system after a 2016 coup attempt.
Questioning the call for a new constitution as “not much more than a talking point”, Mr Unluhisarcikli said the president “doesn’t really want to give up too much power, he just wants it to appear that Turkey’s becoming more democratic because it will contribute to better relations with the United States and the European Union”.
Ankara is hoping talk of reform will encourage foreign investors as well as boost ties with the new administration in Washington and alleviate the threat of EU sanctions over confrontation with Greece in the Eastern Mediterranean.
However, Mr Bahceli opposes rapprochement with Athens and is thought to be unsettled by talk of reform, fearing any outreach to the Kurdish community.
He recently called for the Peoples’ Democratic Party (HDP), a left-wing group with roots in Turkey’s Kurdish movement and parliament’s third largest party, to be banned.
The ruling coalition accuses the HDP of links to the Kurdistan Workers’ Party (PKK), designated a terrorist organisation by Turkey, the EU and the US over its 36-year insurgency.
While the HDP denies the claims, thousands of its members and officials have been jailed since 2016 as elected mayors and MPs were removed from office.
“The HDP must be closed and not reopened,” Mr Bahceli tweeted in December. “No tolerance should be shown to any party organisation that takes as its reference ethnic separatism and terrorism.”
While Mr Erdogan has shown no sign of supporting a ban – perhaps for fear of alienating Kurdish voters or incurring more international condemnation – he has condemned the opposition for working alongside the HDP.
Within the “mutual dependency” of the AKP-MHP alliance, “both sides are suspicious that the other will reduce their dependency on them”, Mr Unluhisarcikli said.
The president’s recent meetings with smaller parties, interpreted by some as a sign he is seeking to hedge the AKP’s reliance on its nationalist allies, is “sowing distrust” between the partners.
“Erdogan is trying to figure out ways to decrease his own dependency on the MHP, trying to open up to the Kurds or luring other parties into the alliance,” Mr Unluhisarcikli said.
“The AKP and the MHP are not considering divorce yet but both of them are talking to their lawyers about what that process would look like.”
Meanwhile, Ali Babacan, formerly economy chief under Mr Erdogan, noted the proposal for constitutional change followed opposition talks about a return to a fortified parliamentary system.
“The mentality that governs Turkey does not believe in the separation of powers and the independence of the judiciary,” Mr Babacan, head of the Democracy and Progress Party, said on Tuesday.
“No matter what amendments you bring to the constitution, without these two factors you can’t solve the country’s problems. The country doesn’t just have a problem with the system of governance but also a serious problem with the mentality of those who govern.”
Others questioned the relevance of constitutional change while the presidential system remains in place.
Ibrahim Kaboglu, a constitutional law professor and opposition MP, said the departure from a politically impartial presidency had allowed Mr Erdogan to establish a “one-person party state”.
“There is absolutely no possibility of the president ensuring the supremacy of the constitution as long as he unconstitutionally remains party leader,” he said.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Kandahar%20
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Vikram%20Vedha
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
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
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now