KABUL // Former World Bank economist Ashraf Ghani won Afghanistan’s presidential election, according to preliminary results on Monday, but fraud allegations are set to spark a dispute over the outcome and stoke concerns of instability.
Mr Ghani won 56.4 per cent of the run-off vote, with ex-foreign minister Abdullah Abdullah on 43.5 per cent — a major comeback for Mr Ghani after the first-round election in April, when eight men stood to succeed president Hamid Karzai.
Officials said the turnout on June 14 was more than eight million out of an estimated electorate of 13.5 million, far higher than expected, and a figure likely to fuel fierce arguments about fraud from both sides.
The next president will lead Afghanistan at a pivotal time as US-led troops end their 13-year war against Taliban insurgents, and the fragile economy struggles with declining international aid.
“We cannot deny fraud and violations in the process,” Independent Election Commission (IEC) head Ahmad Yusuf Nuristani told reporters.
“In some cases some security forces were involved, in other cases senior government officials like governors or lower-level officials were involved.”
Mr Nuristani emphasised that the results would now be subject to auditing and adjudication of complaints, before the official result released on about July 24.
“The preliminary result in no way means the announcement of the winner of the election,” he said. “A change in the result is possible.”
Last-minute talks delayed the results by nearly five hours on Monday, as the two campaigns tried to thrash out a deal over a proposed fraud probe that could yet derail Afghanistan’s first democratic transfer of power.
Mr Abdullah, a former anti-Taliban resistance fighter, had vowed to reject the preliminary result, alleging he was the victim of “industrial-scale” ballot-box stuffing.
“Our case will be focused around the eight million turnout figure and the fact Mr. Nuristani accused security forces (of fraud),” Abdullah spokesman Javed Faisal said.
Mr Ghani’s team welcomed the announcement, with spokeswomen Azita Rafat saying: “We worked hard and saw the result, but we don’t want to prejudge the final results.”
Central to talks over the fraud investigation will be how many of the total 23,000 polling stations will be put through an audit to sort out clean votes.
Mr Ghani, an academic who spent 24 years living outside Afghanistan before 2001, has agreed to an audit of 7,000 suspect polling stations, his team said.
Mr Abdullah’s campaign has demanded 11,000 stations are re-examined.
The US State Department said after Monday’s result that it expected at least three million votes to be checked from 7,000 stations.
“Serious allegations of fraud have been raised and have yet to be adequately investigated,” the US statement said, describing the result as “not final or authoritative.”
Afghanistan’s international backers have lobbied hard to try to ensure a smooth election process, but the contested outcome realises their worst fears and risks setting back gains made since the fall of the Taliban in 2001.
The deadlock has already tipped Afghan politics into a crisis at the same time that the Taliban have underlined their strength with a major offensive in the southern province of Helmand.
The insurgents, who see the election as a US plot to control Kabul, threatened to target voters, and violence spiked on both polling days, but there was no major militant attack.
Afghanistan has been battered by decades of conflict, and any power struggle would undermine claims that the hugely costly US-led military and civilian mission has helped to establish a functioning state.
It could also threaten billions of dollars of aid pledges, boost the insurgents and fan ethnic unrest.
Mr Ghani attracts much of his support from the Pashtun tribes of the south and east, while Mr Abdullah’s loyalists are Tajiks and other northern Afghan groups — echoing the ethnic divisions of the bloody 1992-1996 civil war.
The UN mission in Afghanistan has highlighted the risk of political tensions spilling over into tribal violence, though protests have so far been peaceful.
President Hamid Karzai, who has ruled since the fall of the Taliban in 2001, is constitutionally barred from a third term in office, and he has not publicly endorsed any candidate.
He is due to hand over power at an inauguration ceremony on August 2.
All foreign combat troops will leave Afghanistan by December, with about 10,000 US troops staying into next year if the new president signs a security deal with Washington.
* Associated Press
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
'Midnights'
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Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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
On sale: Now
COMPANY%20PROFILE%20
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
The view from The National
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20Profile
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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.”