epa07296128 Algerian President Abdelaziz Bouteflika, re-elected for a fourth mandate, reacts during the oath taking ceremony in Algiers, Algeria, 28 April 2014 (Reissued 18 January 2019). According to media reports on 18 January 2019, Algerian President Abdelaziz Bouteflika issued a Presidential decree calling for a presidential elections on 18 April 2019. EPA/MOHAMED MESSARA *** Local Caption *** 51343317
Algerian President Abdelaziz Bouteflika, reelected for a fourth mandate, reacts during the oath taking ceremony in Algiers, Algeria, 28 April 2014. EPA

Algeria calls April election with President Abdelaziz Bouteflika's plans unclear

The ailing 81-year-old, who uses a wheelchair, is due to complete a fourth term in office on April 28

Agence France Presse

19 January, 2019

Algerian President Abdelaziz Bouteflika issued a decree on Friday calling a much anticipated presidential election for April 18 but without saying whether he will seek a new term.

The ailing 81-year-old, who uses a wheelchair and has rarely been seen in public since a stroke in 2013, is due to complete a fourth term in office on April 28.

Despite his advanced age and poor health, there have been calls from his supporters for him to stand for a fifth term.

But the president himself is yet to make his intentions clear.

By law, would-be candidates now have until March 4 to register with the constitutional court.

Uncertainty over whether Mr Bouteflika will stand for re-election has frozen Algerian politics for months.

No candidate of note has thrown their hat into the ring while the president's intentions remain in doubt.

For the last presidential election in 2014, Mr Bouteflika left it until just days before the deadline to register.

Algerian politics is notoriously opaque with the winner of every multiparty presidential election pre-selected by a shadowy elite, beginning in 1995 with victory by retired General Liamine Zeroual.

_____________

Read more:

[ UK minister heads home over migrant boat issue ]

[ Arab migrants 'missing' after seeking shelter in Algeria: UN ]

[ Migrants become Greek citizens after rescuing others from wildfires ]

_____________

For this year's election, the membership of the kingmaking elite has changed.

During his fourth term, Mr Bouteflika finally made good on a longstanding pledge to reduce the power of the traditional powerbrokers by disbanding the DRS intelligence agency in 2016.

But under his watch, business networks have become increasingly entwined with the political structure, leaving it difficult to judge with confidence who would be put to voters as the regime's anointed candidate in the event that Mr Bouteflika does not run.

The president's brother and special adviser Said has been widely seen as Algeria's de facto ruler since Mr Bouteflika's stroke, which severely impaired the president's speech.

But many believe Said will wish to remain in the shadows behind the throne, rather than be the public candidate, should the incumbent throw in the towel.

Ramez Gab Min El Akher

Creator: Ramez Galal

Starring: Ramez Galal

Streaming on: MBC Shahid

Rating: 2.5/5

You might also like

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.

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.”

While you're here
You might also like

Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books