Algeria's election a foregone conclusion


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The Algerian Echourouq al-Yawm daily carried a piece by Miloud Ben Ammar, who argued that the outcome of the presidential elections in Algeria has been decided even before the presentation of all the candidacy files. The candidates, he added, have already aligned in two categories: the president, independent candidate Abdul Aziz Bouteflika, and all the other candidates, heads of parties and those who are referred to by the Algerian public as being "rabbit candidates". It also looks as if no one, whether from the political class or the people, will be surprised by the results which will be announced by the constitutional council before the end of the week, except maybe at the level of the exclusion of some candidates due to their non-compliance with legal conditions. In light of this scenario, the Algerian voters, he said, will not be very surprised to see who the winning horse is on the eve of April 9. "For the third time in a row, it seems that the decision-making circles in Algeria are aware of these facts, including the president of the republic, himself which is why he has been concentrating in his appearances on one thing: pushing towards securing the widest participation in these elections."

In the Jordanian daily Al-Arab al-Yawm, Fahed Al-Khitan argued that the Jordanian government listens to external voices and provides deaf ears to internal ones. "No Jordanian government has ever embarked on reformative steps in the economy and politics unless this reform was a demand by foreign sides or as a condition to receive aid and loans. This track can be seen in Jordanian policy ever since the nineties." After the economic crisis and the bankruptcy of the central bank, he explained, Jordan was subjected to economic reform imposed by the International Monetary Fund and the World Bank. Successive governments were committed to implement the reform programmes drafted by foreign sides and they would not have implemented them had it not been for the crisis and the external pressures. "In order to face external pressures, the governments in Jordan and the Arab world used to raise the slogan of reform at home, but that was only ink on paper, because these governments realise that it is always easy to contain internal pressures, while it is hard to contain external ones because they are linked to aid and political roles."

The Iraqi Al-Sabah newspaper carried an opinion piece by Sa'id Nehme that explored the challenges facing the Iraqi workers' movement. "Today, six years after the occupation and the toppling of the regime, what has changed? Were the violated rights of this class restored? Were the freedoms of the unions unleashed? Did the violations perpetrated against this class cease and were the workers allowed to join union organisations based on the international agreements of the Labour Organisation which Iraq is part of? Definitely not." When the sectarian ruling council was founded, he said, Decision No 3 of 2004 was issued, disbanding all former professional organisations and unions and securing the formation of temporary committees until the elections are held. Afterwards, the ill-reputed Decision 16 was issued during that same year, stipulating that formation of the general syndicates union in Iraq "headed by the legitimate and legal representative of the working class, Rassem al-Awadi", thereby excluding all the other unions and syndicates from this process and depriving them of this right. "How did he become the representative of the working class," Nehme asked? "Were elections held with the participation of all the workers? Certainly not."

"If Benyamin Netanyahu succeeds in getting enough votes to form the Israeli government, then the Arabs have only one option left to them: they have to wash their faces to erase all the remnants of the dreams about peace because the man is as clear as sunlight and is a perfect Zionist," wrote Khalaf Al-Harbi, a regular columnist for the Saudi newspaper Okaz. "He believes that the Palestinians have no right to their stolen land and he cannot countenance any political solution less than expelling them to Jordan. The Arabs, Al-Harbi said, "will discover that Netanyahu is a very candid and practical man because he has not come to talk about the lost rights of the Palestinians and the international plans for peace since he has already decided in regards to this issue. He is only concerned with working to transform the oil rich Arab world into an Israeli playground." A new plan "must start with reinforcing the Arab reconciliation effort and the effort to heal the Palestinian divisions. The Arabs must also think long and had about returning to support the Palestinian resistance." *Digest compiled by www.mideastwire.com

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UAE currency: the story behind the money in your pockets
Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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.”

Islamic%20Architecture%3A%20A%20World%20History
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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)
Match info

Manchester United 1
Fred (18')

Wolves 1
Moutinho (53')

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A

Baby Driver

Director: Edgar Wright

Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James

Three and a half stars

Padmaavat

Director: Sanjay Leela Bhansali

Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh

3.5/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

THREE
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The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them