Mohammad Bagher Qalibaf, centre, with a group of legislators after being elected as speaker of Iran's parliament on May 28, 2020. AP Photo
Mohammad Bagher Qalibaf, centre, with a group of legislators after being elected as speaker of Iran's parliament on May 28, 2020. AP Photo
Mohammad Bagher Qalibaf, centre, with a group of legislators after being elected as speaker of Iran's parliament on May 28, 2020. AP Photo
Mohammad Bagher Qalibaf, centre, with a group of legislators after being elected as speaker of Iran's parliament on May 28, 2020. AP Photo

Hardline former Tehran mayor Mohammad Qalibaf becomes Iran parliament speaker


Khaled Yacoub Oweis
  • English
  • Arabic

Iran’s mostly conservative parliament on Thursday elected one of its hardliners as speaker, a largely symbolic but high-profile position amid intensified jockeying for power in the country.

Official media reported that legislators voted overwhelmingly for Mohammad Baqer Qalibaf, a former mayor of Tehran who played a role in crackdowns on several anti-regime demonstrators in the past two decades.

Mr Qalibaf and other conservatives among Iran’s political class have been on the ascendency over the past 15 years. They have been silently positioning themselves for the eventual exit of 81-year-old Supreme Leader Ayatollah Ali Khamenei from the political scene.

Mr Khamenei, the brain behind Iran’s “resistance” ideology in the face of tensions with the United States, has been boosting his allies in the judiciary and the political system while tolerating less compliant figures who nonetheless confer with him on what constitutes national interest.

Parliament in Iran's system of Velayat-e Faqih, or "rule of the jurist", falls short of being merely a rubber stamp but is not fully democratic either, with a mechanism built into the electoral system to exclude candidates deemed ideologically unsuitable.

Conservatives swept Iran’s last election for the 290-member legislature in February. Many candidates seen as reformists were disqualified from running, while voter turnout fell below 50 per cent for the first time since the 1979 revolution that ushered in clerical rule.

Although hardliners have been basking in what they regard as triumphs on the internal and external front, societal and regional fault lines distinguish, and sometimes divide, them.

Mr Qalibaf, from the outlying region of Razavi Khorasan, replaces Ali Larijani, the speaker of parliament for almost 12 years who hails from Qom, a centre of Shiite religious learning.

Unlike former president Mahmoud Ahmadinejad, one of his main political allies, Mr Qalibaf was unable to use the mayoralty of Tehran as a springboard for the presidency, failing in two attempts.

He was a commander in the Islamic Revolutionary Guard Corps and headed the national police, not shying from advocating violence against peaceful demonstrators.

In thanking his supporters, Mr Qalibaf singled out the security apparatus. He said he would make further remarks in his capacity as speaker next week.

Mr Larijani is more of a subtle, old-school operator with links to the religious establishment and the merchant class, as opposed to Mr Qalibaf's more populist approach targeting mainly a younger, more disadvantaged audience.

Mr Khamenei appointed Mr Larijani as an adviser on Thursday and made him a member of the Expediency Council, which sometimes adjudicates among different layers in the ruling system. The appointment signals that the former speaker could now be a player in preparing for succession.

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

WISH
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The%20specs
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The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)