Iranian president Mahmoud Ahmadinejad, right, and his close ally Esfandiar Rahim Mashaei, flash victory signs at the start of their press conference, after registering Mr Mashaei’s candidacy for the upcoming presidential election.
Iranian president Mahmoud Ahmadinejad, right, and his close ally Esfandiar Rahim Mashaei, flash victory signs at the start of their press conference, after registering Mr Mashaei’s candidacy for the uShow more

Iran hardliners urge election ban on top rivals



TEHRAN // Hard-line Iranian lawmakers petitioned authorities yesterday to bar two prominent presidential contenders - a moderate former president and a protégé of current president Mahmoud Ahmadinejad - from running in next month's election in a further sign of intense political jockeying over the final ballot list.

The appeal by nearly 100 parliament members reflects worries over the potential election-swaying influence of ex-president Ali Akbar Hashemi Rafsanjani and Esfandiar Rahim Mashaei, a close confident of Mr Ahmadinejad.

Both could pull votes from two different directions - Mr Rafsanjani appealing to reformists and Mr Mashaei favoured by Mr Ahmadinejad's backers - and shift attention away from other potential front-runners with close ties to the ruling clerics.

Mr Mashaei faces an uphill battle to get his name on the June 14 ballot because of Mr Ahmadinejad's political feuds with supreme leader Ayatollah Ali Khamenei. Mr Rafsanjani, however, is perhaps too venerable to be rejected by the election overseers, known as the Guardian Council, which vets all candidates and is expected to announce the ballot list next week.

In a pre-emptive move, the pro-establishment lawmakers - accounting for more than a third of the 290-seat parliament - appealed to the Guardian Council to knock both from the election race.

One of the lawmakers, Javad Karimi Qodoosi, said they want Mr Rafsanjani barred for supporting the opposition in the disputed 2009 vote and Mr Mashaei disqualified for his alleged un-Islamic attitudes.

Hardliners have accused Mr Mashaei as being the leader of a "deviant current" that seeks to undermine Islamic rule. Some critics have even claimed he conjured black magic spells to fog Mr Ahmadinejad's mind.

Mr Ahmadinejad can't run due to term limits under Iran's constitution, so he is seeking one of his loyalists to succeed him.

Mr Rafsanjani, meanwhile, has emerged as the best hope for pro-reform voters and liberals, who have faced relentless crackdowns since protests over alleged voter fraud in Mr Ahmadinejad's re-election in 2009.

The entry of Mr Rafsanjani and Mr Mashaei has changed Iran's election equation, raising a tough challenge to conservative candidates loyal to Mr Khamenei.

Four major candidates are in the list that hardliners support. They include top nuclear negotiator Saeed Jalili, a former foreign minister, Ali Akbar Velayati, Tehran mayor Mohammad Bagher Qalibaf and prominent lawmaker Gholam Ali Haddad Adel.

Mr Khamenei has given no hints publicly on the candidate he favours, but close advisers such as Mr Velayati and Mr Jalili are likely to have strong backing from the ruling clerics.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

The specs: 2019 BMW i8 Roadster

Price, base: Dh708,750

Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery

Transmission: Six-speed automatic

Power: 374hp (total)

Torque: 570Nm (total)

Fuel economy, combined: 2.0L / 100km

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8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

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Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

Brief scoreline:

Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

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.”

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Rating: 5/5

Specs

Engine: Duel electric motors
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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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