For the second time in days, Iranians, who have had little cause for cheer in eight years, have been dancing in the streets.
There was an explosion of joy in their fun-starved nation when its beloved national football team won a prized ticket to next summer's World Cup finals in Brazil with a 1-0 away victory over South Korea on Tuesday.
This followed a weekend of celebrations after Hassan Rowhani, a moderate who promised greater freedoms, won an unexpected victory over hardliners in the presidential election.
"I feel like God is answering all our prayers at once," said Nasim, a 24-year-old from Tehran. "First a new, different president, and now the World Cup. We're beside ourselves with happiness."
"Brazil, here we come," jubilant men, women and children chanted as they celebrated on the streets of Tehran amid the blare of car horns and flashing headlights.
Many had daubed their faces with the red, white and green of the Iranian flag, some waved pictures of Mr Rowhani, and others wore purple wristbands, the colour of his election campaign.
Football and politics are a volatile mixture in many countries but they are more combustible in Iran than most. Victories and defeats for the national team have previously ignited anti-government protests.
In addition to purple, many revellers in Tehran were wearing green, the colour of the reformist opposition in 2009 whose mass street protests against Mr Ahmadinejad's "stolen" re-election were ruthlessly suppressed.
"Mousavi, Karrubi, we qualified for the WC [World Cup]," people chanted defiantly in Tehran, referring to the two reformist candidates who ran against Mr Ahmadinejad four years ago, and who have been under house arrest since early 2011.
Mr Rowhani has pledged to free political prisoners, but whether he manages to do so will be an early test of his mettle.
The regime in Tehran is usually wary of street rallies but has not tried to break up the heady celebrations of Mr Rowhani's victory or those for the national football team.
The establishment is seemingly tolerating the street celebrations, viewing them as a pressure valve for people to release their frustrations.
Many Iranians blame the regime's ham-fisted handling of the economy, rather than international sanctions, for their economic woes, which include soaring inflation and high unemployment.
Unsurprisingly, Iranian officials across the political spectrum have rushed to congratulate their country's footballing heroes - and bask in some reflected glory.
Mr Rowhani declared he was immensely proud: "I am certain this victory is the prelude for major victories and the decisive presence of Islamic Iran in all fields."
Iran's dour supreme leader, Ayatollah Ali Khamenei, lauded the team for bringing "happiness" to the people of Iran.
Even wary cynics on social networking sites were euphoric.
"Now it's Samba time, Iranian-style," one person posted on Facebook. Another said: "I think we've all died and we're now in heaven."
The celebrations were reminiscent of the delirious moment in December 1997 when Iran qualified for the 1998 World Cup in France and was drawn against the United States in the first round. There were wild street parties in Tehran, where Mohammad Khatami, the reformist president, had come to power months earlier.
Iran went on to beat the US 2-1 in the tournament six months later, a victory that sparked tumultuous celebrations in the capital, with men and women partying together in the streets.
Before the kick-off in Paris for that match, the Iranian team gave flowers to the American players as a gesture of goodwill. Bill Clinton, then the US president, also broadcast a message of goodwill during the game.
But, at the other extreme, nationwide riots erupted in 2001 after Iran was eliminated from the 2002 World Cup finals by Bahrain, a minnow among the world's footballing nations.
In 2009, when Mr Ahmadinejad was returned to power in a fiercely disputed election, Iran crashed out to South Korea in a World Cup qualifier that denied the Islamic Republic a place at the finals in South Africa.
Many Iranians have suggested their national football team is on a winning streak now that Mr Rowhani will assume power in August. Many joked that their football stars only perform well when moderate leaders, such as Mr Khatami or Mr Rowhani, are in power.
Britain's labour leader, Harold Wilson, made a similar quip decades ago, referring to England's sole World Cup triumph in 1966.
He said: "Have you ever noticed how we only win the World Cup under a Labour government?"
mtheodoulou@thenational.ae
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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.”
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)