Syrian government workers count votes at the end of the referendum for a new constitution in Damascus. Syrians voted on a new constitution in the face of opposition calls for a boycott and further shellings in restive cities.
Syrian government workers count votes at the end of the referendum for a new constitution in Damascus. Syrians voted on a new constitution in the face of opposition calls for a boycott and further sheShow more

Referendum was 'rigged', Syria opposition groups claim



DAMASCUS // Syria has a new constitution after almost 90 per cent of voters in Sunday's referendum supported the revised legal framework, government officials said yesterday.

The interior minister, Mohammad Al Shaar, said 89.4 per cent of those taking part had backed the plan to replace the 1973 constitution, in a free and transparent ballot.

But opposition groups, which called for a boycottwhich called for a boycott, had anticipated such a result and said all elections in Syria are rigged.

"No matter how many people actually take part in any vote here, the regime always announces some number larger than 75 per cent supported its plans," said a dissident lawyer. "There is no independent monitoring, there is no fairness, it's meaningless."

Turnout was 57.4 per cent, officials said, with 8.38 million of the 14.6 million eligible voters participating.

Anecdotally, turnout was extremely low, even non-existent, in protest areas, such as the Bab Amro neighbourhood of Homs. Participation was high in zones of support for President Bashar Al Assad.

"There has been a large turnout despite threats made by armed terrorist groups in some regions," Gen Al Shaar said.

The result means the new constitution, promised since the start of the uprising 11 months ago, is now in force. It ostensibly ends decades of Baath party monopoly over Syrian political life and introduces a multiparty system, with a parliamentary election due no later than 27 May.

Mr Al Assad has made constitutional change the centrepiece of his reform agenda, having already introduced legislation governing political parties, elections and the media. All have been widely criticised for doing nothing to break the ruling elite's stranglehold on power, but have won support from Russia and China, key diplomatic allies.

The preamble to the new laws describes the constitution as "the culmination of the people's struggle on the road to freedom and democracy" and says it will guarantee "public freedoms, human rights, social justice, equality, equal opportunities, citizenship and the rule of law".

But sweeping presidential powers remain intact.

While restricting future presidents to two terms of office - a maximum of 14 years in power - the legal code says this will not be retroactive. Mr Al Assad, who is serving his second seven-year term in charge, will therefore potentially be able to rule until 2028.

Emergency clauses in the new constitution allow for that to be extended indefinitely in the event that no presidential election is possible.

Syrian lawyers and analysts have been highly critical of the constitution - drawn up by a hand-picked presidential committee - warning any changes are largely cosmetic and will not rein in the abuses of security services that dominate everyday life in the country.

Opposition groups, demanding Mr Al Assad step down, have said it is too little, too late to prevent the revolt from spiralling further out of control. More than 7,000 people have been killed by security forces since a pro-democracy uprising began in March, according to human-rights groups. Syrian officials say more than 2,000 security personnel have been killed in the same period, blaming "armed terrorist gangs".

psands@thenational.ae

Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania. 

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

Retail gloom

Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.

The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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Lexus LX700h specs

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The specs
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Power: 510hp at 9,000rpm
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Packages which the US Secret Service said contained possible explosive devices were sent to:

  • Former first lady Hillary Clinton
  • Former US president Barack Obama
  • Philanthropist and businessman George Soros
  • Former CIA director John Brennan at CNN's New York bureau
  • Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
  • California Congresswoman Maxine Waters (two devices)
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
Key facilities
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  • Premier League-standard football pitch
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
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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.”

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.