A supporter of presidential candidate Mohamed Nasheed yells at policemen during protests against the cancellation of Saturday's elections. Dinuka Liyanawatte / Reuters
A supporter of presidential candidate Mohamed Nasheed yells at policemen during protests against the cancellation of Saturday's elections. Dinuka Liyanawatte / Reuters
A supporter of presidential candidate Mohamed Nasheed yells at policemen during protests against the cancellation of Saturday's elections. Dinuka Liyanawatte / Reuters
A supporter of presidential candidate Mohamed Nasheed yells at policemen during protests against the cancellation of Saturday's elections. Dinuka Liyanawatte / Reuters

Police stop presidential election in Maldives


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MALE // Maldives sank further into political disarray on Saturday when police blocked officials from conducting a presidential revote, saying that holding the election would violate a supreme-court order.

It was the latest blow to this young democracy, which has only about three weeks before the end of the current president’s term. If his replacement is not elected by then it will spark a constitutional crisis.

The top court annulled the results of the September 7 presidential election, agreeing with a losing candidate that the voters’ registry included fictitious names and dead people, but it set conditions for a revote that police said elections officials did not meet.

Fuwad Thowfeek, the elections commissioner, attempted to hold the election as scheduled, but on Saturday morning he said the ground floor of his building was full of policemen stopping his staff from carrying election material outside. He then called the election off.

Abdulla Nawaz, a police spokesman, said the election was stopped because the commissioner did not comply with a court order to have the voters’ list endorsed by all the candidates.

Mr Thowfeek accused the police of overstepping their legitimate role.

“They kind of think they can be our bosses and we are an institution below them, and that they can dictate to us and control us.”

Mr Nawaz said police acted after consulting with the sitting president Mohamed Waheed Hassan, the security council, the attorney general and the home ministry.

Two of the three presidential candidates did not sign the voters’ list on Friday, saying it needed to be verified for any irregularities, but Mr Thowfeek had said their demands for double-checking the list were impossible to meet in time for the election.

The supreme court said in its ruling annulling the September election that a revote must take place before Sunday. It likely will need to issue a new ruling in order for an election to be held before Mr Hassan’s term ends on November 11.

The Maldives became a democracy five years ago after 30 years of autocratic rule and has had a difficult transition.

Its first democratically elected president, Mohamed Nasheed, was forced to resign last year midway through his term after he ordered the arrest of a senior judge he perceived as corrupt and partial. Mr Nasheed says he was forced out of power by a coup.

The country’s institutions such as the judiciary, police and public service are often perceived as partial and dominated by those loyal to the country’s former autocratic leader Maumoon Abdul Gayoom, who lost to Mr Nasheed in 2008.

Mr Nasheed, who finished first in the September balloting but did not win the majority of votes needed to avoid a run-off, had endorsed the voter list. The other candidates – Yaamin Abdul Gayoom, a brother of Mr Maumoon, and the businessman Qasim Ibrahim, who challenged the first-round result in court – did not.

* Associated Press

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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.”

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The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

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