ISTANBUL // The Turkish parliament last week began a raucous debate over a controversial draft constitution which would greatly expand the powers of the presidency.
As the opposition attempted to stall the beginning of the debate on Monday with a filibuster, riot police fired tear gas at hundreds of people who had gathered outside the parliament building to protest against the proposed change, which many see as concentrating too much power in the hands of one leader. The sessions since have been tense, with MPs coming to blows at one point mid-week.
In the vision of president Recep Tayyip Erdogan and his ruling Justice and Development party (AKP), the draft constitution containing 18 new measures will transform the president’s largely ceremonial position into one of an executive decision-maker, able to unilaterally declare a state of emergency and appoint and fire ministers. He or she would be immune to prosecution, and able to officially align with a political party.
Mr Erdogan is a co-founder of the AKP, but as president he is currently not allowed to be affiliated with a political party. If this is changed, the president’s party would also be the state’s party, dissolving this political impartiality.
Supporters of the change see the strengthening of the president’s powers as an essential step towards stabilising a country that has been plagued by internal strife, terrorist attacks and regional conflicts that threaten to spill over its borders.
“Stability will be achieved,” said AKP politician Ibrahim Halil Firat, who played a key role in drafting the new constitution. “Decision-making will be quick.”
Under the proposed constitution, the president will be allowed to serve two consecutive five-year terms – so long as he or she wins a simple majority of the vote at each election. Since presidential terms under the previous constitution would not count, Mr Erdogan could be president until 2029 if he wins the next election expected to be held in November 2019. He will potentially wield greater powers than his counterparts in Russia and the United States.
The new constitution is opposed by the largest opposition group, the People’s Republican Party (CHP), whose leader Kemal Kilicdaroglu has said repeatedly that expanding the powers of the president is tantamount to condoning a style of government more akin to a dictatorship.
“They are trying to turn the democratic parliamentary regime into a totalitarian regime,” he said, addressing parliament as the debate began.
Opponents of the new constitution doubt whether the expanded presidential powers – and, potentially, the extended rule of Mr Erdogan – will benefit those not already aligned with the ruling party. They fear it will cement the powers Mr Erdogan has accrued under the state of emergency declared following the attempted coup in July. In the six months since, the repeatedly renewed measure has enabled Mr Erdogan to dismiss more than 100,000 state employees in the name of national security. As a result, state institutions are short of staff, and many citizens are afraid to speak out lest they are framed as sympathisers of Fethullah Gulen, the US-based cleric whose supporters Mr Erdogan blames for the coup attempt.
However, in this particular version of the great debate of freedom versus security, many argue that Turkey is in no position to prioritise the former over the latter, with 60 per cent of the public supporting the proposed constitution, according to a recent poll. Last year, in addition to the coup attempt that killed at 265 people and injured more than 3,000, a total of 10 terrorist attacks killed dozens in Istanbul and Ankara. There were other, smaller attacks in Diyarbakir, Gaziantep and Antalya.
The violence has affected tourism, previously one of the most important sectors of the Turkish economy. Between last January and November, foreign visitors dropped by 30 per cent from the previous year, plunging many areas – particularly resort towns along the Mediterranean and Aegean coasts and historical attractions such as the ancient Anatolian city of Cappadocia – into economic despair.
The Turkish lira has depreciated rapidly, dropping to three to the US dollar in the aftermath of the attempted coup, and slightly further with each attack or political decision taken thereafter. Since the New Year attack by ISIL at the Reina nightclub in Istanbul, the currency’s depreciation has accelerated into a crash, dropping on a daily basis. It is projected to reach as low as four to the US dollar by the end of January, leading many to believe that if the new constitution can stabilise the country, the benefits would outweigh the costs.
So far, it appears – perhaps predictably – that security is winning. Despite the strong opposition of the CHP and People’s Democratic Party (HDP), three of the 18 measures have already been passed. The rest are also expected to win the necessary parliamentary majority of at least 330 out of 550 votes. If approved in parliament, it would then be put to a referendum, allowing the public to have their say as early as the coming spring.
foreign.desk@thenational.ae
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.”
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The five pillars of Islam
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
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
UAE currency: the story behind the money in your pockets
Company%20profile
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Coal Black Mornings
Brett Anderson
Little Brown Book Group
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The years Ramadan fell in May
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Zayed Sustainability Prize
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances