Clarisse Yeung greets a supporter in Hong Kong’s Tai Hang district after winning a seat in a district-council elections yesterday. About eight candidates who were involved in the Chinese city’s pro-democracy protests last year won in the elections. Tyrone Siu / Reuters
Clarisse Yeung greets a supporter in Hong Kong’s Tai Hang district after winning a seat in a district-council elections yesterday. About eight candidates who were involved in the Chinese city’s pro-deShow more

'Umbrella Soldiers' take seats in Hong Kong elections



Hong Kong // Young supporters of the democracy movement, known as ‘Umbrella Soldiers’, took seats in the city’s first vote since mass street protests -- but pro-Beijing forces dominated the polls in a key test of public sentiment.

The spotlight was on Sunday’s district elections to gauge whether support for the democracy movement could translate into votes.

While a new generation of pro-democracy campaigners unexpectedly won a handful of seats, the balance of power remained largely the same, thanks to a better-funded and better organised pro-Beijing camp, analysts said.

Established democratic parties also struggled to come up with a new message, analysts added, with two veteran incumbents losing their seats.

It was the first time Hong Kongers had gone to the polls since tens of thousands of protesters took to the streets last year demanding fully free elections for the city’s next leader, in what became known as the “Umbrella Movement”.

The rallies were sparked after Beijing insisted candidates for the planned first public vote for Hong Kong’s leader in 2017 would have to be vetted by a loyalist committee.

Hong Kong is semi-autonomous after being handed back by Britain to China in 1997, but there are fears that Beijing’s influence is growing.

The democracy movement has splintered and stalled since the protests failed to win concessions on political reform, with younger candidates pulling away from the old guard.

Dozens of ‘Umbrella Soldiers’ stood for election Sunday. At least four won seats in an election that saw a record 47 percent turnout of more than 1.4 million.

“It’s a total surprise. I feel the Umbrella Movement definitely woke up many people who never cared about the district council and politics to give their first vote,” Clarisse Yeung Suet-ying, 28, who won against a pro-Beijing candidate, told local news channel TVB.

“We will prove we’re serious,” added Kwong Po-yin, 29, of new pro-democracy group Youngspiration, who also won.

The pro-establishment camp acknowledged the inroads made by new candidates.

“I’m a little surprised by the defeat,” said Chris Chung of the pro-Beijing Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), who lost to Chui Chi-kin, 46. Chui said he was running for the first time inspired by last year’s rallies.

“Since Occupy, many youngsters registered as first-time voters. They showed their power,” added Chung.

There are 431 representatives on the 18 district councils, which advise the government on local issues.

Pro-Beijing groups retained a significant majority as analysts had expected.

The DAB, the main pro-establishment party, won 119 seats.

The Democratic Party, the largest pro-democracy party, dropped four seats from 47 to 43.

However, the Neo Democrats, who broke away from the Democratic Party in 2010 and promote a more Hong Kong-centric approach to reform, won 15 of a possible 16 seats.

Youngspiration garnered 12,000 votes, although only one of its nine candidates won.

“Our battle to get back Hong Kong has just begun,” said the group’s spokesman Baggio Leung.

“To some extent, the Umbrella Movement has galvanised a new generation of voters,” said Willy Lam of the Chinese University of Hong Kong’s Centre for China Studies.

“But the overall result is pretty much unchanged... Beijing should be reassured.”

Pro-government parties had succeeded in drawing support from key groups including recent arrivals from the mainland and elderly constituents, he said.

Meanwhile the more established democratic candidates failed to make an impact.

“The problem is that they don’t have a new message,” said Lam.

“They have been very poor in grooming the next generation.”

* Agence France-Presse

Results

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3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.

4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.

4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.

5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.

5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.

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Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
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December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

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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.

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“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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Expert advice

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Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
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Investment stage: Pre-seed
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