Ekrem Imamoglu, Istanbul mayor and the Republican People's Party candidate, after claiming victory in Istanbul, Turkey. AFP
Mr Imamoglu addresses his supporters in front of the Istanbul Metropolitan Municipality in Istanbul, Turkey. Reuters
Opposition Republican People's Party supporters celebrate outside the main municipality building following municipal elections across Turkey, in Istanbul. AFP
Turkey's main opposition party claimed big election victories in the main cities of Istanbul and Ankara. AFP
Mr Imamoglu's supporters celebrate the closing of the polls in the local elections in Istanbul, Turkey. EPA
Turkish President and leader of Justice and Development Party Recep Tayyip Erdogan with his wife Emine Erdogan after the local elections in Ankara. AFP
Supporters of Justice and Development Party cheer as Mr Erdogan delivers a speech after the elections, in Ankara. AFP
Ankara's Mayor and Republican People's Party candidate Mansur Yavas, waves to supporters in Ankara. AFP
A man holds a portrait of Mr Yavas in Ankara. AFP
Supporters of Mr Yavas listen to his victory speech in Ankara, Turkey. AFP
David Lepeska is a global affairs contributor for The National
April 01, 2024
The main opposition Republican People’s Party (CHP) topped the governing Justice and Development Party (AKP) in the overall vote and in many key races in Sunday’s local elections, reasserting its relevance in stunning fashion with its best national result in nearly half a century.
With the CHP receiving nearly 38 per cent to the AKP’s 35 per cent, this marked the first time that the former won Turkey’s total vote tally since 1977. It’s all the more impressive in the wake of its stunning double defeat last May, followed by the contentious ouster of longtime leader Kemal Kilicdaroglu, who was replaced by the untested Ozgur Ozel.
Adding to the feat, Turkey’s elections have for years been widely seen as mostly free but less than fair, as candidates for the governing party tend to receive exponentially more coverage on predominantly government-friendly media outlets. And this year, the AKP brought out the big guns.
Those expecting early general elections or Mr Erdogan becoming a lame duck might want to pause for breath
President Recep Tayyip Erdogan, as usual, campaigned across the country for months. But more so than in the past, the AKP sent cabinet ministers to events in major cities across Anatolia and the south-east. A few weeks ago, a prominent Islamist with more than three million followers on social media even told Turks that it would be a sin to not vote for AKP.
None of it was enough in the end, with Turkish democracy and the opposition emerging as big winners. “Voters decided to establish a new politics in Turkey,” Mr Ozel, who aced his first big political test, said as the results came in.
We might have taken it as a sign of things to come when Devlet Bahceli, the venerable leader of the AKP’s parliamentary partner, the nationalist Nationalist Movement Party (MHP), showed up to vote with welts on his face and his arm in a sling. The parties in power ended up taking a beating, and most ascribe the CHP’s red wave to a few factors.
The first is low voter turnout of 78 per cent, about 10-12 per cent below the norm. Maybe Turks tired of politicians’ aggressively polarising rhetoric over the past decade while seeing no end to the years-long economic crisis? It’s hard to say for sure.
Turkish President Recep Tayyip Erdogan with his wife Emine in Ankara on Sunday after the municipal elections. AFP
Second, a major surprise was the performance of the Islamically conservative New Welfare Party (YRP). Polling at 3 per cent a few weeks ago, YRP took more than double that – 6.19 per cent – stealing a sizeable chunk of likely AKP voters.
Lastly, the six-party alliance that the CHP embraced last year may have eroded its support, rather than boosted it. Some Kemalists may have been turned off by a union with ultra-nationalists and potential supporters of the Kurdistan Workers’ Party, or by pre-election bickering between party leaders. Standing alone, the CHP had more of a chance to shine.
As a result, its candidates cruised to easy victories in Izmir and Ankara, and in Istanbul, where incumbent mayor Ekrem Imamoglu took Turkey’s largest city by 12 points in what was widely expected to be a dogfight. Mr Imamoglu immediately becomes Mr Erdogan’s chief rival and the presumptive CHP candidate in the next presidential election, though his appeal of a conviction that would levy a political ban is set to resume this month.
With the CHP now in control of 35 of Turkey’s 81 provinces to the AKP’s 24, AKP foes stepped into a changed political landscape as Monday dawned – their most hopeful moment in decades. But those expecting early general elections or Mr Erdogan becoming a lame duck might want to pause for breath.
The CHP’s path to power remains problematic. Start with YRP, which after polling as the fifth or sixth-most popular party came in third overall. Clearly, Islamism remains a powerful force in Turkish politics – not great news for the mainly secular opposition.
YRP attracted voters by hammering home the suffering of Palestinians in Gaza; championing persecuted Muslims has long been an Erdogan calling card. With a few concessions, the AKP will probably bring its former parliamentary partner back onside for the next vote.
Next, Meral Aksener’s IYI Party, a former CHP partner, received less than 4 per cent after polling as high as 13 per cent a few years ago. Ms Aksener has called a party congress, and if IYI dissolves, as some fear, those nationalist votes could revert back to the MHP.
And let’s not forget that nationalism, perhaps the most powerful force in Turkish politics in recent years, was not on the ballot. Your municipality is responsible for garbage pick-up, public transport, and local infrastructure, not for the direction of the economy or foreign policy positions that evoke national pride. This may explain why the CHP did so well in local elections in 2019, yet under-performed last year.
Another difference is that nearly four million Turkish citizens living abroad are able to vote in national elections, but not in local elections, as they do not reside in any of the relevant municipalities. Put it all together and the AKP could add 10-12 points in the general election set for 2028 – a game-changing total.
“This is not an end for us but a turning point,” the President said late on Sunday night, after suggesting a few weeks ago that this election would be his last. “We’ll evaluate the messages given by our people and make the necessary changes.”
Is it possible that national sentiment has changed, that Turkish voters no longer view the AKP as capable of taking the country in the right direction, and that March 31 marked the start of a new political age? Of course it is possible – all reigns eventually end.
But until we see that clearly expressed in a vote to choose the country’s national leadership, it’s unwise to view this as the beginning of the end for the AKP. Few politicians in history have proved to be as resilient as Turkey’s longtime leader.
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.
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.”
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
