A Federal National Council meeting is held in May. New members will be voted in this year. Antonie Robertson / The National
A Federal National Council meeting is held in May. New members will be voted in this year. Antonie Robertson / The National

Largest FNC election yet will give more Emiratis a voice



When the first Federal National Council elections were held 13 years ago, fewer than 7,000 Emiratis were eligible to vote. Now that the voting system has reached its teen years, nearly 50 times that number have been invited to have their say in another reflection of the seismic reforms underway in this country. Nationwide elections on October 5 for the FNC will be the largest to date, with more than 330,000 Emiratis eligible to vote.

As Abdulrahman Al Owais, Minister of State for FNC affairs and chairman of the election committee, says, it is “yet another step on the UAE’s political empowerment and engagement journey”. The increase in voters marks a 50 per cent increase from the last election in 2015, in a process which enables citizens and their representatives to participate in shaping their country, giving them a platform to voice their concerns, express their aspirations for the nation’s direction and have an audience with the UAE’s leaders. It is the modern-day majlis and with greater numbers invited in, it promises an even more inclusive system.

In Sheikh Zayed's lifetime, decisions would often be issued on chits of paper to those gathered in his majlis. As the UAE has grown and its population diversified, so too have laws expanded to include more of those impacted by its development and infrastructure. It is essential this opportunity is not wasted. FNC elections are a chance for Emiratis to make their voices heard.

The council speaks for all citizens, bringing issues that matter to their constituents to the table and summonsing ministers for questioning about critical policies. Its members have the power and position to effect positive change through its consultative process. Thanks to a royal decree last year, the body will now have an equal number of male and female members.

Change is hard-won and often forgotten when it becomes the norm, but it is a duty upon all those eligible to make the most of their voting rights come October. Traditionally, turnout has been less than 40 per cent in FNC elections. But the expansion of the voter pool illustrates the government’s desire to have the council be more representative of Emiratis from different walks of life. All Emiratis on the list are also eligible to stand as candidates and many serious and thoughtful aspirants are already coming forward to represent the people of their emirate.

So, as the nation prepares to hold its largest election yet, voters are urged to question their candidates and head to the polls on election day. They can then ensure that they are represented when it comes to deciding the future of their nation.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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