Rishi Sunak faces off against Keir Starmer in the UK; Joe Biden takes on Donald Trump; Narendra Modi faces Rahul Gandhi.
Rishi Sunak faces off against Keir Starmer in the UK; Joe Biden takes on Donald Trump; Narendra Modi faces Rahul Gandhi.
Rishi Sunak faces off against Keir Starmer in the UK; Joe Biden takes on Donald Trump; Narendra Modi faces Rahul Gandhi.
Rishi Sunak faces off against Keir Starmer in the UK; Joe Biden takes on Donald Trump; Narendra Modi faces Rahul Gandhi.

Six elections that could shape the world in 2024: US Presidential Polls to Modi's India


Tommy Hilton
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The year 2024 will see the most elections held in history – in what could prove to be a decisive 12 months for the decades that follow.

More than 50 countries are going to the polls in the next 12 months for a variety of presidential and legislative elections.

And more than two billion people – about a quarter of the world's population – are eligible to vote.

The countries going to the polls include India, the world's largest democracy and most populous country, and the US, the most powerful country in the world.

Bangladesh has already gone to the polls, with the incumbent Prime Minister Sheikh Hasina securing a fifth term in elections fraught with violence and boycotted by the main opposition parties.

Some organisations have also warned that the democratic process is at risk from more threats than ever due to the rise of artificial intelligence.

The elections will be the first in many countries since generative AI tools, such as ChatGPT, became widely accessible.

“The reality of today’s technology and social media landscape paints a stark picture of platforms underprepared for the year ahead against a backdrop of unforeseen, novel challenges alongside known threats,” warned a report by the American Progress think tank, which investigated how social media impacted the 2022 US midterm elections.

Many countries are still dealing with the prolonged aftershocks of the global Covid-19 pandemic, which the World Health Organisation estimates led to approximately 14.9 million excess deaths worldwide, and the resulting unprecedented damage to the global economy.

Climate change may also play a role as an electoral issue, as countries seek to curb their emissions following the Cop28 climate conference in the UAE.

India

The world's largest democracy will vote in a general election between April and May 2024.

India is a parliamentary democracy, and its prime minister is elected by the house.

The tenure of the current lower house, the 17th Lok Sabha, is due to come to an end in June 2024.

All 543 members of parliament, who represent India's 1.4 billion people, will be up for election in a first-past-the-post system.

Prime Minister Narendra Modi is running for re-election and another five-year term.

He heads the ruling Bharatiya Janata Party Hindu nationalist party. The party's previous campaigns have rested on the pillars of political Hinduism, nationalism and welfare campaigns targeted at the country’s poorest citizens.

The combination proved a winning formula in 2014 and 2019, and the BJP is the favourite to win again in 2024.

India's Prime Minister Narendra Modi at an election campaign in Hyderabad in November. He is seeking another five years in office. AFP
India's Prime Minister Narendra Modi at an election campaign in Hyderabad in November. He is seeking another five years in office. AFP

The main opposition party, the Indian National Congress, lost to the BJP in recent state elections in Madhya Pradesh, Rajasthan and Chhattisgarh, which were seen as indicators for the 2024 vote.

Congress, which has its roots in India's independence movement, will be contesting the election as part of a 28-party coalition that brings together a wide range of different political groups with differing ideologies.

The opposition accuses Mr Modi and the BJP of institutional corruption and cronyism, and presents him as a danger to the country's democratic institutions. The BJP's form of Hindu nationalism has also been criticised as driving a wedge between India's Hindu majority and minority religious groups, especially Muslims.

Recent polls showed that Mr Modi has strong personal approval ratings and is seen by many voters as having elevated India's standing on the world stage.

Congress leader Rahul Gandhi addresses a rally in New Delhi on December 22. His party has lost out to the BJP in recent state elections. EPA
Congress leader Rahul Gandhi addresses a rally in New Delhi on December 22. His party has lost out to the BJP in recent state elections. EPA

Indonesia

Campaigning is under way in Indonesia, the world's third-largest democracy and most populous Muslim-majority country.

The country will go to the polls to elect a new president on February 14.

More than 200 million people are eligible to vote in a country of nearly 280 million.

Current President Joko Widodo has served two terms and cannot stand for re-election, with three candidates vying to succeed him.

Defence Minister Prabowo Subianto is currently leading in the polls. He lost out to Mr Widodo in 2014 and 2019 but is seen as having the tacit backing of Mr Widodo. He leads the Great Indonesia Movement (Gerindra) party and has picked Mr Widodo's son and the mayor of Surakarta, Gibran Rakabuming Raka, as his running mate.

Mr Subianto is being challenged by Ganjar Pranowo, who leads the ruling Indonesian Democratic Party of Struggle. Like Mr Widodo, he is seen as a popular figure who comes from outside the political and military elite.

The third candidate in the running is Anies Baswedan, an academic and politician who was mayor of Jakarta between 2017 and 2021. He was praised for his response to Covid-19 but criticised for his handling of recent flooding in the Indonesian capital.

Indonesian presidential candidates, from left, Ganjar Pranowo, Prabowo Subianto and Anies Baswedan, at the first election debate in Jakarta in December. AFP
Indonesian presidential candidates, from left, Ganjar Pranowo, Prabowo Subianto and Anies Baswedan, at the first election debate in Jakarta in December. AFP

Pakistan

Pakistan is set to go to the polls on February 8 in an election riven with uncertainty.

Former Prime Minister Imran Khan has been formally disqualified from running again after being convicted of corruption charges over the alleged selling of state gifts.

But Mr Khan rejects the accusations and says he will run for election, despite being incarcerated since August.

He came to power in 2018 after his party, Pakistan Tehreek-e-Insaf, won 32 per cent of the vote and became the largest party in the country.

Mr Khan was removed from office following a no-confidence vote in April 2022. He accuses Pakistan's military establishment of orchestrating his removal.

Supporters of the Pakistan Tehrik-e-Insaf party protest in Karachi against former prime minister Imran Khan being disqualified from holding public office. EPA
Supporters of the Pakistan Tehrik-e-Insaf party protest in Karachi against former prime minister Imran Khan being disqualified from holding public office. EPA

One of the PTI's main electoral rivals is the Pakistan Muslim League (Nawaz), led by former Prime Minister Nawaz Sharif and his brother Shehbaz Sharif, who succeeded Mr Khan as prime minister between April and August 2022.

Nawaz Sharif served three non-consecutive terms as prime minister and was in exile until this year, after being sentenced to 10 years in prison for corruption in 2018.

The PTI and PML-N will be challenged by the Pakistan People's Party, run by the Bhutto dynasty, whose power base is in the southern Sindh province. A host of other parties are also expected to win votes.

The state of Punjab contains 141 of the 342 seats in the assembly and is seen as a crucial battleground.

Pakistan's democracy has been interrupted by several coups, and the military has been accused of interfering in politics and influencing the results of elections.

Turkey

Turkish President Tayyip Erdogan is flying high after winning re-election this year. AFP
Turkish President Tayyip Erdogan is flying high after winning re-election this year. AFP

Local elections are being held across Turkey in March 2024.

President Recep Tayyip Erdogan is flying high after winning re-election this year.

Mr Erdogan defeated opposition candidate Kemal Kilicdaroglu in a presidential run-off in May. The election had been billed as the opposition's strongest chance to dethrone Mr Erdogan, who has dominated Turkish politics for 20 years as prime minister and then President since 2014.

But Mr Erdogan triumphed with 52.18 per cent of the vote, despite critics blaming his economic policies for crashing the Turkish lira and exacerbating the country's cost of living crisis.

His AKP party also won the most seats in the parliamentary elections.

However, the opposition Republican People's Party (CHP) controls the councils of the capital Ankara and largest city Istanbul, both of which are up for election this March.

Istanbul alone has a population of almost 16 million people, and its mayor has an influential voice.

The city's current mayor, the CHP's Ekrem Imamoglu, is an outspoken critic of Mr Erdogan and seen as a leading opposition figure, but he may not be able to stand for re-election.

Istanbul Mayor Ekrem Imamoglu is an outspoken critic of Turkey's President Recep Tayyip Erdogan. Reuters
Istanbul Mayor Ekrem Imamoglu is an outspoken critic of Turkey's President Recep Tayyip Erdogan. Reuters

Mr Imamoglu was sentenced by a Turkish court to two years and seven months in prison for insulting officials on the country's electoral council. The case is currently in the appeals process but could effectively ban him from standing in the contest.

Mr Imamoglu rejects the verdict and has previously said it “proved that there is no justice in today’s Turkey”.

Control of Turkey's third-largest city, Izmir, is also up for grabs.

Aside from local issues, Turkish voters are expected to consider the economy, which is suffering from rampant inflation, as well as migration and a potential restoration of ties with Syria's President Bashar Al Assad.

US

The US is likely to see a repeat of the 2020 election, with President Joe Biden against former president Donald Trump. AFP, Getty Images
The US is likely to see a repeat of the 2020 election, with President Joe Biden against former president Donald Trump. AFP, Getty Images

The 2024 US presidential election will take place on November 5.

Neither the Democrats nor Republicans have yet formally chosen their candidate for the election, but it is likely to see a repeat of the 2020 contest, with President Joe Biden running for re-election against former president Donald Trump.

The Republican Party primaries will take place between January and June. Mr Trump is seen as the runaway favourite to win the nomination despite challenges from former UN ambassador Nikki Haley, Florida Governor Ron DeSantis and others.

Playing an equal role in the 2024 presidential election will be the US court system. Mr Trump faces four felony trials in as many jurisdictions ranging from his mishandling of classified documents to attempting to overturn the results of the 2020 election, charges which he denies.

The first of these trial dates has been scheduled for March 4, a day before "Super Tuesday", one of the most important dates on the Republican primary calendar.

No serious challenge to Mr Biden from within the Democratic Party has emerged and the President is likely to contest the 2024 election, despite concerns over his age.

Mr Biden is 81, making him the oldest president in US history, while Mr Trump is 77.

The economy is seen as the defining issue for US voters, with opinion split on how voters will assess Mr Biden's performance over the past four years.

Immigration, abortion and culture war fights are among a range of other domestic issues at stake.

Opinion polls put Mr Biden and Mr Trump neck and neck, although these have been notoriously unreliable in the past.

UK

According to polls, UK Prime Minister Rishi Sunak looks to be heading to defeat against Labour Party leader Keir Starmer. Reuters, Getty Images
According to polls, UK Prime Minister Rishi Sunak looks to be heading to defeat against Labour Party leader Keir Starmer. Reuters, Getty Images

Britain will have its first general election in five years in 2024, with the ruling Conservative Party looking like they are heading towards defeat.

Prime Minister Rishi Sunak has confirmed the poll will happen within the next 12 months, but it is now a question of whether he will call it in the spring or autumn.

With the Conservatives consistently more than 15 points behind in opinion polls, most political analysts believe that he will delay until the later date, probably in October.

Mr Sunak’s hope is that the next 10 months will see a significant improvement in the economy with inflation further dropping and prosperity growing giving him a chance to remain in Downing Street.

But he faces significant headwinds getting his Rwanda deportation law through parliament with right-wing Conservatives thinking it not tough enough and liberal Tories thinking it is too harsh.

That will almost certainly mean more in-fighting, which is unlikely to endear the Tories to a country still recovering from the turbulence of the Brexit vote in 2016.

The coming internal ructions will only increase the lead of Keir Starmer’s Labour Party, which has been in opposition for 13 years.

If Mr Sunak loses the election, then that will likely trigger yet another Conservative leadership contest.

MATCH INFO

Euro 2020 qualifier

Norway v Spain, Saturday, 10.45pm, UAE

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

Company%20profile
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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.”

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

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Arsenal's pre-season fixtures

Thursday Beat Sydney 2-0 in Sydney

Saturday v Western Sydney Wanderers in Sydney

Wednesday v Bayern Munich in Shanghai

July 22 v Chelsea in Beijing

July 29 v Benfica in London

July 30 v Sevilla in London

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Updated: February 20, 2024, 10:22 AM