Tunisia elections: Exit poll shows outsiders Saied and Karoui leading

Turnout in the first round of Tunisia's 2019 elections has been muted, with voters attributing the low quality of this year's presidential candidates for electoral apathy.

Tunisia's electoral body confirmed voter turnout of 45.08 per cent domestically, with 19.7 per cent of Tunisian expatriates voting.

Two private polling companies, Sigma Conseil and Elmhrod Consulting, had two populists – retired law professor, Kais Saied and jailed TV boss Nabil Karoui – finishing first and second.

Should this be correct, their progression to the second round will mark Tunisia's greatest rejection of the status quo since the uprising in 2011.

In a subdued Tunis city centre an hour before the polls closed, small business owner Sami Saied told The National: "I'm not convinced by any of the candidates. It's not politics. It's them."

The electoral commission was imploring the public to get out and vote right up to the final hour of polling.

"You had a revolution for this moment. People paid with their blood so you could vote," electoral commission chief Nabil Baffoun told voters.

Only 24 of the country's presidential hopefuls made it to the first round of polling.

Long-term political maverick Slim Riahi withdrew in favour of the defence minister, Abdelkarim Zbidi.

Reports said that former tourism minister Selma Elloumi had done the same, but she later clarified that was not the case.

But there appeared to be little love for the remaining candidates who throughout their campaigns have relied more on soundbites than policy.

See our live updates from throughout election day here

"They're all talking and promising things and for nothing," said Mohamed Ayari, 44, a waiter in Tunis. "There are only two presidents, [deposed autocrat Zine El Abidine] Ben Ali and [first Tunisian leader Habib] Bourguiba."

Much of the problem has lain in the common cause between the various contenders, who used televised debates to issue obvious policy directions with little detail, support or scrutiny.

And with many non-sectarian candidates seeking to downplay their religious credentials, such as Abdelfattah Mourou of the moderate Ennahda party, public attention has focused on Mr Karoui, who remained in detention throughout the campaign.

Any hopes among rivals that this would limit Mr Karoui's chances as a candidate who has campaigned as a proudly anti-system champion of Tunisia's poor began to look flawed before the vote.

"I'm going to vote for Karoui, purely because he's in prison," said Labidi Hichemm, who is retired. "If he wasn't in prison I wouldn't vote for him, but now we need to support him."

Tunisia's presidential elections: why are they so important?

Tunisia airs rare election debate before presidential election

Mr Karoui was imprisoned on August 23 as he made his way back from opening a party office in Jendouba.

The charges of tax evasion and money laundering against the media magnate and his brother, Ghazi, date back to 2016. But the timing of the legal case against him raised many questions.

This is not the first impediment to be placed in Mr Karoui's way. Parliament tried to block his path by passing a controversial electoral law in June that would have precluded him from running.

In April, armed police raided Mr Karoui's Nessma TV offices, temporarily taking the channel off air for breaches of the country's broadcasting code.

That Tunisia faces significant structural challenges is hard to dispute. Eight years of a functioning democracy has done little to address a faltering economy and entrenched unemployment.

Sunday’s underwhelming turnout and the polling success of the two populist candidates are understandable in light of an establishment that many Tunisians feel has let them down.

Figures from the past also loomed large in Tunisian minds. Former first lady, Chadlia Saida Farhat Essebsi, wife of Beji Caid Essebsi whose death triggered the early election, died on the morning of the vote.

There was also the news from Saudi Arabia that former autocrat Mr Ben Ali remains gravely ill.

“Essebsi and his family would be happy with what’s happening today,” said Rym Mathlouthi, a journalist from the prosperous suburb of La Marsa.

“Ben Ali, less so. He was waiting to see democracy fail so he could say that Tunisia was not ready.”

Tunisia has made extraordinary gains since the 2011 uprising that drove Mr Ben Ali into exile.

It has pushed women’s rights, a free press and continues to work towards establishing a functioning democracy.

It has withstood much in achieving these ends. Apathy, however, may prove a challenge too far.

UAE currency: the story behind the money in your pockets

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What went into the film

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10 Concept artists, 25 3D designers

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Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

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.”

Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.

Today, some 2,000 Baha'is reside in Yemen, according to Insaf.

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.

Asia Cup 2018 Qualifier

Sunday's results:

UAE beat Malaysia by eight wickets
Nepal beat Singapore by four wickets
Oman v Hong Kong, no result

Tuesday fixtures:

Malaysia v Singapore
UAE v Oman
Nepal v Hong Kong

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The specs: 2019 BMW X4

Price, base / as tested: Dh276,675 / Dh346,800

Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

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Fuel economy, combined: 9.0L / 100km

INDIA SQUAD

Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)

The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

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