Zimbabwe's divided opposition could bolster the long-ruling party's chances of victory after failing to forge a solid coalition for the country's first elections without Robert Mugabe.
Twenty-three candidates – the highest number in the country's election history – are in the running for the presidential race after haggling over the allocation of parliamentary seats, scuttling a plan by the opposition to form a united front in general elections due on July 30.
But the real battle is seen to be between the ruling Zanu-PF and the main opposition Movement for Democratic Change (MDC), the party which has posed the most formidable challenge to Zanu-PF's grip on power.
The main presidential candidates are Zanu-PF's Emmerson Mnangagwa, 75, who succeeded Mugabe after a brief military takeover last November, and Nelson Chamisa, 40, who took over as leader of the MDC following the death of opposition veteran Morgan Tsvangirai in February.
"The unprecedented numbers of aspiring candidates is an indication of the opening of political space and an interest by Zimbabweans to take part in politics," said Rushweat Mukundu, of Zimbabwe Democracy Institute.
Mnangagwa, who took over from Mugabe, ending his nearly four-decade rule in which he presided over the country's economic and political decline, has vowed to hold clean elections and break from past history of violence-tainted polls.
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Zanu-PF "has created the impression that it has broken from its past of violent and contestable elections, hence the unprecedented numbers of those who have come out to contest", said Harare-based independent analyst Alexander Rusero, adding many have no following "beyond their small cliques and the churches they attend".
"At best, this is counterfeit democracy" that festers confusion among the opposition while Mnangagwa enjoys the benefit of incumbency, he said.
Mnangagwa's ruling Zanu-PF party, riven by factionalism that began as a battle over Mugabe's succession, is also fighting to stay together.
'Counterfeit democracy'
In May, the party held a so-called "healing session" to appease disgruntled members who had threatened to "donate" their votes to the opposition or stand as independents, amid accusations of rigging and favouritism during primary elections.
"It's not the number of candidates that's worrying but the phenomenon of rebels who are insisting on standing without the blessing of their parties," according to University of Zimbabwe's Eldred Masunungure.
"This is going to have an impact on both Zanu-PF and the MDC Alliance".
Some 5.6 million people are registered to vote in the election, which has attracted the interest of many first-time voters desperate for change in a country ruled by Zanu-PF rule since independence from Britain in 1980.
"I was born under Zanu-PF and all I have known is poverty and suffering," said Harare street vendor Takudzwa Mutepeya. "For us, this is a vote for change."
Mnangagwa has pledged to revive the country's moribund economy, which took a toll from years of misrule, and to mend fences with Zimbabwe's former western allies who severed ties over the Mugabe regime's tainted human-rights record.
Chamisa has said, if elected, he will create a US$100 billion (Dh367.3bn) economy in a decade.
'A vote for change'
Other candidates include Mugabe's former deputy Joice Mujuru, ex-cabinet minister Nkosana Moyo, Thokozani Khupe from a breakaway faction of the MDC, and musician and sculptor Bryn Taurai Mteki.
Businesswoman Violet Mariyacha, 61, returned home after 25 years in Britain to join the presidential race.
"I could not continue watching my people suffering," she told AFP. "I came to be the new face of Zimbabwe's politics".
Human-rights activist and presidential candidate Lovemore Madhuku is in the election "to introduce an alternative voice. We are fed up with... having two dominant parties that are simply doing nothing except fighting each other."
Previous elections have been marred by violence, intimidation and charges of electoral fraud, such as stuffing of the electoral roll with phantom voters including long-deceased people.
In 2008, the then opposition leader Tsvangirai withdrew from a presidential run-off election citing the deaths of scores of his supporters.
The lead-up to the election has so far been calm. For the first time, the state broadcaster covered the launch of the main opposition MDC's manifesto live on television, while police allowed a march calling for reforms, including giving foreign-based citizens to right to vote without having to travel back home.
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.”
SPECS
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The%20specs
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
