Emmanuel Macron was elected as the youngest president in French history on Sunday night after winning a landslide victory over the far-right Marine Le Pen, a result that effectively saved the European Union from collapse.
The centrist former banker, aged 39, won a resounding 65.8 per cent of the vote, according to exit polls. Ms Le Pen, who stood down temporarily as leader of the Front National (FN) party in the hope of broadening her appeal, was left trailing behind on 34.2 per cent.
Abstention – seen before polling day as the biggest threat to Mr Macron – was estimated at 25.3 per cent, the highest since 1969. A further 8.8 per cent of voters submitted incomplete or empty papers.
Mr Macron will now replace his former mentor, the deeply unpopular socialist head of state Francois Hollande, at the Elysee palace.
Despite her crushing defeat, Ms Le Pen, 48, bettered the score of her estranged father and FN founder, Jean-Marie, who managed only 18 per cent of the vote against the centre-right Jacques Chirac in 2002. But her total, if confirmed as final results are declared, fell short of the most optimistic opinion poll forecasts since she ended in second place to the centrist candidate in the first round of voting on April 23.
The result was greeted with scenes of exuberant celebration by cheering, flag-waving Macron supporters in Paris, notably those gathered in front of the glass pyramid at the Louvre museum.
In his first remarks following the news of his victory, Mr Macron welcomed a “new page” in French history with hope and confidence restored. Ms Le Pen claimed the result established the FN as the major opposition force in France but also significantly promised a major reform of the party.
For the first time in modern history, neither of the major parties of the left and right was represented in the run-off.
Many of these parties’ leading figures urged voters back Mr Macron over Ms Le Pen, who was seen by many critics as standing for racist, anti-Islam and ruinously protectionist policies. Most within France’s large Muslim population will be hugely relieved by her failure to win power.
Mr Macron is pro-EU, and in favour of free market economics and the reform of French labour law and pension arrangements. Ms Le Pen wanted a return to a sovereign French currency instead of the euro and promised a referendum on Frexit, the French equivalent of Brexit. The German chancellor, Angela Merkel, was one of the first to congratulate Mr Macron, welcoming his success as a “victory for Europe”. European Commission chief Jean-Claude Juncker, meanwhile, hailed French voters for choosing Mr Macron. “Happy that the French chose a European future,” he tweeted.
With his emphatic win, the triumphant president-elect completes an extraordinary rise to power, having never previously been elected to public office. His movement, En Marche (Forward), bears his initials but was built from scratch and did not even exist until just over a year ago.
The former economy minister was parachuted into the ailing socialist government of Mr Hollande in 2014, after first serving as his adviser.
Mr Macron resigned from the post in August last year, however, disillusioned by the left and his own struggles against dissidents and trade unions over what he saw as vital changes to France’s employment law. He said after leaving government that he was not a socialist after all.
The president-elect won handsomely because even those who found his mixture of left, right and centre policies unconvincing were willing to form what opponents of Ms Le Pen called a “united republican front” against the FN.
The conservative daily newspaper Le Figaro, hardly an enthusiastic champion of Mr Macron, said "99 per cent of serious economists" believed Ms Le Pen's programme would bankrupt France.
Mr Macron found appeal among young professionals and other voters eager for change but not willing to embrace the extremes of the left – by supporting the radical left-wing candidate, Jean-Luc Melenchon – or the right, by voting for Ms Le Pen.
Having won the presidency, Mr Macron now faces another stiff test. He needs to forge either a majority in June’s parliamentary elections or settle for a coalition with members of other parties.
foreign.desk@thenational.ae
* With additional reporting by Agence France-Presse
UAE currency: the story behind the money in your pockets
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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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.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
