DAMAVAND, IRAN // Only a year ago, the residents of Damavand and Karaj voted for pro-Ahmadinejad representatives in parliamentary elections, but just days before the presidential vote on Friday, many are leaning away from Mahmoud Ahmadinejad and backing his key rival, Mir Hossein Mousavi.
Damavand city, the centre of the largely agricultural Damavand constituency, lies 50 kilometres to the north-east of Tehran along a major road linking the capital to the Caspian area in the north.
The constituency is an amalgam of several small roadside cities, towns and villages with a total population of about 100,000.
Mostafa Hasani, 20, from Damavand, wearing a tricolour Iranian flag ribbon around his wrist and an Ahmadinejad poster on his shoulder bag, said that although he personally found Mr Ahmadinejad the man for the job, others in the city, especially the youth, had turned to Mr Mousavi.
"It's a shame. He has done so much for the country. We owe our scientific progress in recent years such as realisation of our dream of having nuclear technology to him. All that he endeavoured to accomplish may get lost if any of his rivals takes the wheel," the young shop assistant said.
"He is also the only one who can fight financial corruption. That's why all corrupt politicians such as [former president Akbar Hashemi] Rafsanjani have lined up against him."
In a recent campaign debate with Mr Mousavi that was broadcast live on national television, Mr Ahmadinejad accused Mr Rafsanjani and his family, as well as some other prominent politicians who support Mr Mousavi, of financial corruption.
Mr Rafsanjani heads the powerful Experts Assembly, which is responsible for choosing the country's supreme leader.
In the 2005 presidential elections, Mr Rafsanjani faced similar charges from Ahmadinejad supporters, but had not been named by the president until the debate last Wednesday.
Mr Rafsanjani's family has said they will file charges against the president.
Hasan Azizi, 28, a carpenter from Damavand who voted for Mr Rafsanjani in 2005, said he was backing Mr Mousavi because of his defence of democracy and freedom of expression as well as his plans to reverse some unsuccessful Ahmadinejad policies.
"Ahmadinejad has wasted a lot of government money in provinces without making a difference and he has alienated the international community. Mir Hossein's platform will ensure that such things won't happen again."
While Mr Ahmadinejad still enjoys considerable support in the Damavand constituency, his popularity is waning.
"This time I am not so sure about voting for him," said Reza, a 45-year-old apple farmer from a farming village 20 kilometres from the centre of Damavand province. "The government's wrong economic policies have driven us to despair out here. With all the fruit imports that the government has authorised, we no longer find a market for our apples and life has become very difficult because of inflation." Reza did not want his full name, or the name of his village mentioned.
In his speeches and campaign film, Mr Mousavi has repeatedly criticised the government policy of reducing tariffs on agricultural imports such as fruit, refined sugar, rice and even garlic, all of which has put Iranian farmers at a disadvantage against their foreign rivals.
According to Iranian customs figures, imports of fruit, dried fruit and nuts have increased by 519 per cent during the four years of Mr Ahmadinejad's presidency compared with the previous four years.
"We need someone to fight for the national economy rather than allowing foreign products to flood Iranian markets. We are not able to compete with cheap Chinese agricultural products because the cost of labour is so high here. If things continue in the same way nothing will remain of our agriculture," said Gholamreza Ahmadi, an apple farmer in Damavand.
"The government has given farmers low-interest loans and loans to build houses but with business going so badly and the ever-increasing costs of agricultural production, it will not be easy to pay the loans back."
Voters' concerns in Karaj, an industrial city, may be of a different nature but even there some Ahmadinejad supporters seem to be wavering in their decision to vote for him again, with the young largely in favour of Mr Mousavi. The city, 50 kilometres to the west of Tehran and largely seen as an extension of the metropolis, has a population of about 1.4 million, and in 2005, Mr Ahmadinejad took an overwhelming majority of the vote.
Many of the residents of the city are immigrants from other provinces who came in search of jobs in the construction or industrial sectors, but with the economy in the doldrums, unemployment has become a problem.
"I can't make up my mind. On the one hand I admire Ahmadinejad for so bravely exposing corrupt politicians like Rafsanjani and his clan. No one else has ever had so much courage," said Zahra Aslani, 42, a housewife and ethnic Azari from the city's largely working class Fardis district.
"On the other hand, he has not been able to deliver his promises of bringing the [oil] wealth of the country to our tables. My husband hasn't been paid in months. If he gets laid off there is nothing that can help us."
Mr Mousavi received a warm welcome from Karaj residents on Saturday when about 40,000 turned out to hear him speak.
Without any independent election polls, news agencies loyal to Mr Ahmadinejad or the reformist candidates have published contrary news about public opinion.
According to the pro-Ahmadinejad Fars News Agency, Mr Ahmadinejad's popularity surged by 12 per cent in larger cities after he revealed the names of allegedly corrupt politicians in last Wednesday's debate.
The pro-reformist Iranian Labor News Agency, however, has reported that Mr Mousavi is favoured by 65 per cent of respondents, compared with 27.5 per cent preferring Mr Ahmadinejad, in a poll conducted by an unnamed polling institute commissioned by the state.
@Email:msinaiee@thenational.ae
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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.”
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
