TUNIS // The Tunis neighbourhood of Mourouj is a mix of low-rise and high-rise housing, with a scattering of small businesses and a tramway to the city centre. Many households struggle on low or sporadic earnings. Some women wear the Islamic headscarf, others don’t — that isn’t a big issue among locals.
It was areas like Mourouj that brought the Islamist party Ennahda to power in October 2011, nine months after the revolution that ended the regime of Zine El Abidine Ben Ali.
Mourouj, like the country overall, snubbed the Islamists in last week's vote, delivering victory to a new party, the centrist, non-religious Nidaa Tounes.
“What did we do the revolution for? We did it for the poor people, so that they could eat, and live,” said Rabeh Nasri, a high-school cleaner who has three children to support.
“We don’t really care which party it is — Ennahda or Nidaa or any other party. We want someone who will get the country back to work.” Her husband, a cook, was laid off from his job and has yet to find another, she added.
In Mourouj, which straddles two parliamentary constituencies, support for Ennahda fell to 28-31 per cent in last week’s vote. Back in 2011, the Islamist Party had secured more than 40 per cent across Mourouj.
The Islamist party was swept into power amid optimism that a revolution led by often jobless young men in provincial towns would bring a turnaround in the economy. It had a track record of opposition to the Ben Ali regime, and its religiously coloured discourse played well with lower-income voters.
Last week, however, many of these same voters turned to Nidaa Tounes, founded in early 2012 by veteran politician, Beji Caid Sebsi, largely in response to the electoral strength of the Islamists. Ask the residents of Mourouj about this shift in sympathies, and the economy — lack of jobs and food price inflation — is the constant refrain.
“Ennahda did a big campaign [in 2011] and promised us lots of good things, but later they didn’t seem to care about the ordinary citizen. Life just got more expensive,” said Mrs Nasri.
Nidaa Tounes secured almost 40 per cent of seats in the new parliament. Ennahda saw its share of seats slide to 32 per cent, down from the 41 per cent it had in the outgoing constituent assembly — which acted as an interim parliament as it drafted the new constitution.
A political stand-off in 2013 resulted from two political assassinations which Ennahda’s opponents, including Nidaa Tounes, blamed on what they said was the Ennahda-led government’s complacency when faced with the rise of small radical Islamist groups.
That crisis almost threw Tunisia’s transition to democracy off-track. However, last January, Ennahda ceded power voluntarily to a non-party cabinet headed by private-sector executive Mehdi Jomaa as interim prime minister.
Last week's election results revealed a clear north-south divide. Ennahda remained the most popular party in the country's four southernmost constituencies — including Gabes, which contains the hometown of Ennahda leader Rached Ghannouchi. And it drew even with Nidaa Tounes in six central constituencies, including in the heartlands of the revolution — Sidi Bouzid and Kasserine.
Although these areas include some of the poorest parts of the country, they are also the most socially and religiously conservative, notes Radwan Masmoudi, who heads the Center for the Study of Islam and Democracy think tank. Here religious and cultural factors may have come into play, despite the poverty.
Nidaa Tounes for its part showed it was aware that much of the electorate is pious and would be alienated by any antireligious tone in its campaigning, said Mr Masmoudi. “Nidaa Tounes understands the importance of religion better than Ben Ali did,” he said.
That helped the new party wrest votes from Ennahda, as it showed that it, too, respects Tunisia’s Islamic identity.
For Rafik Abdesselam, a senior Ennahda member who served as foreign minister under the Ennahda-led government, “the message from these results is that people want two big parties, instead of political fragmentation — as in any traditional democracy in fact.”
He conceded that the threat of armed Islamist groups had also been a factor: “but people will discover that this problem is related to the complexity of the situation on a regional level”.
In Libya, Tunisia’s neighbour to the south, the government has no effective nationwide control and along the western border with Algeria security forces of the two countries are co-operating on combating Islamist militant groups.
Mr Sebsi is running for president in an election on November 23, as some other parties prepare to unite around one presidential candidate who could present him with serious competition.
If some observers, and many of its political opponents, warn that Nidaa Tounes includes in its ranks many figures from Ben Ali’s former ruling party, this does not appear to be a concern for voters in Mourouj.
“Long live Bejbouj!” said Mrs Nasri, using a popular nickname for the 87-year-old former prime minister Mr Sebsi. “He’s elderly, he has politics on the brain, he’s going to maybe make a go of it.” However, like many in the neighbourhood, she struggles to name any other politician in the party apart from Mr Sebsi, who was three times a minister under the country’s revered post-independence leader Habib Bourguiba.
For Larbi Sadiki, a professor of international relations at Qatar University, Ennahda, with its focus on consensual politics, has “tried to please everyone”. It would do well to focus instead on building a clear identity in parliamentary opposition over the next five years, he believes.
However, the party is this week debating whether to aim to join a government led by Nidaa Tounes, with perhaps a few cabinet seats. It fears that if left “on the periphery of power”, at a time when democratic institutions are still being consolidated, it would be left “with no backup system whatsoever” should Nidaa Tounes in power veer towards authoritarianism, said Professor Sadiki.
foreign.desk@thenational.ae
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
A%20MAN%20FROM%20MOTIHARI
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EAbdullah%20Khan%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPenguin%20Random%20House%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E304%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
States of Passion by Nihad Sirees,
Pushkin Press
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
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
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Andor
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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.”
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
COMPANY%20PROFILE
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Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Pakistanis%20at%20the%20ILT20%20
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MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
UAE%20ILT20
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Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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UAE'S%20YOUNG%20GUNS
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