The man expected to lead Algeria for a fourth term has finally been seen in public. Abdelaziz Bouteflika, who has led the energy-rich North African state since 1999, cast his ballot in yesterday’s presidential elections.
Mr Bouteflika, 77, had only made two appearances during this campaign, both on television. His appearance, in a wheelchair, will only compound concerns about his health. He has been unwell for several years. Opposing him are five candidates, none of whom are well-known. The opposition front-runner, former prime minister Ali Benflis, is also part of the older generation and has campaigned using fiery language (talking of his “army” of supporters “armed to the teeth with conviction”) – inexplicable in a country that still remembers the horrors of the civil war of the 1990s.
Algeria is the only North African country unaffected by the Arab Spring, although neighbouring Morocco instituted reforms. But many of the underlying tensions that fuelled the revolutions exist in Algeria, despite its immense energy reserves. Most Algerians are young and do not connect with Mr Bouteflika’s generation. Many shunned the election, with some political parties and movements urging a boycott.
This is understandable, but a mistake for the young. There is an opportunity over the next five years of Mr Bouteflika’s term to organise and prepare. It should not be squandered. Now is the time to form political parties, formulate policies and cultivate grass roots support.
Some organising has already begun. Two months ago, a youth group called Barakat was founded, modelled explicitly on the Egyptian movement Kefaya. (Both are colloquial versions of the same word: Enough.) Kefaya was formed against the backdrop of the 2005 Egyptian election and played a big role in organising the protests that led to the 2011 revolution.
Barakat, and other groups like it, should have similar goals – to bring about political change, but through the ballot box. Walking away from politics by boycotting it would be to cede the ground to an older generation – a political generation that led the country through a civil war, but that now seems to have few answers to invigorating Algeria’s economy.
This morning, in all probability, Mr Bouteflika will wake up to his 16th year as president, despite a low turnout. If Algeria’s youth are sensible, one of their own could be ready to replace him in five years.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
COMPANY%20PROFILE
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
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The Freedom Artist
By Ben Okri (Head of Zeus)
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
UAE currency: the story behind the money in your pockets
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
ILT20%20UAE%20stars
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Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now