History in the making: Emiratis vote at the Sharjah Cultural and Chess Club in the first UAE local council election. Pawan Singh / The National
History in the making: Emiratis vote at the Sharjah Cultural and Chess Club in the first UAE local council election. Pawan Singh / The National

Sharjah voters honoured to take part in UAE’s first local election



SHARJAH // Emiratis flocked to the ballot box on Thursday to take part in the UAE’s first local election.

Last June’s historic decision by Sharjah Ruler Dr Sheikh Sultan bin Mohammed Al Qasimi to open half of the 42-seat consultative council to election was welcomed by everyone on the first of four polling days.

Hussain Ibrahim, 57, was proud to be taking part. “We are honoured, to participate in further developing the emirate, and this is the least a person can do,” he said. “There are no shortcomings from the Ruler of Sharjah, and it is a beautiful thing that we are offered this opportunity to elect people to the council.”

Mr Ibrahim, who was accompanied by his wife and grandson, said his whole family voted.

“We hope that this experience is repeated, and this is a guarantee for generations that will come after us.”

One hundred and ninety-five candidates, including 43 women, are competing for the 21 elected seats. The other 21 seats will be filled by Sheikh Sultan’s appointees.

Of the elected seats, six are spread across Sharjah city, while nine others are distributed between Al Dhaid, Khor Fakkan and Kalba. There are two seats for Dibba Al Hisn, while Al Hamriya, Al Batayeh, Mleiha and Al Madam have one each.

Council members are responsible for implementing proposals for all matters referred to it by the Ruler.

Yusuf Ahmed Jumaa, 38, said that he visited the polling station at the Sharjah Cultural and Chess Club on Thursday as it was his duty as a Sharjah citizen.

“This is the first time that this has happened and it is a great, new experience in our glorious emirate, whose Ruler has spared no effort when it comes to the citizens or the emirate,” he said.

“This is an example of how a citizen is one of the main factors in further establishing the emirate and, God willing, this will be a successful procedure.”

Dr Moza Al Shehi, 60, said that she left her work at the American University of Sharjah to take part in the election.

“With this we prove our presence as Sharjah citizens, and we prove to everyone that we are with the democratic process,” she said. “We have great trust in our leaders, and we know that they will take these members of the council as consultants to further develop the emirate.”

Fathiya Obaid, 52, came in her wheelchair in support of her brother, who was a candidate.

“Abdelrahman is running in the elections. We hope that it is a success, and we wish nothing but the best for Sharjah and the UAE,” she said.

Former director general of the Executive Office of the GCC Council of Labour and Social Affairs, Minister Salem Ali Al Mehiri, was also at the polling station to vote, and heralded the day as a milestone for Sharjah.

“Participating in today’s initiative of the Ruler of Sharjah is one of the main goals today, and it is also a goal that Sharjah citizens, whether appointed or elected, collaborate with government authorities to help make decisions that will serve the people and the emirate,” he said.

“We thank the Ruler of Sharjah for this initiative, and we wish everyone luck and success.

“We are always hoping for everything that is in the best interest of the country.”

Dr Anwar Gargash, Minister of State for Foreign Affairs and Minister of Federal National Council Affairs, visited election centres in Sharjah, state news agency Wam reported.

He said that the election enhances democracy in the UAE and that the Sharjah Ruler believes in the importance of citizen participation in the government process.

dmoukhallati@thenational.ae

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

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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.”

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Name: Almnssa
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Sectors: Internet, e-commerce
Investments: Grants/private funding