RABAT // "I can read the Quran myself," said Souad, a young woman entering a voting station last Friday in Rabat, the Moroccan capital. "I don't need some political party telling me that Islam forbids everything."
Attitudes such as Souad's spell trouble for the Justice and Development Party (PJD), Morocco's moderate Islamist opposition. As Moroccans voted for local councillors, the party was struggling against new rivals, a reputation for harsh moralising and what it calls manoeuvres by the government to stifle it.
Preliminary official results yesterday showed the PJD coming in sixth with just under five per cent of the vote, while its main competitor, the Authenticity and Modernity Party (PAM), swept to the lead with nearly a fifth of council seats.
"We gained a little but it's not what we had hoped," said Mustapha Ramid, who heads the PJD's parliamentary group, accusing rival parties of rampant vote-buying.
According to state media, international observers from the US and Paraguay confirmed the elections took place in "ideal conditions", with a turnout of 52.4 per cent.
Launched in 1997, the PJD shot to prominence in 2002, when legislative elections quadrupled its parliamentary seats. Elections in 2007 made it the second-largest force in parliament. That has put the party at the heart of debate over Morocco's future. While many value the country's openness and ties to Europe, others want to emphasise its Islamic identity.
For the government, the PJD presents a rival that authorities are keen to rein in, said Mohammed Madani, a politics professor at Mohammed V University in Rabat.
Despite past success, the PJD has faltered recently under political pressure from a government alarmed by its rise, Prof Madani said. "The PJD's goal now is to show that it is united."
That requires a balancing act to woo more liberal working-class Moroccans like Souad, 27, while reassuring the PJD's religious base the party has not sacrificed Islam for entry into mainstream politics.
It also means fending off the PAM, founded last year by Fouad Ali el Himma, a friend of King Mohammed VI who has blazed into politics to challenge the government while supporting the monarchy.
"The PAM has done a lot for people in my neighbourhood," said Souad, 27, a new PAM voter who declined to give her surname. "They've given money to the poor and the sick, and have a good programme of social services."
Such tactics undercut the PJD, which has so far won most support among educated urbanites.
In Casablanca, Morocco's commercial capital, the PJD parliamentarian Basima Hakkaoui was campaigning last week to broaden the party's appeal. "Our list for this area includes an MP, a doctor, a tailor, a banker - it's a cross-section of Morocco," Mrs Hakkaoui told a gathering of about 80 women last Wednesday in a working-class quarter of dingy cafes and battered apartment towers. "Every one of them is ready to work to make your lives easier."
The women were shown a video of Mrs Hakkaoui excoriating government ministers and attending pro-Palestinian rallies. Applause and cheering shook the room, and the meeting ended with a prayer.
"Voters want a party that speaks for their identity as Moroccans and as Muslims," Mrs Hakkaoui said.
"We've been depicted as simply beards and veils, and increasingly the public is coming to see that that isn't the case."
"We're against violence and for democracy, a model of moderation," said Mr Ramid, the PJD parliamentary group leader. "Otherwise, we would never have been accepted on the political playing field."
While other Arab nations have clamped down on Islamist movements, Morocco has used political pressure to "weaken the party without banning it", said Prof Madani.
PJD leaders say late changes to the electoral law in 2007 were calculated to blunt its expected victory. In January, the interior ministry fired the PJD mayor of Meknes, a major city, over alleged mismanagement - a move that party leaders hinted was politically motivated. The PJD subsequently cut back its candidates last Friday to 40 per cent of districts.
Run-ins with the government have led the PJD to soften its image, said Taoufik Mousaif, a lawyer and member of the its national council.
While some PJD leaders gripe about Morocco's music festivals and available alcohol, the party has abandoned much of its religious rhetoric to focus on boosting development and fighting corruption, which Mr Mousaif said has cost the party grassroots support.
"Some activists have left, others are idle and many people simply no longer vote for anyone at all."
jthorne@thenational.ae
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
The view from The National
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
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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SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20Profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
UAE currency: the story behind the money in your pockets
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Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
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.”