Secretary general of the Jordanian Islamic Action Front Hamza Mansour, left, warns that Jordan’s largest opposition group will continue to boycott the elections and will escalate its ‘peaceful’ rejection of reforms pursued by King Abdullah II.
Secretary general of the Jordanian Islamic Action Front Hamza Mansour, left, warns that Jordan’s largest opposition group will continue to boycott the elections and will escalate its ‘peaceful’ rejectShow more

Jordanian Islamists step up anti-election threats



AMMAN // Jordan's Islamist politicians warned yesterday that they will step up their campaign against next week's parliamentary elections and against reforms pursued by King Abdullah II.

The January 23 vote could set the stage for a possible showdown between the king and the Islamic Action Front (IAF), the political arm of the Muslim Brotherhood.

The group leads a fractured opposition in Jordan that includes liberal youth activists, trade unionists, Arab nationalists and Communists.

Traditionally, the Brotherhood has been loyal to Jordan's Hashemite dynasty, which claims ancestry to the Prophet Mohammed. Brotherhood leaders have joined cabinets in the past and held top government positions.

And unlike other Middle East nations where the Brotherhood was until last year's Arab Spring revolts banned or suppressed, it has been a licensed political party for decades in Jordan. But recently, the fundamentalist group has been eager to gain more power in the kingdom, seeing its peers now ruling in Egypt and Tunisia.

Yesterday, three leaders of the Brotherhood's IAF insisted at a news conference in Amman that the Jordanian opposition renounce violence as a means of coming to power even as it persists in the boycott of the elections.

"We are against the elections because they are a theatrical gimmick meant to maintain the government's strong grip on power," said the secretary general of the IAF, Hamza Mansour. "We call on all Jordanians to boycott the polls."

Salem Falahat, Mr Mansour's deputy, said that a rally planned for Friday by the Brotherhood and the youth groups would showcase the opposition's growth. Zaki Bani Irsheid, another IAF deputy, said the group would escalate its campaign against the elections and the king's reforms through peaceful means such as "street protests, public gatherings and strikes and by lobbying the next parliament".

The king has made next week's elections the centrepiece of two years of reforms he initiated to prevent an uprising in Jordan along the lines of Arab Spring revolts that to date have toppled four long-time rulers.

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If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

The specs

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Engine: 6.2-litre V8

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Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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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.”

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

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