Georgian opposition set for upset win Billionaire businessman Bidzina Ivanishvili is on course to become Georgia's prime minister after early official results showed his Georgian Dream alliance delivering an upset by defeating the ruling party of the president, Mikheil Saakashvili. With about 24 per cent of votes counted at midday local time from Monday's parliamentary election, Georgian Dream had 53.02 per cent of the popular vote, with Mr Saakashvili's United National Movement on 41.75 per cent. Early exit polls had shown the opposition alliance ahead in the party list segment of the vote, which provides just under half the 150 parliamentary seats. But Mr Saakashvili and his officials had insisted until the early hours of Tuesday that they would win a majority of the single-mandate seats that constitute the remainder. If Mr Ivanishvili's victory is confirmed, it will be the first time Georgia has seen a peaceful transfer of power through elections rather than through revolution or armed uprising since the collapse of the Soviet Union two decades ago. It suggests Georgia has passed an important electoral test, by staging competitive elections. Mr Saakashvili will remain president until the presidential election in October 2013, when he must stand down after completing two terms. At that time, a new constitution will transfer many powers from the president to the prime minister - potentially leaving Mr Ivanishvili as the most powerful figure in the country. The size of the Georgian Dream vote confirms significant fatigue among voters with the policies of Mr Saakashvili's ruling party, despite its success in cracking down on corruption and pushing through market reforms.