A brash businessman with martial arts skills has clinched Mongolia's first ever presidential runoff election after his opponent conceded defeat in the scandal-plagued race to take the helm of the resource-rich but debt-laden country.

Khaltmaa Battulga, of the opposition Democratic Party (DP), won with 50.6 percent of the vote on a 60.9 percent turnout, giving him the majority needed to overcome his opponent, parliament speaker Miyeegombo Enkhbold of the ruling Mongolian People's Party (MPP).

Election officials are still, however, waiting on a final count of votes from abroad.

Recognising he was down for the count, Enkhbold thanked his supporters in a concession speech broadcast on Facebook, saying that he would "respect and accept the presidential results".

"Although the MPP couldn't succeed in this election, the cabinet will keep working to complete our agenda of overcoming the financial crisis for the well being of our people," said Enkhbold.

He added that he had spoken to the sitting president about "transferring power as well as presidential stamp in the parliament house which also ends the election".

Meanwhile, Battulga promised his supporters in the capital Ulaanbaatar's Independence Square he would "push the government in order to complete all their work".

"We did this thanks to the power of the people," said Battulga.

Al Jazeera's Adrian Brown, reporting from Nalaikh, said Battulga's campaign message of "Mongolia First" appealed to the younger generation.

More than half of the country's population is under the age of 30.

READ MORE: Divided Mongolians vote in hotly contested elections

"During the election campaign, the main issues for people were the economy, unemployment, China and the fact that Mongolia needs to find other trading partners," he said.

"The first priority for the new president will be dealing with the economy."

Battulga, the real estate tycoon, whose company funded a massive $4.1m statue of emperor Genghis Khan, has pledged to tap the country's mining wealth to get Mongolians out of debt.



The president will inherit a $5.5bn IMF-led bailout designed to stabilise the country's economy and lessen its dependence on China, which purchases 80 percent of Mongolian exports.

The former Soviet satellite's economy grew by a measly one percent last year, a stark contrast from an impressive 17 percent in 2011.

It has been hit hard by a more than 50 percent fall in the price of copper, its main export, over the past five years, while the slowing growth of its biggest customer, China, has hobbled the economy.</s>Mongolia's new President Khaltmaa Battulga is from the opposition Democratic Party. (Reuters)</s>A former martial-arts expert and opposition candidate has won a runoff election for Mongolia’s presidency, results from election officials show.

The Central Election Commission on July 8 said Battulga Khaltmaa of the opposition Democratic Party had 50.6 percent of the vote against Enkhbold Miyegombo from the ruling Mongolian People's Party (MPP), who had 41.1 percent. About 8.3 percent of the votes were abstentions.

The runner-up conceded defeat, thanking supporters and saying he would "respect and accept the presidential results."

"Although the MPP couldn't succeed in this election, the cabinet will keep working to complete our agenda of overcoming the financial crisis for the well-being of our people," he said.

Election officials said more than 1.2 million people voted in the country’s seventh presidential election. Turnout was 60.5 percent.

The president-elect, who ran on a populist, anti-China platform, told reporters that "I will start work straight away to resolve the economic difficulties and make Mongolians debt free as I promised."

Battulga, a real estate tycoon, has vowed to utilize Mongolia’s mining wealth to get the country out of debt.

Mongolia has negotiated a $5.5 billion International Monetary Fund-led bailout to help stabilize the economy and ease its dependence on China, which buys about 80 percent of Mongolian exports.

The campaign was marked by scandal, with both candidates being accused of financial irregularities.

Based on reporting by AFP, AP, and dpa</s>The first round yielded no definitive winner after no candidate succeeded in securing over 50 percent of votes.

Center-right Democratic Party contender Battulga Khaltmaa led with 38 percent of votes, trailed by parliamentary speaker Miyegombyn Enkhbold of the center-left Mongolian People's Party.

This is the seventh presidential election in the former Soviet state in Central Asia bordered by Russia and China. Sitting President Tsakhiagiin Elbegdorj is not eligible after two stints in office.
Battulga Khaltmaa of the opposition Democratic Party (DP) is elected President of Mongolia in the second round, defeating former Prime Minister Miyeegombyn Enkhbold of the Mongolian People's Party.