Kuwaiti Prime Minister Sheikh Sabah Al Khalid Al Sabah. Reuters
Kuwaiti Prime Minister Sheikh Sabah Al Khalid Al Sabah. Reuters
Kuwaiti Prime Minister Sheikh Sabah Al Khalid Al Sabah. Reuters
Kuwaiti Prime Minister Sheikh Sabah Al Khalid Al Sabah. Reuters

Emir of Kuwait takes first step towards pardoning prisoners


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Kuwait's Emir Sheikh Nawaf Al Sabah instructed ministers to draft a pardon for prisoners, the state news agency said on Wednesday after a months-long stand-off between the government and opposition MPs.

The country's parliament speaker, prime minister and head of the Judicial Council will propose “regulations and conditions of amnesty” for some prisoners, Kuna reported without specifying who would be included.

However, it comes after 40 MPs made a public appeal on Tuesday for the release of political prisoners and dissidents – a major condition of opposition MPs to end a months-long standoff with the government to finally pass needed economic reforms.

Kuwaiti opposition leader and former MP, Mussallam Al Barrak, attends a demonstration in Kuwait City on April 17 against a court verdict to jail him for five years for insulting the emir.
Kuwaiti opposition leader and former MP, Mussallam Al Barrak, attends a demonstration in Kuwait City on April 17 against a court verdict to jail him for five years for insulting the emir.

“We request your majesty to kindly approve the beginning of a comprehensive national reconciliation by pardoning Kuwaitis convicted for holding certain political opinions or positions,” MP Obaid Al Wasmi said in the press conference.

He cited the rapidly changing political environment in Kuwait and the region as a reason to let issues of the past remain there.

“This is so that these files do not linger and remain an obstacle for creating a stable environment in Kuwait's small society which is surrounded by major challenges,” he said.

The statement said the emir had decided to use his constitutional right to issue amnesties following talks between the government and parliament to enhance "political stability" and co-operation between the executive and legislative branches.

Kuwaiti Shiite MP Ahmed Lari leaves the national assembly in Kuwait City after the country's top court dissolved the current parliament and ordered a fresh election.
Kuwaiti Shiite MP Ahmed Lari leaves the national assembly in Kuwait City after the country's top court dissolved the current parliament and ordered a fresh election.

Ahead of the announcement on Wednesday, some parliamentarians began tweeting about what they called a “historic moment” for Kuwait, thanking the emir in advance.

“We are waiting for the intersection of the higher powers and the will of the people for the sake of national reconciliation,” wrote MP Mohallal Khalid Al Modhaf.

“Thank you, your majesty, for your kind pardon. Thank you to the loyal people of Kuwait.”

Once the appointed officials complete their task, a royal decree will be issued, the emir's office said, according to Kuna.

Kuwait does not allow formal political parties but its elected parliament has significant powers to pass or block legislation, quiz ministers over their conduct and submit no-confidence motions in administrations.

MPs have called for a pardon that includes a number of dissidents and former politicians, including those who took part in the 2011 storming of parliament over accusations of government corruption. Many of the accused have fled the country.

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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.”

Zimbabwe v UAE, ODI series

All matches at the Harare Sports Club:

1st ODI, Wednesday, April 10

2nd ODI, Friday, April 12

3rd ODI, Sunday, April 14

4th ODI, Tuesday, April 16

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele
The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Match info

Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

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GROUPS AND FIXTURES

Group A
UAE, Italy, Japan, Spain

Group B
Egypt, Iran, Mexico, Russia

Tuesday
4.15pm
: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Updated: October 20, 2021, 11:16 AM