Kuwait’s Emir Sheikh Nawaf has issued a decree to commission the Crown Prince with key constitutional powers, Minister of Emiri Diwan Sheikh Mohammed Abdallah AL Sabah said in a statement.
The reason for the decree, seen by The National, was not revealed.
Sheikh Nawaf, 84, has the last say on state affairs and policies. He can dissolve parliament and appoint new governments.
Sheikh Meshal Al Sabah, 81, was named Crown Prince in 2020.
Sheikh Nawaf has commissioned Sheikh Meshal to launch mandatory consultations to choose a new prime minister, as well as giving him responsibility for forming a new Cabinet and accepting the resignation of Cabinets and ministers, according to the decree.
The decree also says the Crown Prince can suggest laws and approve them, issue Emiri Decrees, announce a state of emergency and enter into international agreements among other powers.
On Sunday, Sheikh Nawaf ordered a meeting between caretaker Prime Minister Sheikh Sabah Al Khalid, Parliament Speaker Marzouq Al Ghanem and Ahmad Al Ajeel, president of the Supreme Court and chairman of the Court of Cassation, Kuna reported.
Sheikh Sabah and Mr Marzouq later met Sheikh Meshal.
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Kuwaiti Prime Minister Sheikh Sabah Al Khalid attends a special National Assembly session to review the government’s measures to control Covid-19 and its emerging strains in the capital, Kuwait City. EPA -

Kuwaiti National Assembly speaker Marzouq Al Ghanim, centre, attends a special National Assembly session in Kuwait City. EPA -

Minister of Health Dr Bassel Al Sabah held a special session on Tuesday to highlight the importance of taking the vaccine and adhering to social distancing regulations. EPA -

Member of Parliament Bader Al Dahoum, left, speaks at a special National Assembly session in Kuwait City. EPA -

Kuwaiti MPs attend a special session at the National Assembly headquarters in Kuwait City to review government measures to limit the spread of Covid-19. AFP -

Kuwait announced that non-citizens would be barred from entering the country for two weeks from February 7 and the measure is scheduled to end next week. The nation celebrates its national day at the end of the month. -

Kuwait's National Fund for Small and Medium Enterprise Development will give funding to eligible businesses as the effects of the coronavirus pandemic continue to batter the global economy. AFP
Prior to becoming Crown Prince, Sheikh Meshal had been deputy chief of the National Guard since 2004.
He was head of State Security for 13 years after joining the Interior Ministry in the 1960s.
He attended Hendon Police College in the UK and spent much of his career helping to improve security and defence systems in Kuwait.
Sheikh Nawaf is the 16th ruler of a dynasty that has been in power for 250 years.
In July 2003, his predecessor, Sheikh Sabah, issued a decree that separated the positions of prime minister and Crown Prince for the first time since Kuwait’s independence.
SPEC%20SHEET
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
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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.”
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
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