Kuwait’s Prime Minister Sheikh Ahmad Nawaf Al Sabah has vowed to move swiftly forward with a reform agenda following a reshuffle of the Cabinet, which was sworn in on Monday.
Crown Prince Sheikh Meshal Al Ahmad Al Sabah, in his position as deputy emir, swore in the new government after the reshuffle.
The reshuffle followed pressure from members of parliament who objected to the original line-up, which included ministers from previous governments. Parliament will be sworn in on Tuesday.
“We are working to implement a comprehensive programme of reform in all aspects of life in the country during the coming period,” Sheikh Ahmad said after being sworn in.
After taking the oath of office before the crown prince, the Kuwaiti prime minister stressed that positive co-operation with the parliament “will be an essential pillar for achieving the public interest”.
Several members of parliament, including an appointed minister, initially criticised the Cabinet approved by the crown prince on October 5 for not “reflecting” the results of the recently held snap elections in September, in which opposition members made big gains.
That prompted the crown prince to delay the opening of parliament, which was scheduled for last week.
Sheikh Ahmad then held last-minute talks with MPs and on Sunday announced several changes to the Cabinet, including new oil and foreign ministers.
New foreign minister Sheikh Salem Abdullah Al Sabah previously served as Kuwait's ambassador to the US and South Korea, as well as in the country's delegation to the UN. His appointment effectively spells the end for Sheikh Ahmed Nasser Al Sabah as Kuwait’s top diplomat following a turbulent time in office after surviving a vote of no confidence in February.
The new oil minister, Bader Al Mulla, is a former MP who had been the head of the parliament's budget committee.
The Kuwaiti government was forced to postpone the first session of its newly elected parliament until October 18. Constitutionally, parliament must hold its opening session two weeks following an election.
MPs attempted to gather on Sunday but 10 did not attend, in protest.
Parliament is scheduled to convene on Tuesday, when Sheikh Meshal is expected to preside over the opening session and deliver a speech calling for unity between the National Assembly and the government.
Political tension in Kuwait over the years has often led to Cabinet reshuffles as well as the dissolution of the legislature, hampering investment and reforms.
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Five hymns the crowds can join in
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Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
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There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
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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.”
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.
The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.
