Kuwaitis will head to the polls on June 6 to cast their votes for the legislative branch.
The elections come at an important time, as Kuwait is dealing with a number of social, economic and political issues.
The country is facing a fiscal deficit set to exceed 5 billion Kuwaiti dinars ($16.25 billion), mounting infrastructure problems and a growing housing crisis, so while parliamentary elections are usually seen as a beacon of hope, this time the general mood is not so optimistic.
The 2022 national assembly was hailed as the “people's parliament”, with many sensing a change for the better.
But the honeymoon period did not last, as political tension escalated after the government boycotted a parliamentary session in January, refusing to vote on a draft law that would have cost the government billions of Kuwaiti dinars to take on citizens' loans.
While many refer to the elections as a “democratic wedding”, the general sentiment towards this poll is not as hopeful as it usually is, given that this is the third election to take place in less than three years.
The previous assembly was short-lived, only in session for five months after the constitutional court ruled in March to annul parliament and reinstate the previous incarnation, elected in 2020, claiming that the decree to dissolve it had been “unconstitutional”.
Then and now
The list of those running is a short one, featuring a 10-year low of 207 candidates, after 40 had dropped out before the withdrawal deadline of May 30.
“We just finished from an election cycle so we didn’t have time to recover financially and socially,” Abdullah Al Mufarrij, a former candidate who ran in the third electoral district in 2022, told The National.
He pointed out that it costs about 40,000 to 50,000 Kuwaiti dinars to run a political campaign.
Other than the financial toll, “elections in Kuwait heavily depend on social obligations like going to weddings, diwaniyahs and funerals and so it takes a while for a person to set their social foundation”, Mr Al Mufarrij said.
A bedrock of Kuwaiti democracy, a diwaniya is a traditional gathering that can be private or public, where patriarchs gather to discuss issues such as politics, economy and society.
“Some MPs that were part of the 2020 parliament did not run for the 2022 elections,” Hamad Al Thunayyan, assistant professor of political science at Kuwait University, told The National. "Now they are back in an effort to form an effective bloc."
Yet there are some new faces that have decided to run for the first time, one of whom is Mohammed Johar Hayat.
“This country does not deserve the decline it is going through. Kuwait enjoys all the elements of prosperity," the 41-year old father of one told The National.
"The country is rich in financial and human resources. We deserve a socially just and solid economy that is steadfast in the face of global changes culturally, economically and geopolitically.”
After abstaining from running in previous elections, former speaker of parliament Marzouq Al Ghanim has announced his candidacy.
“It is yet to be seen if Al Ghanim will run for the position again this year,” Mr Al Mufarrij said. "It will all depend on the number of votes he gets."
If Mr Al Ghanim decides to run, he will likely go up against former speaker, Ahmed Al Sadoon, who held the position most recently last year, uncontested.
Voter turnout
About 793,000 citizens are eligible, according to Kuwait's Al Jarida newspaper, yet voter turnout is expected to be less than the previous two elections, which was about 50 to 60 per cent.
The official number of voters has yet to be published by the government.
“I think that voter turnout will decrease around 20 per cent compared to the previous two years,” Mr Al Mufarrij said.
And Mr Al Thunayyan added that "morale on the street is low, especially after the fact that people were called on to choose wisely in past elections and then it was annulled”.
“There is also a concern that this parliament could be annulled in the future,” he said.
Nevertheless, there is a push to encourage the electorate.
A private company has put up billboards across the country urging people to vote. The company has also published a series of videos in Arabic featuring celebrities in Kuwait calling on people to cast their ballot.
Reforms for the future
The most important issues are reforming electoral law and setting up an electoral commission to monitor the poll.
There is little discussion around the economy, education, infrastructure and health sector.
“We have serious economic issues. We have 300,000 Kuwaitis expected to enter the job market in the next 10 years and without diversifying the economy, it will be extremely difficult to increase employment opportunities,” Mr Al Thunayyan said.
The legislature does not solely enact laws but also oversees the performance of the executive.
Previously, political deadlock has led to stalemate in almost all sectors, making co-operation between the two branches vital to push for reform.
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Mohammed bin Zayed Majlis
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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COMPANY%20PROFILE
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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.”
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