Pakistan's prime minister Imran Khan said on Friday he accepted a verdict from the country's Supreme Court, that ordered parliament proceed with a no-confidence vote against him.
Khan said in an address to the nation he was disappointed but ultimately accepted the decision of the court, after he blocked the vote and dissolved parliament last week.
The court ruled that unconstitutional on Thursday, ordering parliament to reconvene on Saturday
The former international cricketer had announced earlier that he will set up a government commission to investigate what he says is a foreign plot and uncover the conspirators, one of his ministers said.
The measures were announced with less than 24 hours to go before a no-confidence vote the prime minister is widely expected to lose.
Mr Khan, 69, is on the brink of being tipped back into opposition after the supreme court ruled that his attempts to dodge the vote were unconstitutional.
The prime minister had sought to sidestep the ballot by dismissing the no-confidence motion, dissolving parliament and calling new elections.
Instead, the supreme court reversed his manoeuvres and said the vote must go ahead on Saturday morning.
Fawad Chaudhry, federal information minister, said the government would present the contents of the so-called “threat-letter” that Mr Khan says shows America is behind the no-confidence vote.
Mr Khan says the country wants him out for pursuing an independent foreign policy and seeking good ties with China and Russia. He has until now offered no evidence for his claims and Washington said such accusations are baseless.
Mr Chaudhry said the contents of the letter would be put before the national assembly on Saturday.
"If, even after that, they [the opposition] want to go with the no-confidence vote, then the people of Pakistan will decide who's standing where," he said after a Cabinet meeting.
A commission led by a retired general will also look into the affair, he said.
“The commission will also disclose the local figures who were used to take forward this foreign conspiracy,” Mr Chaudhry said.
“Of course, not everyone from the opposition was involved in it. But there were some people who knew what the conspiracy was, who was behind it and where it came from.”
Mr Khan was expected to address the nation on Friday night. He has said he will “continue to fight [for Pakistan] till the last ball”.
Meanwhile another of his ministers denounced the supreme court decision to quash the prime minister's effort to block the no-confidence vote.
"A judicial coup happened last night ... ending parliamentary supremacy," said Shireen Mazari, the human rights minister.
Reuters contributed to this report
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
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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.”
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