Iran’s parliament has passed a bill toughening penalties for women flouting Tehran’s strict dress code, criticised by the UN and rights groups as gender apartheid.
The bill has been approved for a three-year trial period, the judiciary’s Mizan news reported.
Women failing to wear a headscarf or appropriate clothing, "in co-operation with foreign or hostile governments, media, groups or organisations", could face prison terms of five to 10 years.
It was passed in parliament on Wednesday, with 152 votes in favour, 34 against and seven abstentions.
The bill, containing more than 70 articles, now requires approval from Iran's Guardian Council, which is largely controlled by supreme leader Ayatollah Ali Khamenei.
The bill was proposed after months of nationwide protests following the death of Mahsa Amini, who died in police custody last year after allegedly breaching hijab rules.
Anyone who "mocks" the hijab "on social media or otherwise will be fined and can face a ban on leaving the country for up to two years, it added.
"A fine of one degree of aggravation and other punishments of the first degree will also be applied."
Business owners serving women without the hijab will also face a travel ban.
Many women have continued to defy Iran’s dress code in response to a crackdown from authorities, appearing in public without the mandatory hijab.
"It is a completely an act of gender apartheid by Iran's parliament, one woman in Tehran, who preferred to remain anonymous, told The National. "It's a full on war against women's rights."
Tehran has introduced several rules clamping down on women’s freedoms in recent months, including barring women without the hijab from universities and their workplaces.
Authorities have confiscated vehicles from women driving without a hijab after cameras were installed to track drivers within their own cars.
Under the new law, they will face a fine of five million rials, or around $118.
UN experts said the law “imposes severe punishments on women and girls for non-compliance which may lead to its violent enforcement".
Broadcasters will be expected to show programmes "to introduce and promote the symbols and patterns of the family-oriented Islamic lifestyle" and "the culture of chastity and hijab," according to the full version of the bill published by the IRGC-affiliated Fars news agency.
University admissions offices will also have to take chastity and the hijab into account when selecting students.
University students were particularly active in the recent protest movement, and have been arrested in their thousands. Experts have told The National universities are run by government-appointed administrators.
Women across Iran have reported increased morality police patrols in recent months.
Experts have told The National that women have been harassed in the street, barred from doctor's offices and prevented from visiting graves for appearing in public without the hijab.
Businesses have been closed for serving women without the hijab.
Last month, a water park was closed down by authorities for allegedly violating such rules, while women without the hijab have also been barred from Tehran's metro system.
"The pressures have escalated to the point of shutting down cafes, restaurants, and shopping centres. Even now, this situation has created tension within society, pitting people against each other," an employee from Gershad, which helps Iranian woman track the morality police, told The National.
"The fact that 10 individuals are making decisions for 85 million people will have a significant impact on women's resistance," they added.
Gershad has received more than 10,000 reports of unmarked morality police vans since they returned to the streets in July.
"This shows how people feel about the situation, and they do not wish to return to the previous status quo before Mahsa's death."
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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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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Based: Muscat
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Tips to stay safe during hot weather
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