Jordan’s public prosecutor on Tuesday banned all coverage of a rift between King Abdullah II and his half-brother, former crown prince Hamzah bin Hussein.
Discussion of the matter in local news, online or on social media is now banned, Public Prosecutor Hassan Al Abdallat said on Tuesday.
This was to “preserve the secrecy of the investigations conducted by the security services into the associates of Prince Hamzah", Mr Al Abdallat said.
The authorities on Saturday night arrested 16 people, including the former chief of the royal court Bassem Awadallah and royal family member Sharif Hassan Ben Zaid.
Prince Hamzah was not arrested or detained, officials said, although the military ordered him not to take any action that could be used to harm the stability of the nation.
The announcement came hours after Prince Hamzah, who had been accused of actions that could destabilise the state, signed a letter pledging loyalty to King Abdullah.
"The national interest must remain above all else, and we must all stand behind His Majesty the King in his efforts to safeguard Jordan and its national interests, and ensure the best for the Jordanian people, in accordance with the Hashemite legacy of dedication to serving the nation and supporting the head of the family and the leader of the homeland," the letter said.
The solution to the rift was brokered by King Abdullah's uncle, Prince Hassan bin Talal, at Prince Hassan's house, in front of witnesses, the royal court said.
Malik R Dahlan, a professional mediator and friend of the royal family, who is also a confidant of Prince Hamzah, said: “The Royal Hashemite family has a long history and tradition of mediation, which is one of the many reasons for its formidable resilience and popularity.
“This moment can be seen as a pressure-valve moment and the King, in his wisdom, is using this opportunity to bring the family together, uphold the rule of law and resolve this matter with the dignity and the symbolism that it deserves."
Saudi Foreign Minister Prince Faisal bin Farhan delivered a message of support from Riyadh in a meeting with his Jordanian equivalent Ayman Al Safadi, Jordan’s Foreign Minister said on Tuesday.
Mr Al Safadi said that the meeting affirmed solidarity between the two nations.
“The ministers affirmed that the security and stability of the two nations are indivisible and they stand together to face all challenges,” the Jordanian Foreign Ministry said.
Mr Al Safadi is also the Deputy Prime Minister and on Sunday laid out the accusations against the 16 who were arrested.
On Monday, the US also reaffirmed its support for Jordan, as the crisis appeared to be resolved.
“King Abdullah is a key partner of the United States and he has our full support,” State Department spokesman Ned Price said.
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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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