Tunisian President Kais Saied dismissed the government and expanded presidential powers in July last year. Reuters
Tunisian President Kais Saied dismissed the government and expanded presidential powers in July last year. Reuters
Tunisian President Kais Saied dismissed the government and expanded presidential powers in July last year. Reuters
Tunisian President Kais Saied dismissed the government and expanded presidential powers in July last year. Reuters

Tunisian President Kais Saied issues decree against online misinformation


Ghaya Ben Mbarek
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Tunisian President Kais Saied has issued a decree against spreading false information and rumours online, with prison sentences of up to 10 years for those who breach the rules.

Article 24 of decree law 54, which was published in the country’s gazette on Friday, states that anyone found to have used information networks to "produce, promote, publish, transmit or prepare false news, statements, rumours or forged documents" to target the rights of others or harm public security and national defence could face a five-year prison sentence and a fine of 50,000 Tunisian dinars ($15,600).

The decree said the prison sentence could double to 10 years if the intended victim was a public official.

Journalists have raised concerns about the effect the decree could have on freedom of expression and freedom of the press.

“What is the guarantee for journalists who report government misconduct that they will not be subjected to accusations of spreading defamatory discourse or hate speech following this decree?” Rym Chaabani, an independent Tunisian journalist, told The National.

She said that although it was essential to tackle cyber crimes such as defamation and online violence, laws to regulate cyberspace needed to be more thorough and precise.

“The decree is a loose text par excellence and it opens the door to restrictions,” she said.

There was no immediate response from the Tunisian National Journalists Union, which voiced concerns in May about growing restrictions on journalists since Mr Saied dismissed the government and expanded presidential powers in July last year.

Gaining access to information was more difficult and the harassment and detention of journalists in connection with their work had increased, the union said in a report released on International Press Freedom Day.

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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Updated: September 17, 2022, 1:03 PM