Kuwaiti candidates arrive to register for the upcoming parliamentary elections in Kuwait City. AFP
Kuwaiti candidates arrive to register for the upcoming parliamentary elections in Kuwait City. AFP
Kuwaiti candidates arrive to register for the upcoming parliamentary elections in Kuwait City. AFP
Kuwaiti candidates arrive to register for the upcoming parliamentary elections in Kuwait City. AFP

Kuwait closes candidate registration for fourth election in four years


Ismaeel Naar
  • English
  • Arabic

Kuwait has closed registration for candidates in its upcoming parliamentary elections as the country heads into its fourth vote in four years amid a political impasse between the legislative and executive branches of government.

The 2024 National Assembly elections, to take place on April 4, received 255 candidate applications.

The number of female candidates for the National Assembly decreased for the third consecutive election, to 13 this year from 27 in 2022 and 15 last year.

Jenan Boushehri – the only woman to win a seat in the last election – is running as an incumbent.

Ahmed Al Saadoun, the outgoing parliament speaker and a venerable figure in Kuwait’s parliament since its inception in 1962, stands as the oldest candidate at 89 years old.

In February, Kuwait’s Emir Sheikh Meshal dissolved parliament after a lawmaker reportedly insulted the ruler and parliamentarians refused to censure the MP.

Domestic political disputes have been gripping Kuwait for years – including the overhaul of Kuwait’s welfare system – which has prevented the country from taking on debt. That has left it with little in its coffers to pay bloated public sector salaries, despite generating immense wealth from its oil reserves.

Kuwait's former National Assembly speaker Ahmad Al Saadoun waves after registering his candidacy for the upcoming parliamentary elections in Kuwait City. AFP
Kuwait's former National Assembly speaker Ahmad Al Saadoun waves after registering his candidacy for the upcoming parliamentary elections in Kuwait City. AFP

Kuwait’s parliament has been repeatedly dissolved after failing to move forward amid tensions with the government, with the country’s Constitutional Court last year annulling a 2022 decree overturning another such annulment. The country’s late emir then annulled that parliament again and held an election for a new parliament, which was annulled with the February decision.

According to Kuwait’s constitution, the term of an elected national assembly is “four Gregorian years from the date of its first meeting”.

But since the first assembly elected after its liberation from Iraq’s invasion in 1991, the country has had 14 elected parliaments, with only three completing full terms in 1992, 1999 and 2016.

Each voter has the right to cast one ballot for one candidate after a decree was approved by the late former emir Sheikh Sabah Al Ahmad Al Sabah in 2012. Previously, Kuwaitis could vote for four candidates per constituency.

Kuwait is divided into five constituencies, with each electing 10 members of parliament.

The fourth district ranked first in terms of the number of candidates vying for seats in the elections with 68 candidates, while the second district was second with 53, then the fifth district with 50.

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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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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.

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MATCH INFO

UAE Division 1

Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens

Day 1, Dubai Test: At a glance

Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.

Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.

The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.

Updated: March 28, 2024, 12:11 PM