Kuwaitis voted this week to reinstate the majority of legislators who served in the parliament dissolved by the nation's ruler less than two months ago, in an election marked by a high turnout seen as a potential boost to confidence in the next National Assembly.
The Gulf country held its fourth elections in as many years on Thursday, and 39 of the 46 members from the previous parliament retained their seats, official results showed.
Election officials announced on Friday that 62 per cent of the 834,733 Kuwaitis who were eligible to vote took part in this year’s election.
Emir Sheikh Meshal Al Ahmad, who succeeded his half-brother in December, dissolved the last parliament after legislators used language considered unconstitutional.
Abdul Karim Al Kandari, whose public comments sparked the decree dissolving parliament, was re-elected with a high percentage of votes in his constituency.
“Kuwait model on display: no voter fatigue with 62 per cent turnout,” said Bader Al Saif, an assistant professor at Kuwait University and a non-resident fellow at the Arab Gulf States Institute in Washington.
“The fourth election in as many years is within the range of the last four elections [58 per cent to 68 per cent]. That speaks to the uniqueness of the electorate who goes at it despite odds. Unique system too that allows unlimited dissolutions,” he added.
Days before the election, Sheikh Meshal addressed the nation in a Ramadan speech, urging citizens to “participate positively and actively” in the vote.
“Today I address you as a father’s letter to his children, wishing you, as we approach the 2024 National Assembly elections, to choose well those who represent you, and not to choose those whose goal is to achieve personal interest, create crises, or undermine constitutional constants,” Sheikh Meshal said
The Emir emphasised the need to fight “chaos” – a word he has used repeatedly in speeches since officially becoming ruler, following the death of Sheikh Nawaf last December.
One woman elected
Kuwait’s loosely aligned opposition includes Sunni Islamists, some Shiites, independents and tribal representatives who seek more powers for elected politicians. The 50-seat legislature will include only one woman, Jenan Boushehri, a former minister and re-elected MP from the last dissolved parliament.
Sources from Ms Boushehri’s campaign confirmed she intends to run for the deputy speaker position when parliament convenes on April 16 to elect the National Assembly’s top leadership.
“I do hope Jenan Boushehri actually goes for the deputy role and hopefully will be able to make it one day to the speakership podium as a deputy in this parliament. We’ve never had a woman represented in any of the top roles since we gained the political right to vote,” Sarah Mattar, a Kuwaiti female voter, told The National.
Women in Kuwait were granted their political rights only in 2005 to run for election and to vote.
Prime Minister Sheikh Mohammed Sabah Al Salem submitted his government's resignation to the Emir on Saturday, state news agency Kuna reported.
Sheikh Mohammed, the holder of a Harvard University economics doctorate, has been in the role since January and is expected to be reappointed.
Under Kuwait’s constitution, a new government must be formed within two weeks of an election.
Former parliament speaker Marzouq Alghanim, a prominent politician who called for “turning a new page”, won in his constituency.
He is expected to challenge incumbent Ahmed Al Saadoun for the top job in parliament.
Kuwait has been gripped by domestic political disputes for years. The overhaul of the country's welfare system has been a major point of contention and has prevented the government from taking on debt.
That has left it with little to pay bloated public sector salaries, despite generating great wealth from its oil reserves.
Kuwait is the only Gulf Arab state with an elected parliament that can hold the government to account through measures such as votes of no confidence against cabinet ministers.
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.”
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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How to apply for a drone permit
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What are the regulations?
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Bharat
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Starring: Salman Khan, Katrina Kaif, Sunil Grover
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Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed