Over the past week the eyes of the world may have been drawn to the demonstrations in Bangkok, but it has been a tempestuous few days in Thailand's southern neighbour, too. Malaysia may, in fact, have just narrowly avoided what could have turned into its worst constitutional crisis for decades.
The story began last Friday, when word spread that Prime Minister Muhyiddin Yassin had convened his cabinet to agree that he should seek an audience with the country's King, Sultan Abdullah of Pahang, in order to propose that a state of emergency be declared. In the middle of the coronavirus pandemic, that may not seem wholly extraordinary. According to one estimate, 79 countries have instituted various degrees of emergency rule to deal with the virus.
But in Malaysia a nationwide emergency – under which the government of the day has almost unlimited powers and parliament can be suspended – has only been declared twice: firstly, during the "Confrontation" with Indonesia in 1964, and secondly after the May 13 race riots in 1969. Those riots, during which hundreds died and older people still recall hiding in fortified houses, are the defining scar on the national psyche. The country was taken over by a National Operations Council, parliament did not sit again until 1971, and government policy shifted permanently to one re-emphasising the rights of ethnic Malays and their centrality to Malaysia's very being as a state.
A mural in Kuala Lumpur depicting Malaysia's Prime Minister Muhyiddin Yassin, who has faced a few setbacks in recent times. Reuters
So the idea of a national emergency has almost apocalyptic resonance in the country. Many felt that while infections have been rising after being almost contained earlier in the year, it would be illegitimate to impose such a draconian measure, which was not required when a far tougher lockdown that parts of Malaysia are currently under was rolled out in March. The suspicion was that an emergency would be a way for Mr Muhyiddin to avoid testing his majority – which has been paper thin since his Perikatan Nasional government was formed in February – in parliament next month.
A host of voices were raised against the move: from the Pakatan Harapan opposition, which had been in government since the 2018 general election, with Mr Muhyiddin as home minister, until he led a group of defectors to ally with other parties to form his administration earlier this year; from within the ranks of Perikatan Nasional itself, as the respected elder statesman and former finance minister Tengku Razaleigh Hamzah issued a statement saying he was "shocked and dismayed" that Mr Muhyiddin should seek such a declaration, which he said would be "the final nail in the coffin" of the country's "already battered economy"; and from civil society groups, including the Malaysian Bar, which warned of "the threat of a potential constitutional crisis should a state of emergency be declared".
Others, however, insisted that Malaysia is a constitutional monarchy, and Sultan Abdullah was duty-bound to take any "advice" he was given by Prime Minister Muhyiddin. That is certainly the case in European constitutional monarchies such as the UK, where, if a prime minister were to ask Queen Elizabeth to dissolve parliament and call elections, it is inconceivable that she would say "no". Various provisions of the Malaysian constitution relating to the monarch’s discretionary powers then became more hotly debated than they perhaps have ever been since independence in 1957.
Malaysia opposition leader Anwar Ibrahim has been attempting to oust Muhyiddin Yassin as prime minister. Reuters
In the event, the palace announced that Sultan Abdullah wished to consult Malaysia's other hereditary rulers, who take turns to be the country's monarch every five years. And after they met on Sunday, a statement was issued praising the Muhyiddin government's handling of the pandemic, saying that the King felt there was no need to declare a state of emergency and that he reminded politicians "to immediately stop all politicking that could disrupt the stability of the government".
This very judicious choice of words may have not stopped the "politicking". Various factions have been feverishly weighing whether they should support Mr Muhyiddin or the opposition leader, Anwar Ibrahim, who already claims to have the numbers in parliament, after the palace statement. But it delighted all those – almost certainly the vast majority – who were against an emergency being declared. It may not have satisfied Mr Muhyiddin, but it contained warm words of commendation for him. And crucially, it did not criticise him for raising the proposal.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (R) bids farewell to King Sultan Abdullah Sultan Ahmad Shah of Malaysia (L), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (R) bids farewell to members of the delegation accompanying King Sultan Abdullah Sultan Ahmad Shah of Malaysia (not shown), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (R) bids farewell to members of the delegation accompanying King Sultan Abdullah Sultan Ahmad Shah of Malaysia (not shown), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (centre R) bids farewell to King Sultan Abdullah Sultan Ahmad Shah of Malaysia (centre left), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (right) bids farewell to King Sultan Abdullah Sultan Ahmad Shah of Malaysia (2nd right), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (not shown) bids farewell to King Sultan Abdullah Sultan Ahmad Shah of Malaysia (R), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (C) bids farewell to HM King Sultan Abdullah Sultan Ahmad Shah of Malaysia (not shown), at the Presidential Airport. Hamad Al Kaabi / Ministry of Presidential Affairs
The royal discretionary power has increased – which is unheard of in democracies – but this has gained popular approval because it has been presented and accepted as an even-handed and appropriate form of check and balance on the executive
Two things have been clarified. The prime minister retains the right to advise the king, including on emergency powers. But under certain circumstances, the monarch has the right not to take that advice. As the former law minister Zaid Ibrahim tweeted: “The wise king. He will be remembered for setting a precedent.” Referring to Article 150 of the Malaysian constitution – which says that the king may declare an emergency if he “is satisfied that a grave emergency exists whereby the security, or the economic life, or public order in the federation or any part thereof is threatened” – Mr Zaid tweeted that Sultan Abdullah had come to “the only correct interpretation that one can give”.
This is a very significant redefinition. It helps that Sultan Abdullah has earned great public affection by his habit of stopping the royal motorcade to help people who have had car accidents, and popping into local eateries to join ordinary Malaysians for curry and roti canai. He has also been careful to consult, as when he asked every single MP whom they supported before appointing Mr Muhyiddin Prime Minister in February.
Malaysia has been fortunate to have a king who has been so attentive to the views and cares of his people. In a time of unprecedented political turmoil he has managed to remain above the fray. The royal discretionary power has increased – which is unheard of in democracies – but this has gained popular approval because it has been presented and accepted as an even-handed and appropriate form of check and balance on the executive. Royalists in Thailand should take note.
Sholto Byrnes is an East Asian affairs columnist for The National
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
German intelligence warnings
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Tissue re-implanted at a time of the patient’s choosing
Full hormone production regained within 4-6 months
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid When: April 25, 10.45pm kick-off (UAE) Where: Allianz Arena, Munich Live: BeIN Sports HD Second leg: May 1, Santiago Bernabeu, Madrid
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Habib El Qalb
Assi Al Hallani
(Rotana)
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.”
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
