Mosabeh Al Kitbi (Sharjah) says he will ask Dr Anwar Gargash to say when this year’s election will be held. Christopher Pike / The National
Mosabeh Al Kitbi (Sharjah) says he will ask Dr Anwar Gargash to say when this year’s election will be held. Christopher Pike / The National
Mosabeh Al Kitbi (Sharjah) says he will ask Dr Anwar Gargash to say when this year’s election will be held. Christopher Pike / The National
Mosabeh Al Kitbi (Sharjah) says he will ask Dr Anwar Gargash to say when this year’s election will be held. Christopher Pike / The National

FNC concern over unannounced election dates


  • English
  • Arabic

ABU DHABI // FNC members have voiced concern that the National Election Committee has yet to announce the dates of this year’s election.

The elections should take place before autumn, when the next council is scheduled to be commenced in accordance with the Constitution.

Mosabeh Al Kitbi (Sharjah) said he was planning to ask Dr Anwar Gargash, the head of the committee (NEC) and Minister of State for FNC Affairs, at an upcoming FNC session when the election would take place and how the NEC was planning for it.

Since last autumn the NEC has met several times. Committee members said they had discussed the election, but little has been revealed of what has been decided at those meetings.

In 2011, when the previous election was held, the NEC announced the September election date in March that year.

The campaign period was from September 4 to 21 in 2011.

Election candidates registered their bid from August 14 to 18, with the final list of candidates announced on August 28.

Although many people believed that the delayed announcement of this year’s election could mean that similar dates would apply, this was now viewed as unlikely.

Eid Al Adha, a public holiday, is expected to fall on September 23 this year, and it would be impossible to hold the election then.

By this time four years ago, the NEC had already made major announcements about the election.

In February 2011, the NEC said the number of Emiratis eligible to vote would increase and it also released updated election guidelines. Ahmed Ahli (Dubai) said FNC members had not even received unofficial information about the elections.

He said the NEC should at least ensure that the names on the electoral college list for this year were announced early enough to give people time to prepare and decide whether they would like to run or merely vote.

In 2011, the electoral college list, which included just under 130,000 names, was released in July.

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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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