ABU DHABI // Long before the UAE was formed, shura was the common form of governance.
After the federation, shura became one of the five pillars of the constitution.
This came to be known as the 40-member Federal National Council, all of whom were appointed by rulers of the seven emirates and allowing full representation.
In an interview featured in the FNC's magazine earlier this month, Mohammed Al Murr (Dubai), speaker of the FNC, said this reflected the late Sheikh Zayed and the founding fathers' deep faith in Shura. When the FNC convened for the first time in 1972, Sheikh Zayed said it marked an important time in the history of the country, as the council would play an important role in the field of development and in building a bright future.
"My brother members, in these historical, critical moments as your council comes together, the masses of citizens on this good earth...are looking at you confident that with God's help will contribute in achieving their hopes in pride and strength, progress and well-being," Sheikh Zayed said.
He also encouraged FNC members to speak freely and express the needs of locals honestly.
Since then, the council has held 493 sessions, during which members have debated seven constitutional amendments, passed 533 bills to which they made valuable changes, discussed 282 issues of public interest and helped lobby for certain issues, and have faced ministers with 483 questions. On the international level, they have issued 67 statements on local, Arab and international issues of interest to the UAE and have reviewed 675 international treaties and agreements.
But a pivotal moment for the FNC came in 2005 when the president, Sheikh Khalifa, said more powers and a greater role were in the works.
He announced a new road map for political reform to strengthen public participation and allow further freedom of expression.
"We will do our best so that our council will become more powerful and effective and closer to domestic issues and concerns of citizens, with the true values of participation and a deliberative approach being well established through a gradual process of development," the president said.
The new programme was called Tamkeen, or empowerment.
After that, constitutional amendments were made to allow half of the 40-member council to be elected by an electoral college, and women were allowed to become members. Meeting sessions were extended from two to four years, and required to be no fewer than seven months in a year. The Ministry of FNC Affairs was also established.
The purpose of the changes, said Sheikh Khalifa, was to "promote a culture of political participation among citizens and create a mood of democracy, respecting the rights of others and allowing them the freedom of expression that the constitution of the UAE has guaranteed".
In 2006 at the first elections, more than 6,000 citizens were given the right to vote. Many were women. Of those who ran for a seat in the council, one woman, Dr Amal Al Qubaisi (Abu Dhabi), succeeded. She was followed by eight other appointees.
Female members took no time to settle in, at times leading discussions locally and internationally.
Their effective role was seen again during the 2011 elections - the largest the country has witnessed.
At that point, more than 129,000 citizens were deemed eligible to vote.
Dr Sheikh Al Erri (UAQ) was re-elected, and later joined by six other women members. Dr Al Qubaisi was appointed following her proactive role in the council the previous four years. She then became a deputy speaker, the first woman to do so in the GCC.
Since her appointment she has headed two public sessions in the capital. International organisations, including the United Nations, have applauded the UAE for its successful track record in hosting and supporting women in parliament.
"This process is based on phases, where each phase boosts another and builds on it," said Dr Anwar Gargash, Minister of State for Federal National Council Affairs, said. Wam, the state news agency, said this indicated that for the next elections, there would be no ceiling on the numbers of those who can be appointed to the electoral colleges.
In the president's most recent speech, delivered by Sheikh Mohammed bin Rashid, Vice President and Prime Minister and Ruler of Dubai, he said more participation was expected.
"We are going forward firmly to bring our political experience to its [desired] ends so as to achieve development and expand participation. We are also looking forward to the pivotal role of the FNC, as a supportive and control authority to further strengthen the government with its visions and innovative ideas."
osalem@thenational.ae
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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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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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UAE currency: the story behind the money in your pockets