AMMAN // King Abdullah II of Jordan defended the country's new parliament yesterday but urged it to amend the electoral law that has come under criticism from Islamists.
In a speech formally inaugurating the new assembly, the king condemned attacks on the legislature, saying, "We do not accept any distortion of its image among the people."
At the same time, the 48-year-old monarch urged "reform that increases public participation in the decision-making process," according to an official English-language transcript.
Earlier this month, Jordanians elected a new, 120-seat parliament after campaigning that was marred by unrest and a boycott by the opposition Islamic Action Front. The election was the fourth under King Abdullah, who ascended the throne in 1999 vowing to transform the kingdom into a model democracy in the Muslim world.
Official election results showed ex-lawmakers and Cabinet ministers sweeping a third of the parliamentary seats. After the outcome was announced, riots broke out in four towns north of Amman, as protesters burned tyres, smashed vehicles, and pelted security forces with stones.
Yesterday, the king said parliament could "amend" a temporary election law "as necessary to render this central legislation more conducive to advancing our democratic reforms, and adopt it as a permanent law. The November 9 election was conducted under the first system, which has been strongly criticized as unfair by the Islamic Action Front.
Pro-government loyalists kept control of the parliament after sweeping the vote, and a government with 11 new faces in the 31-member cabinet, including three women, took the oath of office last week.
Despite the king's remarks about taking measures to broaden political participation in Jordan, he said that economic reforms would remain his top priority as Jordan faces "enormous" economic challenges, partly caused by the global recession.
Jordan's monarch also said that his country would continue to stand by the Palestinians. Jordan is the only Arab state that has reached pace with Israel, but there are fears here that if peacemaking collapses, Israel will try to force Jordan to take in the residents of the West Bank and stand as the Palestinian state. Recent talk by right-wing Israelis about the "Jordanian option" has only reinforced that belief here that this is Israel's ultimate plan.
The king made it clear yesterday where a Palestinian state should be located.
"We will do all we can to help them put an end to occupation, to lift the injustice, and to establish their independent state on their national soil, with East Jerusalem as its capital, in accordance with the Arab Peace Initiative and international law, and within a regional context that ensures comprehensive peace," he said.
[ smaayeh@thenational.ae ]
* With additional reporting by Agence France-Presse and the Associated Press
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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.”
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
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Industry: Smart contact lenses, augmented/virtual reality
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SHALASH THE IRAQI
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The five pillars of Islam
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Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
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$3.6 million led by Global Ventures
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Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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Breaking News: The Remaking of Journalism and Why It Matters Now
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Kaala
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Uefa Champions League, last-16 second leg
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