Kuwait has passed its first law designed to specifically target domestic violence.
The legislation, drafted by the Women and Family Committee, will “set the minimum standard and legal protection procedures for victims of domestic violence, in a way that maintains the family unity without threatening its stability in the society”, state news agency Kuna reported.
The committee, which includes Kuwait's only elected female representative, Safa Al Hashem, presented the bill in parliament on Wednesday. Thirty-eight MPs voted for the bill, one MP abstained and another voted against.
Volunteer group Eithar, which has been lobbying for a specific law against domestic violence for four years, said the new law will provide legal cover for survivors.
“This bill will protect survivors of abuse, activate the shelters and criminalise domestic violence,” the group said on Twitter.
Kuwaiti women’s rights activist Alanoud Alsharekh said the law was an important step towards empowering women and achieving social justice.
"This is a huge step forward in ensuring the dignity and protection for all members of the family," Ms Alsharekh told The National. "This law is the culmination of years of lobbying by civil society groups spearheaded by Eithar and Abolish 153 and is an encouraging indicator not just for Kuwait but for the greater Arab world."
She said the law provided a platform for pressure groups outside the traditional power structure to bring about important change.
Now the bill has passed its second reading, it will be referred to the government for implementation, a process which should take around six months.
The law defines domestic violence as “physical, psychological, sexual or financial mistreatment, whether in words or actions”, or the threat of such actions, by a family member against one or more other members. It brings in provisions for legal, medical and rehabilitation services for survivors of domestic violence and It also paves the way for setting up shelters where victims can take refuge and seek help.
There may yet be more legislation and community action around the topic, as the bill calls for the formation of a national committee for protection against domestic violence, with members from government and civil society.
The law will allow the Minister of Social Affairs to form special teams to investigate and follow up domestic violence cases and aims to encourage victims of domestic violence to report assaults.
US Ambassador to Kuwait, Alina Romanowski, expressed her delight at the new legislation on Twitter.
"Congratulations to the National Assembly, civil society activists, and all of Kuwait for today’s passage of a domestic violence law," she said. "What an impressive and important achievement!"
Her sentiments were echoed by Australian Ambassador Jonathan Gilbert.
"Criminalising these act[s] and giving victims a voice and safe-haven are important steps in stamping out abuse. An important day for domestic violence victims," he said on Twitter.
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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.”