• Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
    Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
  • Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
    Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
  • Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
    Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
  • Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
    Sultan Haitham bin Tariq presides over the new cabinet being sworn in.
  • I congratulate the retired minister, Yusef Bin Alawi for the high honor by obtaining the Order of the Royal Tribute of the First Class. I would also like to express my own feelings towards this sober Omani figure, the human minister, worthy teacher, and honest mentor. Badr Albusaidi twitter
    I congratulate the retired minister, Yusef Bin Alawi for the high honor by obtaining the Order of the Royal Tribute of the First Class. I would also like to express my own feelings towards this sober Omani figure, the human minister, worthy teacher, and honest mentor. Badr Albusaidi twitter

Leaner Omani Cabinet sworn in at Muscat palace ceremony


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Oman's new-look Cabinet took the oath of office on Wednesday at Muscatel's Al Barakah Palace, the first new government since Sultan Haitham took office in January.

Sultan Haitham won praise when he announced the reshuffle and leaner government, devolving power away from himself and into the hands of ministers for the foreign and finance briefs.

Among the new ministers to take the oath on Wednesday was Badr Al Busaidi, who took over from long-time foreign minister Yusuf bin Alawi. A popular successor to the veteran minister, he has worked on Oman's foreign affairs for a number of years.

Financial expert Sultan Al Habsi who has served as secretary-general of the Supreme Council for Planning and head of the tax authority, among other senior positions, took over from Darwish Al Balushi.

The Cabinet also has the largest number of women to date in government in Oman, with five positions.

Other well-known ministers retained their positions, even if the titles and remits of their portfolios changed. Khalid Al Busaidi remains Diwan of the Royal Palace Minister and Mohamed Al Rumhi, will now lead the Energy and Minerals Department, formerly named the Ministry of Oil and Gas.

Badr Al Busaidi paid tribute to his former boss, Yusuf bin Alawi on Wednesday evening, as he received the Royal Order of Commendation from Sultan Haitham.

"I would also like to express my own feelings towards this sober Omani figure, the human minister, worthy teacher, and honest mentor," he wrote on Twitter. "Thank you."

The new Cabinet came as Oman’s Sultan Haitham on Tuesday issued royal directives to provide free laptops to Omanis enrolling for colleges and universities in the academic year starting in September.

The official Oman News Agency said the computers would be distributed to students in poor Omani families and those registered in the social security service.

About 43,000 higher education students have registered for the new academic year, of whom about 17 per cent will qualify under the initiative.

The low-income families fall into two categories: families who earn less than 500 rials (Dh4,775) a month are in the first category, while the second have no income and rely on welfare payments from the government. Such families typically live in social housing.

THE SPECS

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Transmission: six-speed automatic

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Torque: 240Nm

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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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.”

MATCH INFO

Manchester United v Manchester City, Wednesday, 11pm (UAE)

Match is on BeIN Sports

Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Uefa Champions League play-off

First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev

Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Results

1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000

2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000

3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000

Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5