Oman's Sultan Haitham changed the State Basic Law to grant citizens and residents living in Oman freedom of expression and opinion.
"Freedom of opinion and expression be in writing or speech and all forms of expression are guaranteed by the Basic Law of the State in accordance with the law and without detriment to the sanctity of private life," state-run Oman News Agency reported on Thursday.
ONA also reported that the Sultan ordered “the freedom to practice religious rites according to recognised customs, is protected, provided it does not violate the public order or contradict morals”.
Sultan Haitham also removed a law that previously allowed the state to monitor private phone conversations, social media or postal correspondence.
“In this regard, the Basic Law of the State states that the freedom of correspondence by post, telegraph, telephone conversations and other means of communication is protected and its confidentiality is guaranteed,” the ONA said.
Sultan Haitham, who took the throne in January last year after the death of Sultan Qaboos, introduced a series of measures to revamp the government and its laws. The new Basic Law, the closest Oman has to a codified constitution, effectively replaces the first, set in 1996.
Sultan Qaboos, who ruled the country for 50 years, is regarded as the founder of modern Oman but Sultan Haitham has already embarked on reforms to reshape the destiny of his people.
Omanis think the latest changes will win investor confidence at a time when Oman needs to revive its ailing economy.
"Without any doubt, freedom of expression will be seen by many foreign investment companies as a way forward. It will place Oman on a higher pedestal of transparency and as a result, investors will now know that the country respects everybody's opinions," said Khalifa Al Maraei, 32, a property investment company owner.
Expatriates working in Oman also expressed their delight.
“The part which I like is the right to practise your religion rites. Oman has a significant expatriate population, including Christian and Hindu faiths,” said Ravi Shankatram, 37, an Indian IT engineer living in Muscat.
“Expatriates now will feel more confident to practise their religions without fearing prejudice. I am not saying we are facing that but now we will be more confident when we go to churches or temples to practise our faiths.”
This week, the Sultan tweaked another state basic law by setting up the role of the crown prince for the first time in the history of Oman. He made his eldest son, Dhi Yazan bin Haitham, heir apparent to his crown.
Dhi Yazan bin Haitham, 30, is currently the minister of culture, sports and youth.
Sultan Haitham last year retired several senior officials, including Cabinet ministers, introduced value added tax, income tax and removal of some state subsidies, in an attempt to cut state spending and boost revenues
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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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
