KUWAIT CITY // Kuwait's Islamist opposition forces have united to push the country toward more representative democracy, believing they can capture a convincing majority in the upcoming parliamentary elections.
The calls for democratic reform, a major shift for the traditionally pro-government Islamists, have reconfigured Kuwaiti politics.
Liberal candidates who led previous calls for democracy are now torn over how to proceed, realising that they would likely be a minority in a truly elected government.
"Twenty years ago, it was these liberals who pushed for democracy," says Abdullah Shayji, the head of the political science department at Kuwait University. "Now the whole structure has really shifted."
The more conservative Islamist groups are also questioning their positions on a range of measures they once opposed on religious grounds, such as political parties and public protests.
Consider the last parliament's vice-speaker, Khaled Al Sultan Ben Essa, who might seem an unlikely democrat. His Islamic Salafi Alliance has denounced political parties and protests - but he is one of the most vocal critics of the ruling family, who he accuses of "suppressing the will of the people".
Putting aside individual concerns, a loose coalition of Islamists calling itself simply "the majority" has demanded a popularly elected council of ministers, the ability for parliament to recall the prime minister, the legalisation of parties, and electoral and judicial reforms.
"We are trying to write a new history for Kuwait so that the nation can lead itself," said the former parliamentarian Mohammed Dalal after announcing the coalition platform on July 16.
The shifting sands come as Kuwait expects to hold parliamentary elections after Ramadan.
On June 20, a constitutional court disbanded the previous, Islamist-dominated national assembly citing a technical error in the conduct of elections in February. The court ordered the previous parliament to hold session, which it may do on July 31. But opposition and youth activists have promised to protest and most observers expect the emir to call for fresh elections.
The stakes for winning a majority in the poll, expected in October or November, are high. For decades, Kuwait's political system has teetered between monarchy and parliamentary rule, with neither camp holding enough power to rule without the consent of the other.
But the Islamists' meteoric rise caps a series of political crises that shifted the balance of power resolutely in the parliament's favour.
Half a decade ago, Kuwait's youth movement organised itself to demand changes to the electoral law that would give a greater proportion of votes to non-urban areas, generally more conservative districts. Since the changes came into effect, Islamists have garnered an increasing share of parliamentary seats.
The Arab Spring further raised the bar for popular representation in government, argues Shafeeq Ghabra, a political analyst and former president of American University in Kuwait.
And just as a new spirit of political engagement was taking shape in 2009, the prime minister, Sheikh Nasser Al Mohammad Al Sabah, was accused of bribing members of parliament for political gain. Activists, young and old, took to the streets, eventually storming the parliament in November 2011. The prime minister was forced to resign.
In the parliamentary elections that followed in February, many voters turned toward a rising cadre of new and often more conservative candidates who spoke out forcefully against graft.
"[Many] were voted in based on their Islamic values," said Lindsey Stephenson, a former Fulbright researcher in Kuwait who studied political activism. "In people's minds it means they are moral, they are not going to be corrupt, they are going to be more fair."
The new coalition controlled 35 of the 50 seats in parliament - a majority it used to plan sweeping legislative change that appalled many traditional liberals. In early May, for example, the parliament endorsed a law that would implement the death penalty for blasphemy. It never took effect because it wasn't approved by Kuwait's ruler.
Many in the new parliament also began investigating past corruption scandals, said Mr Ben Essa. "We had set up investigation committees to get to the facts of the embezzlement of funds," he added.
The more the new parliament was upsetting the old order, Liberals - many of whom had been among the economic and political elite for decades - suddenly found themselves clinging to it, said Mr Ghabra.
With another election coming, these changing dynamics have infused all of Kuwait's political players with a sense of urgency to control the momentum of change.
The new, Islamist coalition is keen to enable the parliament it seems likely to dominate. The various Islamist candidates have also worked to bring the diverse assortment of political views under their umbrella. The 35 ex-MPs who signed on to the calls for democratic reform did so only after reassurances that they would not be bound to parts of the agreement that they personally did not agree with, said Mr Ben Essa, whose Salafi alliance still objects to political parties.
Meanwhile, rumours circulate that the ruling family could seize upon the disbanded parliament to amend the electoral system in a way that might bring back a more pro-government parliament. Opposition MPs, as well as a powerful youth movement, have vowed to take to the streets to prevent this.
Even after the elections, however, any serious reforms will likely take months to formulate. This will be the sixth parliament that Kuwait has elected in as many years.
There are fears that it won't just be Kuwait's political system that stagnates. Parliament approves budgets, meaning the country's development plan, which includes massive infrastructure projects such as an upgraded airport and port, is vulnerable to political swings.
On July 19, shares in the National Bank of Kuwait dropped 5.7 per cent in a day, a loss the bank blamed on political turmoil that had stalled development projects. "To have development, we need political stability," says Salman Sabah Al Salen Al Hmoud Al Sabah, undersecretary of the ministry of information.
foreign.desk@thenational.ae
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
SHAITTAN
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What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
UAE currency: the story behind the money in your pockets
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory