Kuwait programme shows satire's role


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A new Kuwaiti satellite television programme, Wesel Sotak (Your Voice Was Heard), seems to have captured the imagination of Gulf audiences, as it intelligently lampoons Kuwaiti ministers and members of parliament regardless of their political or tribal affiliations, wrote Shamlan Youssef al Issi in the opinion pages of the Emirati daily Al Ittihad. The programme has, however, caused protests and a series of lawsuits filed by Kuwaiti MPs, which leads one to wonder: are those members of parliament really concerned with democracy and freedom of speech?

"The funny thing is that the Kuwaiti government, which is constantly panned by the parliament, has taken the side of the MPs and decided to cancel the show after only three episodes under the pretext that it conflicts with the broadcasting code." This decision revives questions about media freedom in Gulf countries. The crux of the media dilemma in the Gulf is that there is hardly any awareness of the fast-paced evolution of the concept of media freedom on the international scale. "In the name of 'preserving customs and religion', governments feel free to resort to censorship." Arab Gulf countries need to open up by first liberating their media and graciously accepting healthy self-derision.

The attempted assassination of Prince Mohammed bin Naif, the Saudi assistant minister for security affairs has, in a way, set a precedent in the relations between the Saudi government and al Qa'eda as it breaks a years-long "unwritten arrangement" between the two, the pan-Arab daily Al Quds al Arabi said in its leading article.

"al Qa'eda has always avoided targeting the ruling family in a direct way," the newspaper said, "but it seems that the group's leadership has decided to change its strategy." About a year ago, the Saudi authorities arrested 700 of "those who have gone astray" - a common expression referring to al Qa'eda members in the country - while another 44 were apprehended only a few days ago. There are many explanations as to why al Qa'eda has lately resumed its activity so intensively in the Arab peninsula, particularly in Saudi Arabia. A main reason is the mounting conflict between the liberal secular and conservative parties in the kingdom, knowing that the ruling dynasty leans more towards liberalism under the motto of modernisation.

The supreme leader of the Iranian revolution, Ali Khamenei, has put an end to the accusations levelled by the Iranian president Mahmoud Ahmadinejad against dozens of former government officials, journalists and intellectuals regarding their purported collaboration with the West, opined Mazen Hamad in the comment section of the Qatari daily Al Watan.

By trying to halt spare reformists from condemnation, not only is Mr Khamenei trying to capitalise on the rifts between various political groups to become a privileged arbiter, but also restore his status as the neutral leader, which was considerably affected by Mr Khamenei's own bias in favour of the conservatives during last June's presidential elections. While he did not explicitly show willingness to help the reformists out of their current political impasse, Mr Khamenei knew how to negotiate the troubles of his own conservative clan by appointing conservative rivals of Mr Ahmadinejad as chief of justice and the main orator at Friday prayers. All in all, Mr Khameni seems to be navigating his way through post-election circumstances to make a strong comeback and balance the power relationships within various political circles.

The mutual accusations and sterile debates that followed Iraq's Black Wednesday - the bombings in Baghdad that left about 100 people dead and more than 500 wounded - have confirmed two key facts: one, the nature and the scope of the conflict in the country extends beyond the domestic sphere to regional clashes; two, the Iraqi political actors, whether incumbent or in the shadows, have proved incapable of solving the colossal challenge of rebuilding the nation in the complex socio-political structure of Iraq, commented Jaber H Jaber in the London-based daily Asharq al Awsat.

"The bombings were carefully planned, made use of a large amounts of resources and certainly had big goals. But they have also had politicians and commentators consulting crystal balls to pinpoint the party responsible according to their own taste, while trumpeting their own unearned accolades." All signs point towards the same conclusion: it is going to get worse in Iraq, and this situation may outlive the next presidential elections, especially as US forces are pulling out, leaving behind a huge gap for troublemakers to occupy.

* Digest compiled by Achraf A ElBahi aelbahi@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.”