Kuwaiti Prime Minister Sheikh Nasser Mohammed Al Ahmed Al Sabah says he is ready to be questioned over allegations, including financial irregularities.
Kuwaiti Prime Minister Sheikh Nasser Mohammed Al Ahmed Al Sabah says he is ready to be questioned over allegations, including financial irregularities.
Kuwaiti Prime Minister Sheikh Nasser Mohammed Al Ahmed Al Sabah says he is ready to be questioned over allegations, including financial irregularities.
Kuwaiti Prime Minister Sheikh Nasser Mohammed Al Ahmed Al Sabah says he is ready to be questioned over allegations, including financial irregularities.

Kuwait's Prime Minister to face confidence vote


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KUWAIT CITY // Kuwait's national assembly will hold a vote of non-co-operation against the prime minister, Sheikh Nasser Mohammed al Ahmed al Sabah, in two weeks after MPs questioned the government's leader in parliament for the first time yesterday. The speaker of the house presented four separate requests to question ministers, including Sheikh Nasser, in the morning, and they all said they are ready. The prime minister's six-hour questioning took place behind closed doors first, and the press and public returned as the minister of public works began to face his challenger in the evening. The minister of interior and the minister of defence will also stand on the podium.

The prime minister said in a press release after the debate he believes in democracy so it is his duty to face questions. He said he thanked his fellow members of the assembly, despite the fact that some of them presented a motion of non-co-operation, adding that "the MPs showed political maturity during the debate". Sheikh Nasser is a leading member of the royal family and the emir's nephew. He has faced other attempts to question him since he was first appointed in February 2006, but the cabinet has always resigned or the emir has dissolved the parliament to stop the interpellations taking place. The prime minister, who has been reappointed five times, is trying to create stability by facing the MPs.

Another member of the royal family and cabinet minister, Sheikh Ahmed Fahad al Sabah, called the interpellation "an achievement in Kuwait's democracy" and said it will only be settled when the issue of non-co-operation is resolved. The speaker of the house, Jassem al Kharafi, confirmed to parliament that he had received the 10 signatures required to instigate a vote of non-co-operation after the closed-door session, adding that the vote will take place on December 16.

Faisal al Muslim, the Islamist MP who questioned Sheikh Nasser over the misuse of public funds and the alleged issuance of a 200,000 Kuwaiti dinars (Dh2.6 million) cheque to a former MP, thanked the prime minister for going ahead with the interpellation after the debate. Mr al Muslim said: "The questioning came as a result of bad practices in the country - All Kuwaitis should participate in the running of the country, and interpellations are a way in which to participate."

Sheikh Nasser argued that the issue of his diwan's expenses - which were under scrutiny by Mr al Muslim - has been sent to the court and should not be discussed in the assembly. He also said the cheque was issued from his personal account. Mr al Muslim confirmed he was one of the signatories of the motion of non-co-operation and declined to comment on how the prime minister handled himself in the debate. He said he would have preferred the discussion to happen in public.

Many MPs had stated their opposition to holding the prime minister's debate behind closed doors, and the Islamist MP, Waleed al Tabtabae had erupted with angry protest after the government had requested the "secret" session in the morning. Mr al Tabtabae yelled to a disconnected microphone in the chamber: "It's not fair to conduct a secret session - let the people hear what you have to say." Many members of the public began to clap and shout before the guards moved in to usher the spectators out.

The assembly then voted to hold the interpellation in private with a 40 to 23 majority, with one abstention. The populist MP Musallam al Barrak complained that the four interpellations of ministers were to be carried out consecutively. He compared it to considering four bills in parliament at the same time. Kuwait's constitution allows MPs to instigate a motion of no confidence against ministers after an interpellation, but they can only file a non-co-operation motion against the prime minister. MPs who are not in the cabinet vote on the motion after a minimum of seven days, and it passes with a majority.

If ministers lose a vote of no confidence they are automatically dismissed, but if the prime minister loses a vote of non-co-operation, the issue is referred to the emir, who must either replace the prime minister or dissolve the assembly. No minister has ever been voted out of office in Kuwait. The minister of interior, Sheikh Jaber Khaled Jaber Al Sabah, was the first royal to face a vote of no confidence earlier this year, and he survived it comfortably. The prime minister would probably receive similar support in a vote of non-co-operation, but now the emir must decide whether to risk the reputation of the prime minister - and the royal family - in the national assembly.

Kuwait will host the Gulf Co-operation Council's annual summit next week. If the emir does dissolve the parliament he could wait until after the event in order to avoid sending a dysfunctional cabinet to the meetings. jcalderwood@thenational.ae

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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.”

Start times

5.55am: Wheelchair Marathon Elites

6am: Marathon Elites

7am: Marathon Masses

9am: 10Km Road Race

11am: 4Km Fun Run

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Saturday's schedule at the Abu Dhabi Grand Prix

GP3 race, 12:30pm

Formula 1 final practice, 2pm

Formula 1 qualifying, 5pm

Formula 2 race, 6:40pm

Performance: Sam Smith

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Your Guide to the Home
  • Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
  • Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
  • Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
     
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Honeymoonish
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Oscars in the UAE

The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am

Ronaldo's record at Man Utd

Seasons 2003/04 - 2008/09

Appearances 230

Goals 115

How to donate

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