Mohammad al Jassem, left, who received a one-year sentence for libel, said he will take his case to Kuwait's appeals court.
Mohammad al Jassem, left, who received a one-year sentence for libel, said he will take his case to Kuwait's appeals court.

Kuwaiti writer given one year in libel case



KUWAIT CITY // A lower court in Kuwait yesterday sentenced the prominent writer Mohammad al Jassem to one year in prison for libelling the prime minister in an article published on his website.

"It's a political judgement, it is part of a campaign against some writers and MPs," said Mr al Jassem, confirming the sentencing. "The prime minister wants to keep everyone shut up."

Al Jassem, who expected to be taken into custody yesterday, said he believes the Court of Appeals will overturn the verdict when he takes the case there in the coming weeks.

The website article, published one year ago, alleged Iran influenced Kuwait's affairs through a prominent businessman who is an associate of the prime minister, Sheikh Nasser Mohammed al Sabah. In the article, al Jassem identified the man as a Kuwaiti citizen and names him only as "M".

The writer said he has recently been found innocent in two other cases in which he was accused of insulting the prime minister, and a fourth case is scheduled to take place later this month.

Abdullah al Ahmad, al Jassem's attorney, said the government has filed 18 cases against his client since October 2009 and he has been found to be innocent in nine of them.

Al Jassem said he does not believe the verdict is correct because the Court of Cassation - the country's highest court - found him to be innocent in cases that were "exactly the same".

He said there were irregularities in this latest case, including the announcement of the verdict by one of the court's employees before it was officially announced by the judge. "There was a leak, the judge told someone," he said.

A member of parliament, Aseel al Awadhi, in a statement to the press yesterday, criticised the practice of prosecuting people for expressing their views.

Al Jassem was detained after receiving a guilty verdict in one of the cases in May, but he was released on bail after 48 days. His lawyer believes the judge took his client's poor health into account - the writer suffers from a heart condition. He was detained for 12 days last November in another case related to insulting the prime minister; the lawyer said the guilty verdict has since been overruled in a higher court.

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.”

Wonka
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
EA Sports FC 25

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Richard Flanagan
Chatto & Windus 

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

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HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

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MATCH INFO

Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
 
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4