ABU DHABI // A house of representatives half elected and half appointed is an ideal system that should not be changed, says FNC member Salem bin Huwaidan.
Sweeping amendments made to the constitution in 2005 meant that 20 of the 40 members in the council are elected. Before that, all were appointed.
Mr bin Huwaidan, who would not have had the chance to run in 2011 without the amendments, also values the decision to keep appointed members.
“We need specialists,” he says. “We need doctors and the other experts who would never really run in the election. They support the elected members. I want this balance to continue.”
The split has paved the way for more concerns to be brought to the council, with many specialist members giving their own perspective on matters in their fields.
As for elected members, Mr bin Huwaidan says they are key to bringing forward the voice of the people, as a result of their popularity and prominence in their communities.
Joining the FNC was something he had carefully planned.
“Before the FNC I wanted to be in a position to help others – see what people wanted and pass that on,” Mr bin Huwaidan says.
These concerns included housing, education and health.
“Thanks to the President, Sheikh Khalifa, a lot of these things are being resolved very quickly,” he says.
More rights for women was also a topic Mr bin Huwaidan wanted to bring forward.
“We wanted early retirement for women,” he said. “We tried as much as we could and with all the means we have to give women the opportunity to raise their children ... but the Government has another view on this.”
In other instances, presidential and government rulings take away the need for public debate.
“We were gearing up to talk about increasing teacher salaries. Before we could, they were increased,” he says.
In some cases, Mr bin Huwaidan says matters needed to be passed to rulers or ministers directly, outside of the FNC.
“The council has its powers, but we cannot tie it to people’s needs,” he says. “The council’s work is governed by laws.
“Members can take personal requests to ministers or sheikhs directly. That would be easier.”
He plans to return to the council if he can.
“If my name is on the list, I would want to run still,” Mr bin Huwaidan says. “As a member of the FNC I was able to achieve a lot. Through the council, a lot of things can be raised to the Government.”
His only hope is an easier election process with candidates given more access to voters.
“Elections were hard because it was the first time so many people could vote,” Mr bin Huwaidan says.
“Communicating with the voters was hard. The only way was through media.
“But voters were unclear with what was going on.
“We want more ways to communicate with voters, possibly by giving candidates voters’ numbers.
“The whole experience was difficult but it was worth it.”
For now, Mr bin Huwaidan plans a strong comeback to the fourth and final year of this council’s session.
His first demand is comprehensive medical insurance for all nationals.
The issue of medical insurance has continuously been debated, and the Government has promised a rollout soon.
But it has not yet come to pass.
osalem@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE LIGHT
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.”
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
