Bahrain’s opposition parties have agreed to an invitation by the king to join new political talks, the first since 2011 when Arab Spring-inspired protests erupted in the country.
The invitation to resume discussions on a set of “pending issues to be agreed upon, aiming to achieve further consensus around the political agenda”, was issued by the minister of justice, Sheikh Khaled bin Ali Al Khalifa, according to a statement from the country’s information affairs authority (IAA).
The discussions are expected to be the broadest in Bahrain's recent history, including both opposition and traditionally more loyalist political representatives.
“We are waiting for a positive response and we would like all parties to know that we are ready to sit at the table of dialogue, keen on reaching a final and comprehensive national consensus,” the state news agency quoted the minister of information, Samira Al Rajab, saying.
Late on Tuesday, Bahrain’s largest opposition party, the Shia Al Wefaq bloc, released a statement affirming “its seriousness to engage in a genuine process of dialogue and political negotiation that responds to the aspirations of freedom, dignity and equality.”
By phone from Manama, a Wefaq spokesman confirmed its members would join the talks, although they had concerns about the level of government representation.
“The opposition groups will send their representatives, though they have not yet received an official call,” said Khalil Al Marzouq, a former MP and a spokesman for Al Wefaq.
“But unfortunately it’s not a direct dialogue with the rulers,” he said, expressing his concern that the ruling family was not directly involved.
“That means [the government is] just trying to press on idea that the dispute in Bahrain is just between the people, not between the people and the ruling family.”
A coalition of 10 Sunni political societies also indicated that they would support the initiative, according to a statement by one of the groups, the National Unity Assembly.
“While welcoming this invitation as a way out of the crisis experienced by the country … we emphasise our positions in the defence of the interests of the masses and their aspirations to achieve a secure and stable life,” the statement said.
Although details about the exact arrangements for forthcoming talks, the IAA statement said that they were a resumption of a national dialogue first convened by the Crown Prince Salman bin Hamad Al Khalifa at the height of protests in February and March 2011.
Those talks collapsed after the largest Shia bloc pulled out of discussions when a Gulf Cooperation Council military operation dispersed street protesters. At least 80 people have died since the unrest first began in 2011.
Despite the plan for new talks, a youth coalition of opposition activists under the umbrella name February 14, the anniversary of the demonstrations, called for a protest in Manama tomorrow, according their Facebook page yesterday.
The group has also called for a general strike on the demonstration's two-year anniversary.
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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.”
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island