A North Korean waitress stands under the China and North Korean flags at a restaurant in the Chinese border city of Dandong. A reader notes that China is keeping North Korea's antiquated regime in power. AFP / LIU Jin
A North Korean waitress stands under the China and North Korean flags at a restaurant in the Chinese border city of Dandong. A reader notes that China is keeping North Korea's antiquated regime in power. AFP / LIU Jin
A North Korean waitress stands under the China and North Korean flags at a restaurant in the Chinese border city of Dandong. A reader notes that China is keeping North Korea's antiquated regime in power. AFP / LIU Jin
A North Korean waitress stands under the China and North Korean flags at a restaurant in the Chinese border city of Dandong. A reader notes that China is keeping North Korea's antiquated regime in pow

Fundamentalism plays a big role in US primary voting


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It's amazing how much religious fundamentalism there is in US politics, especially in the Republican party (Iowa mixes religion and politics, January 4).

The first round of voting in a few small states will trim down the field of Republican candidates for the presidential nomination, and the hardest-line ones will I suppose now drop out.

But considering the hysterical US reaction to fundamentalism in other countries, I wonder what Americans expect the world to make of candidates such as Rick Santorum and Michelle Bachmann.

VJ Mehta, Dubai

That story made me wonder if Mitt Romney had faced anti-Mormon sentiment from evangelical Christian voters in Iowa.

No religious community should face serious discrimination and opposition.

Ali Sedat Budak, Abu Dhabi

Let people stay if they don't work

There is an effort to increase the number of UAE nationals in the workforce.

At the same time there are thousands of vacant properties built to be occupied by foreigners.

A simple solution would be to copy the "Malaysia My Second Home" law, whereby foreigners over the age of 50 can buy property and receive 10-year renewable residence visas but may not work.

These people bring money into the local economy without competing with citizens for jobs.

Zaki Anderson, Dubai

Parents glad to know UAE is safe

I refer to the article 20 years ahead of anyone else (January 4).

Being a mother of an expatriate who has lived in Dubai for three years, and as a visitor to Dubai, I very much appreciate Sheikh Mohammed's energetic and successful leadership.

Safety and security of our relatives in this country are major concerns for moms and dads abroad, and safety standards are very high here, which is reassuring.

Serife Senol Caglayan, Turkey

China props up North Korea

Your story US unveils 'road map' for North Korea (January 4) makes me wonder once again, how is it that Stalinist North Korea continues to survive in the 21st century when other Communist nations have evolved.

North Korea, now under Supreme Leader Kim Jong Un, is the dinosaur that won't go extinct.

The answer is that China nurtures and protects North Korea, preferring it the way it is. Until North Korea becomes a greater liability than an asset to China, this throwback state will endure.

Ed Ross, US

Shopping Festival an amazing notion

As a newcomer, I am staggered by the idea of the Dubai Shopping Festival (Shoppers braced for Dh15 million bonanza, January 4).

Before I came here I thought Dubai was one big year-long shopping festival. Since then I have found that prices for many goods are disappointingly higher than I expected, but it is hard to object to the variety and choice available.

Bargains are always welcome and I look forward to seeing what I can find in the next few days.

Marian Montgomery, Dubai

Magazines must choose their focus

The letter-writer objecting to M magazine's focus on expensive goods (Confusion over magazine's target, January 4) raises a debate familiar to many journalists.

Do people want fantasy fashion, travel and food coverage - things they wish they could afford - or do they want practical tips about everyday life? Personally I like "a little of both" but each publication must make its own choices.

Michael Salameh, Dubai

Meal service just too restrictive

As a former client of one local meal service, I enjoyed reading your article Deliverance on a Plate (January 4). But nothing I read would prompt me to go in for one of those services again.

The one I used was not bad, but I hated being restricted. There are too many good restaurants, and too many tempting recipes, to be limited to a set diet, even for just certain meals.

Maria Simonides, Dubai

Complainers get little sympathy

Sorry, but I'm having trouble feeling much sympathy for the people who spent Dh12,000 to go to a New Year's Eve party (Letters, January 4) and felt that they didn't get their money's worth.

Name withheld by request

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

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.”

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5