In reference to Amrita Chachara's opinion article The UAE is home, and you don't speak the language? (March 7), it is very difficult to learn Arabic here because if you attempt to practise by speaking to your Arab friends or co-workers in Arabic, they will reply to you in English. I've even sat at a restaurant and listened to the Emirati couple sitting at the next table speak to each other in English only. I know Emiratis who may speak Arabic, but cannot read and write in their own native language.
I agree that there needs to be much better instruction in all schools in both languages. Primary and secondary teachers teaching English must be fluent themselves and the same with those teaching Arabic. Colleges would be elated to enroll students who are well prepared and bilingual.
Carol Smith, Abu Dhabi
Rights of women are violated
The news article Denied right to marry (March 8) reported that male relatives in Saudi Arabia are refusing women permission to marry in violation of Sharia because they don't want to share family wealth with sons-in-law.
It is ironic but true that women still are fighting and struggling for their basic rights. While the world has progressed and flourished, the sanctity, respect and status of woman is still not upheld.
It's sad but true that this happens in countries where the law and the religion both protect women's rights and emphasise their importance.
Women are denied rights to their inheritance and some go through a tough time as their families impose strict practices to keep the family wealth intact. I hope that this will change.
Zahra Khan, Abu Dhabi
Sport needs more promotion
It is with interest that I read the sports article A league of nations for Dubai's youngsters (March 8) which profiled the new Dubai Sports League in which the boys' football teams from 32 schools compete, along with 16 teams of girls. I was especially pleased to read that Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, is an advocate of the development of physical education in schools. I am a first grade teacher in a government model school, and from what I have seen, this message has not passed through to our schools.
It is not uncommon to witness physical education lessons where the PE teacher throws one oversized football into a mix of children and just leaves them playing. Giving them a 45-minute game of a 20-a-side football match is just not good enough.
In addition, my school was invited to participate in a free football event at a local establishment as a result of an initiative by the company that owns it and another teacher. The children would have received free T-shirts and medals, and played organised matches against other schools, much like what is happening in Dubai. All the school had to do was turn up. However, my school decided that this wouldn't be possible due to a reluctance of parents to transport their children to the event. Our school is only a 10-minute drive from the venue. Even if the parents were reluctant to get involved, surely schools have a duty to ensure the children don't miss out on such opportunities.
Name Withheld by Request
Time to invest in emerging markets
The business article Roubini takes a break from predicting doom (March 9) reported that the economist Nouriel Roubini, known as "Dr Doom" for his pessimism, now sees the global economy growing on the back of the "new normal" or going back to the old ways of business.
The problem with the "new normal" is that it keeps changing. The current wisdom about capital flight back into developed economies is belied by the rising prices of oil and commodities, and the plain fact of a double dip in housing and discouraging employment and GDP numbers in the US and Europe. China still is going strong and seems to have restrained its own housing bubble. The Middle East turmoil is not necessarily negative for all local markets, except for temporarily depressed sentiment.
The only strong case for developed market investment will be built once western multinationals start spending their multibillion dollar hoardings from TARP and tax-break liquefaction programmes, but they don't see demand and still are cutting costs (not hiring.) So consumer spending is still largely depressed.
Dr Roubini et al, made brilliant predictions, but a repeat performance is just too difficult. We should ignore this new normal projection and instead look at who can spend and build sustainably with oil shock cushions: emerging markets again, which largely escaped the Great Recession and have younger, more productive populations with growing appetites.
This is indeed a wonderful time to buy into emerging market bonds.
Athar Mian, Abu Dhabi
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Mohammed bin Zayed Majlis
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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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The five pillars of Islam
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900