No promises were made or broken over beach club
I am writing in response to the ongoing reporting of the latest development plans in Dubai (Anger over private beach club, September 2).
I purchased my apartment at Jumeirah Beach Residence in 2003 and I was never promised access to a beach club for free, nor was I told that it would be included in my service charge.
How could residents of JBR sue the developer, Dubai Property Group, for something that was "promised" and not written in a contract?
What a ridiculous attitude.
Dorothy Wiseman, Dubai
Actresses speak for themselves
I applaud Anne Hathaway and the other actresses mentioned in Fed up with all the fluff (September 4), who have fought back against inane questions from the media.
I have always suspected that most film journalists are usually far less intelligent that the actresses they interview.
S Mallick, Sharjah
Too much focus on just one boy
I do not understand why the story about the "fear-of-flying boy" (This is your captain … I'm afraid of flying, September 3) is regarded as being so important.
I don't understand that The National thinks it is so significant that it has been covered six times.
There are more important things happening in the world than for us to be constantly hearing about one boy. I know that other people agree with me on this.
Maybe one of your online poll questions should be: "How ridiculous is this story?"
Salem Al Qassimi, Abu Dhabi
Restraints are a matter of safety
Child car restraint efforts renewed (September 4) refers to an overdue initiative.
Since moving to UAE, I have been surprised to see so many children not even in a seat while their parents are using seat belts.
A child is much more at risk even from a small car accident than his or her parents.
A Morup, Dubai
Education is required on this issue. Putting an advertisement on the radio or in a newspaper is not going to reach the people who need education.
I think there should be live "roadshows" at petrol stations and in public places.
Stage two could involve pulling over cars where children are standing or sitting on parents' laps, and explaining to the drivers the dangers of such practices.
James Magee, Dubai
I was horrified the other day to see a child scramble from the front seat to the back seat of a car, while the vehicle was in motion.
How on earth could the parents or guardians of this child not understand how dangerous that activity is?
Charles Bryant, Abu Dhabi
Why young Turks want to go home
In reference to German Turks no longer feel welcome (August 31), Turkish people who came to western Europe as guest workers did not need to integrate as they were expected to go back home once their work contracts finished.
Instead, many became permanent residents and started to bring their families over from Turkey.
Many do not speak the language or care to learn the language and customs of the country in which they live.
They simply chose Germany for work purposes, not for an interest in the country or its culture.
Now, Turkey is doing very well economically. It's not strange that many young, educated second-or-third-generation Turks want to go to work and live in Turkey.
Rob B, Dubai
Liverpool fans need patience
I am writing in response to your sport story, Liverpool prisoners to legacy of Dalglish (September 4).
By taking a solitary point in their first three games, Liverpool made their worst start to a season since 1962/63, manager Bill Shankly's first season in the top flight.
From memory, "Shanks" was the best of Liverpool's managers, so if current manager Brendan Rodgers starts and continues as Shankly did, I suggest Liverpool fans show some patience.
Robin Lawson, UK
Cutting red tape a welcome initiative
While it does not affect me, I was pleased to read Exit clearance pilot makes travel easier for Filipinos (September 4).
The fact that they no longer have to apply for clearance each time they go on holiday must be a relief for those involved.
I only wish there were more instances of red tape being cut. Joan Ryan, Dubai
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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
UAE currency: the story behind the money in your pockets
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
More from Aya Iskandarani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
RESULTS
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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