All Emiratis have to share the burden of building the nation



Our beloved UAE has turned 42. The streets, buildings and cars have been embellished with the flag colour: red, green, white and black. Giggles, laughter and joy have filled the air.

Last year, before the UAE National Day celebration commenced, nationals and expatriates received an SMS message of greetings from Sheikh Mohammed Bin Rashid, the Vice President and Ruler of Dubai, congratulating them on the occasion. As an Emirati, I was overwhelmed with joy and honour when I read the name of the sender. I wonder, how much happiness a non-Emirati received through that single message from Sheikh Mohammed.

In a recent interview, an Indian man who witnessed the growth of the UAE said: “In India, we don’t even get a glimpse of our government, but in the UAE, the leader can be found sitting with multiple nationalities.”

Year on year, we are reminded of the profound changes this country underwent and the many milestones it has achieved in a short period of time. One question I ask myself at this time of the year is: how did I contribute to this country in the last 365 days? How can I ever repay the debt to our national leaders?

While the Arab Spring left many youth devastated and unemployed, leaving few opportunities to connect with their communities, our government on the other hand is on a constant mission to elevate the youth up to a higher position.

It is incredibly overwhelming how the Emiratisation programme is getting tougher. The Federal National Council (FNC) is pushing harder to make Emiratisation a law rather than a policy.

The government has set up a programme to increase salaries in the private sector to reduce the unemployment rate. Instead of criticising our leaders’ lenience and pampering, Emiratis need to participate in their country’s diversification plans, regardless of the industry or sector.

No doubt, many Emiratis do not have to sweat to find a job, and without asking or urging, food is always served on our plates. Every time I read that many Emiratis do not find jobs in the private sector appealing, I am bewildered. How are we going to hold managerial positions and lead this country?

Working hours and salary vary from public to private, but such factors shouldn’t put off Emiratis from engaging in both sectors. We are provided with proper education, training and skills development, but what is required of Emiratis is the intellectual capacity.

I can’t think of another government that is meticulous in providing all possible means of comfort, progress and property to its people. If we work extra hours and exhaust ourselves, we are only benefiting ourselves plus safeguarding the future generation.

Emiratis should not overlook the many contributions by expatriates – from infrastructure to health care.

When our country was still a desert, people of other nations spent the time and effort to build it. Today, many of us are enjoying the product of that effort.

If we were to witness the growth of this country from scratch, we would be scattered in all sectors for the love of this country. In any company, Emiratis should not feel belittled to learn from people of other nationalities who have a better understanding of life and have experience, skills and qualifications.

One lesson I learnt from the late founding father, Sheikh Zayed, is to have a long-term vision. Some Emiratis I spoke to have the vision of being in the highest position in a well-known company. Such vision could certainly be achieved, but only through patience, maturity, perseverance, skills and knowledge.

The role of a manager or director is to make decisions and make others work efficiently, but if the former lacks proper strategy and planning, the younger staff will not be able to reach their potential. One of the most important resources in any economy is the people.

While our leaders are working hard to give citizens what they aspire for, let Emiratis also stand up and share the responsibility of carrying the leadership burden on their shoulder for the betterment of their country.

aalhameli@thenational.ae

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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.”

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ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months