Adele, who has been awarded an MBE. AP Photo / Jeff Christensen
Adele, who has been awarded an MBE. AP Photo / Jeff Christensen
Adele, who has been awarded an MBE. AP Photo / Jeff Christensen
Adele, who has been awarded an MBE. AP Photo / Jeff Christensen

Adele, Atkinson and other artists honoured by Queen Elizabeth II


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Adele is getting a new medal to go alongside her Grammys and Academy Award – an honour from Queen Elizabeth II.

The singer was named a Member of the Order of the British Empire, or MBE, on Friday in the queen’s annual Birthday Honours list.

Her award, for services to music, caps 12 months in which the 25-year-old singer won an Oscar for her James Bond theme song and gave birth to her first child.

The twice-yearly royal honours lists reward hundreds of people for services to their community or national life. Most go to people who are not in the limelight, but there is also a sprinkling of famous faces.

Adele wasn't the only honoree connected to Skyfall, the 23rd James Bond thriller. Cinematographer Roger Deakins was named Commander of the Order of the British Empire, or CBE, in recognition of a career that has gained him 10 Oscar nominations for films including No Country for Old Men and The Shawshank Redemption.

The list includes a knighthood for Tony Robinson, an actor and political activist best known as the dim sidekick Baldrick from the comic TV series Blackadder. He was honoured for his political work and public service.

His Blackadder co-star Rowan Atkinson – best known around the world as bumbling Mr Bean – received a CBE. The same honour went to actress Claire Bloom, whose career stretches from a film appearance opposite Charlie Chaplin to a role in The King's Speech.

The Turner Prize-winning artist Grayson Perry, who creates elaborately decorated ceramics, also was named a CBE.

The author Jackie Collins was named an Officer of the Order of the British Empire, or OBE, for services to fiction and to charity. There were also OBEs for Dylan Jones, the editor of British GQ, the fashion editor Hilary Alexander and the novelist Kate Mosse, the author of the best-selling Labyrinth.

The genre-crossing British musician PJ Harvey received an MBE, as did the Welsh comedian Rob Brydon and the novelist Joanne Harris, the author of Chocolat. * AP

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Company%20profile
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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

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2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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.”

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat