Flo Rida will be in Dubai to celebrate New Year's Eve. Matt Sayles / AP
Flo Rida will be in Dubai to celebrate New Year's Eve. Matt Sayles / AP
Flo Rida will be in Dubai to celebrate New Year's Eve. Matt Sayles / AP
Flo Rida will be in Dubai to celebrate New Year's Eve. Matt Sayles / AP

Flo Rida to show in Dubai on New Year's Eve


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Flo Rida to show in Dubai on New Year’s Eve

Flo Rida is coming to Dubai for the countdown to New Year's Day. The rapper is headlining XL Beach Club's New Year's Eve bash alongside DJ Yves La Rock. You would be forgiven for thinking the Wild Ones rapper is the in-house music act for the Dubai Marina club. Flo Rida has regularly partied at XL Beach Club on his previous visits and also performed at the club's opening night in March last year. The event is destined to become a sell-out, with the cabana seats snapped up already. With Sheikh Zayed Road and Dubai Marina closed during New Year festivities, revellers are being encouraged to arrange their transportation for the event. In short, get there early or you will miss out. Tickets cost from Dh395 and are available from www.timeoutickets.com. – The National staff

Jason Mraz headlines Myanmar concert

The American singer Jason Mraz became the first international artist in decades to perform in Myanmar, with a concert to raise awareness of human trafficking. The Sunday show was held before a crowd of 50,000 people in Yangon, the country's biggest city. Local artists, including a hip-hop singer, also played at the event organised by the anti-trafficking media group MTV Exit. Mraz called his appearance a "tremendous honour". "I think the country is, at this time, downloading lots of new information from all around the world," he said. "I've always wanted my music to be here, for hope and celebration, peace, love and happiness. And so I'm delighted that my music can be a part of this big download that Myanmar is experiencing right now." – AP

Hobbit makes box-office history on opening weekend

The Hobbit: An Unexpected Journey has earned a worldwide estimated total of US$223 million (Dh818m) on its opening weekend, including a record-breaking $15.1m from IMAX theatres around the world, according to New Line Cinema, which said it was the biggest opening for any Lord of the Rings film. It is also the biggest December opening in the history of motion pictures. – AFP

Springsteen and Gaga join the Rolling Stones

Bruce Springsteen, Lady Gaga, The Black Keys and John Mayer were among the guest acts jamming with the Rolling Stones on Saturday in New York, winding down a concert series celebrating the band's 50th anniversary. But the night's most special guest was Mick Taylor, the former Stones guitarist who was part of some of their biggest moments from 1969 to 1975. He rejoined his band mates onstage for a performance of Midnight Rambler. By the end of the evening, it seemed clear that the question was not whether the Stones would return again, but when. Mick Jagger teased: "This is the last show of our anniversary tour and we hope to see you all again soon." – AP

SNL breaks tradition for a special tribute

Saturday Night Live made a rare departure from its usual comedic opening to pay tribute to the children and adults killed at a Connecticut elementary school. Not known for treating anything seriously, the show made an -exception during the first moments of its Saturday show. Rather than the usual comedic sketch, a children's choir appeared on camera and sang Silent Night. Later, the choir returned to join the show's musical guest Paul McCartney in a rendition of Wonderful Christmas Time. The special Christmas show featured appearances by Alec Baldwin, Samuel L Jackson, Tom Hanks, Kristen Wiig, Jimmy Fallon and Tina Fey. The guest host was Martin Short. – AP

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Profile box

Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by. 

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.”

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5