Etihad Aviation Group's Al Watani programme supports Abu Dhabi's mission to build a sustainable, diversified and value-added economy. Courtesy Etihad Aviation Group
Etihad Aviation Group's Al Watani programme supports Abu Dhabi's mission to build a sustainable, diversified and value-added economy. Courtesy Etihad Aviation Group
Etihad Aviation Group's Al Watani programme supports Abu Dhabi's mission to build a sustainable, diversified and value-added economy. Courtesy Etihad Aviation Group
Etihad Aviation Group's Al Watani programme supports Abu Dhabi's mission to build a sustainable, diversified and value-added economy. Courtesy Etihad Aviation Group

Etihad unveils programme to partner with UAE suppliers


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Etihad Aviation Group on Sunday unveiled a new programme aimed at suppliers in the UAE that are interested in providing their products and services to the airline.

The airline urged vendors across the supply chain to join its Al Watani programme – provided they meet the application criteria.

"Currently, only 30 per cent of the organisation’s spend is with UAE-based vendors. We have established this programme to be able to expand further and work closely with the local supplier community," Akram Alami, chief transformation officer of Etihad Aviation Group, said.

To be eligible, suppliers must have operations within the country. Successful companies who meet the criteria will receive a "Local Content Partner" certification, which can be renewed every two years.

The programme’s main objective is to establish a strong base of partners to ensure the consistent and reliable supply of products and services to the airline from the local market, Etihad said.

“The Al Watani programme aligns with our efforts as the UAE’s national airline to support Abu Dhabi’s Economic Vision 2030, which strives to build a sustainable, diversified and value-added economy," Mr Alami said.

While suppliers who are not certified through the programme will still be eligible to bid for Etihad Aviation Group's sourcing and procurement tenders, certified suppliers will be deemed strategic partners across the supply chain in the local market.

Additionally, all contractual payments will be routed through identified local banks, the company said.

The programme comes amid a wider push in Abu Dhabi to encourage local production.

For example, the Abu Dhabi Department of Economic Development is encouraging local companies to bid for up to Dh15 billion worth of government tenders as it looks to funnel more spending back into the emirate's economy.

The Abu Dhabi government also signed an agreement in March that extends Abu Dhabi National Oil Company's in-country value programme to government entities.

The programme certifies the level of economic benefits generated by suppliers.

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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Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

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