From the desk of Rupert Wright: Labrador children and permits


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Summer in the city is always challenging. With the mercury rising into the 40s, the streets are often empty during the day, the tennis courts are full in the evening, but you can often get a table at the restaurant of your choice on the night.

Many spouses and children have been sent abroad.

In many ways, for a couple of months it must resemble what Abu Dhabi used to be, a working oil town with a predominantly male population, rather than what it has become.

For those of us who have sent neither women nor children away it is particularly challenging.

After a two-week tour of France and Italy in a Citroen Berlingo - now there's a car you don't see on the Sheikh Zayed highway, although it's a fine vehicle that can swallow five people and six suitcases and still tool along the Autostrade at 150kph in some comfort, if not style - we left the two girls with their grandmother in Rome, but returned with my son.

He is 8 years old and doesn't mind what he is doing as long as there is a ball involved; in many ways he resembles a human Labrador.

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For the past two years he has spent four weeks or so at the Shangri-La summer camp, where he has been entertained royally. I phoned the hotel to ask what time the activities started in the morning.

"There is no summer camp this year," I was told.

"Why not?" I replied.

There was little explanation on the phone, but I later spoke to the manager of the health club, who told me that a few months back an individual arrived who asked a number of questions about the summer camp.

His visit was followed by that of another inspector, who revealed that he was from the municipality and asked whether the hotel had all the necessary permits.

It turned out the hotel did not have the necessary permits, so a decision was made to cancel this year's camp. Apparently other members were told about this a month or so ago and were relatively sanguine. I'm an easy-going character, but I would have liked some warning. After all, this is something we paid for in our membership that we are not receiving, although it's not really the hotel's fault.

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In return, we have been given a series of swimming lessons for all the children. This is a satisfactory outcome, although it does seem that sometimes bureaucracy is too bureaucratic for its own good, or at least my own good. It is always a risk when you buy shares or bonds that something untoward might happen, just as there's a risk when you take out an annual membership that the benefits that you are paying for may no longer exist in six months' time.

When this happens, I'm not sure what the answer is, although perhaps it goes back to the oldest commercial advice in the book: caveat emptor, or buyer beware.

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

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%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A

Sleep Well Beast
The National
4AD

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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.”

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.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Brief scoreline:

Toss: South Africa, elected to bowl first

England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66

South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12