Top official and banker to run Dubai fund



ABU DHABI // Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, Wednesday appointed his top financial official and a banker who specialises in selling property to run the new fund tasked with doling out US$20 billion (Dh73.45 billion) in emergency cash to government-related companies. Sheikh Mohammed issued a royal decree naming Abdulrahman al Saleh, director of general of Dubai's Department of Finance, as chairman of the Dubai Financial Support Fund, which was established last month. To head the fund's day-to-day operations, he named Marwan Iqbal Abedin, who until recently was director of marketing and originations at the Emirates National Securitization Corporation, a government-controlled investment bank that sells mortgage-backed securities and other complex debt obligations.

"The Dubai Financial Support Fund is central to the achievement of Dubai's long term strategy for economic growth," said Mr al Saleh in a statement accompanying the announcement. "The new Board's primary duty will be to prepare and adopt the criteria to be used in the allocation of funds for Dubai's strategic revenue-generating projects." Dubai has already borrowed $10 billion from the Central Bank and plans to issue bonds to raise $10 billion more as it races to keep key infrastructure projects rolling and make payments on an estimated $80 billion in debt in the face of falling property prices and tight credit.

Residential property prices in Dubai have fallen roughly 30 per cent since their peak last September, according to data from Reidin.com, which compiles transactions registered with the Dubai Land Department. The decline has contributed to a dramatic slowdown in economic growth, with economists predicting that the economy will shrink slightly this year amid lower oil prices and rising joblessness in the property and construction sector.

The new Fund will report to Dubai's Supreme Fiscal Committee, which is headed by Sheikh Ahmed bin Saeed al Maktoum, chairman of Emirates Group, and which includes Mr al Saleh as well as Mohammed al Shaibani, CEO of the Investment Corporation of Dubai, among others. Investors have been eager to know just how the new Fund will distribute its funds, but when he announced the fund, Mr al Saleh said it would leave it up to recipient companies to disclose whether they had received any money and under what terms.

Mr Abedin, the Fund's new executive director, reiterated that point in yesterday's announcement, saying: "The loans will be made on a commercial basis, and it will be up to each recipient of the financial support whether to disclose the extent of its borrowing from the Support Fund." warnold@thenational.ae

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

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1. Black holes are objects whose gravity is so strong not even light can escape their pull

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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

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Bengal Tigers 130-1 (10 ov)

Roy 60 not out, Rutherford 47 not out

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A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

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The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

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Name: HyperSpace
 
Started: 2020
 
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Graphene is a single layer of carbon atoms arranged like honeycomb.

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ICC Awards for 2021

MEN

Cricketer of the Year – Shaheen Afridi (Pakistan)

T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)

ODI Cricketer of the Year – Babar Azam (Pakistan)

Test Cricketer of the Year – Joe Root (England)

WOMEN

Cricketer of the Year – Smriti Mandhana (India)

ODI Cricketer of the Year – Lizelle Lee (South Africa)

T20 Cricketer of the Year – Tammy Beaumont (England)

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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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

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Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

Pathaan
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Nick's journey in numbers

Countries so far: 85

Flights: 149

Steps: 3.78 million

Calories: 220,000

Floors climbed: 2,000

Donations: GPB37,300

Prostate checks: 5

Blisters: 15

Bumps on the head: 2

Dog bites: 1