WeWork has started to advertise positions in Dubai. Reuters
WeWork has started to advertise positions in Dubai. Reuters
WeWork has started to advertise positions in Dubai. Reuters
WeWork has started to advertise positions in Dubai. Reuters

WeWork begins advertising for roles in Dubai


Fareed Rahman
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WeWork has advertised the position of a community manager in Dubai but declined to comment on when it is planning to start its operations in the emirate.

The development comes as the US-based shared office space giant prepares to go public. The company, valued at $47 billion (Dh172.6bn) earlier this year, would be the second-biggest IPO of the year behind Uber, which was valued at $82.4bn after it went public in May on the New York Stock Exchange.

Earlier this month, WeWork said it plans to open its first UAE location at Hub71 in Abu Dhabi Global Market early next year.

In the advertisement posted on LinkedIn, the company said it is looking for a community manager who has experience in project management and business operations. Candidates applying for the role should also have a four-year college degree and other relevant skills.

The company also listed various goals and objectives of the job including “maintenance of 100 per cent occupancy by achieving sales goals and driving growth and promotion of WeWork-provided service offerings.”

The LinkedIn post says the community manager should be able to engage in the larger market by attending events and networking with local start-ups and organisations to boost growth.

WeWork is backed by Japan's SoftBank VisionFund, which counts Mubadala Investment Company and Saudi Arabia’s Public Investment Fund as its two largest outside investors.

Founded in 2010,WeWork offers a range of options for private offices and desks to more than 466,000 members, with prices varying depending on the market. For example, a desk in Mumbai can be rented for $150 per month but the same will cost at least $400 in London.

The popularity of co-working spaces has taken off in tandem with a rise in tech-based freelance and entrepreneurial work around the world. Nearly 1,688 co-working spaces will be opened worldwide this year, according to a report by Coworking Resources. The total will reach 26,000 globally in the next three years.

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Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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England-South Africa Test series

1st Test England win by 211 runs at Lord's, London

2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham

3rd Test July 27-31 at The Oval, London

4th Test August 4-8 at Old Trafford, Manchester

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

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 BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

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MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5