Events show the need for eternal vigilance in UAE


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‘The condition upon which God hath given liberty to man is eternal vigilance,” Irish lawyer John Philpot Curran famously observed, and the events in Bahrain and in the courts in Abu Dhabi this week show this endlessly-requoted and often misattributed aphorism is as true for the UAE in 2014 as it was when he said it in Dublin in 1790.

The improvised bomb that killed UAE police officer Tariq Al Shehi and two other officers near Manama on Monday caused the first Emirati casualty since 500 UAE police were sent to help their Bahraini counterparts quell Shiite-led protests in Bahrain in 2011. The use of bombs has become an increasingly common tactic in the ongoing conflict.

On the same day, the Federal Supreme Court in Abu Dhabi imposed jail terms of up to seven years on an Islamist from Qatar and two Emirati colleagues on charges of aiding an illegal organisation for channelling Dh10 million to the Muslim Brotherhood in Egypt. The recipients of that money – Emirati members of the Muslim Brotherhood – were convicted in their absence last year of sedition and trying to overthrow the Government.

All this shows that despite the UAE’s image as an oasis of calm, order and tolerance in the midst of a turbulent region undergoing the ructions of the Arab Spring, there are cogent threats to that peacefulness that deserve to be treated with the utmost seriousness.

The debate here is one many other nations, both in the Middle East and around the world, are having: where do you strike the balance between security and freedom? To what extent should the state’s duty to ensure the protection of those living within its borders authorise it to encroach upon the way they conduct their lives?

This is a dialogue each community must have, finding an answer that matches the threat level. The events of this week show that striking that balance in the UAE must reflect the genuine risks posed to the stability and security enjoyed by all of those who call this nation home, whether temporarily or as citizens.

For those in the UAE and beyond who are tasked with keeping us all safe, it is worth noting that Mr Curran’s famous quote is an abbreviation of his original, which concluded: “Which condition if he break, servitude is at once the consequence of his crime and the punishment of his guilt.”

SPECS
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Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Indika
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Brief scores:

Arsenal 4

Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'

Fulham 1

Kamara 69'

Heather, the Totality
Matthew Weiner,
Canongate 

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

THURSDAY FIXTURES

4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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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.”

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