Queen Elizabeth II’s annual Christmas address for 2021 was deeply personal, in more ways than one.
At her first Christmas without her husband of 73 years, Prince Philip, the queen, who is the longest-reigning British monarch in history, addressed the public for the 69th time.
During her annual Christmas speech, it is traditional for the queen to pay tribute to the notable events from the year, but it took a personal tone this time, as she paid tribute to the Duke of Edinburgh, who died in April aged 99.
She spoke of the sorrow of losing loved ones, so keenly felt during times of family celebration. "Christmas can be hard for those who have lost loved ones. This year especially, I understand why," she said.
As usual, the address was pre-recorded, this year in the White Drawing Room at Windsor Castle, where she has chosen to spend the holiday period instead of Sandringham Estate where she usually spends Christmas, owing to the spread of the new Covid-19 variant, Omicron.
As well as remembering Prince Philip in her words, she offered another, more discreet homage. Clad in a vivid red top, the queen adorned it with her signature triple string pearls and a large, sapphire and white diamond brooch.
In a framed photograph of her and her husband on the desk next to her during the speech, taken during celebrations of their diamond wedding anniversary in 2007, the queen could be seen wearing the same blue brooch.
The photograph, taken at Broadlands Country House, was a significant one for the couple, as it's where they spent their wedding night on November 20, 1947.
In a photo taken in the same spot following their wedding, t then Princess Elizabeth can be seen wearing the same sapphire brooch.
Shaped like a chrysanthemum flower, with petals of white diamonds, it is believed the brooch was given to the princess in 1946 after she helped launch an oil tanker, appropriately named the British Princess.
She wore it again for an official family portrait in 1951, showing both the queen and her husband, and their children, Prince Charles, and a baby Princess Anne. So often seen at key moments in her family life with the late prince, it is fair to assume it was a personal favourite of the duke, who she described in her speech as being “irrepressible” and as her “beloved.”
The National's picks
4.35pm: Tilal Al Khalediah
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7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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9.30pm: Forever Young
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
