• Mask-clad Iraqi Kurdish students gather in the courtyard of their school in the northeastern city of Sulaimaniyah, on the first day of reopening. Schools were shut down in the region for three months due to the coronavirus pandemic. Grade 12 students returned to class last month. AFP
    Mask-clad Iraqi Kurdish students gather in the courtyard of their school in the northeastern city of Sulaimaniyah, on the first day of reopening. Schools were shut down in the region for three months due to the coronavirus pandemic. Grade 12 students returned to class last month. AFP
  • Since January, the Iraqi Kurdistan region has witnessed a decrease in the number of infections and deaths from the Coronavirus. AFP
    Since January, the Iraqi Kurdistan region has witnessed a decrease in the number of infections and deaths from the Coronavirus. AFP
  • A committee of teachers and health workers was to be formed to monitor the situation across Iraqi Kurdistan schools, reports said. AFP
    A committee of teachers and health workers was to be formed to monitor the situation across Iraqi Kurdistan schools, reports said. AFP
  • Jordanian pupils return to school for the first time in nearly a year, in the capital Amman. Educational institutions were gradually reopening after a governmental directive to ease Covid-19 restrictions. AFP
    Jordanian pupils return to school for the first time in nearly a year, in the capital Amman. Educational institutions were gradually reopening after a governmental directive to ease Covid-19 restrictions. AFP
  • A Jordanian teacher accompanies pupils leaving the school building after attending class for the first time in nearly a year, in the capital Amman. AFP
    A Jordanian teacher accompanies pupils leaving the school building after attending class for the first time in nearly a year, in the capital Amman. AFP
  • Students stand in line following the reopening of their school, after the government eased Covid-19 restrictions in Amman. Reuters
    Students stand in line following the reopening of their school, after the government eased Covid-19 restrictions in Amman. Reuters
  • Jordanian pupils return to school for the first time in nearly a year, in the capital Amman. AFP
    Jordanian pupils return to school for the first time in nearly a year, in the capital Amman. AFP
  • Jordan's government decided to reopen schools after a drop in the number of Covid-19 cases over the past four weeks, reports said. Reuters
    Jordan's government decided to reopen schools after a drop in the number of Covid-19 cases over the past four weeks, reports said. Reuters
  • Students listen to their teacher during a lesson following the reopening of their school in Amman. Reuters
    Students listen to their teacher during a lesson following the reopening of their school in Amman. Reuters

MENA

From Jordan to Iraqi Kurdistan, pupils across Mena region return to school - in pictures

Youngsters in Jordan had been away from school for nearly a year

The National

February 11, 2021

  • English
  • Arabic

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The specs: 2019 Mini Cooper

Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km

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 burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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MATCH INFO

Manchester United v Manchester City, Wednesday, 11pm (UAE)

Match is on BeIN Sports

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