President Sheikh Mohamed has announced the launch of a Dh20 billion initiative to support humanitarian projects around the world.
The Zayed Humanitarian Legacy Initiative pays tribute to the humanitarian vision of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
It aims to improve the quality of life for the most vulnerable communities in the world, state news agency Wam reported on Friday.
The announcement comes on Zayed Humanitarian Day and the 20th anniversary of Sheikh Zayed's death.
“On Zayed Humanitarian Day and the 20th anniversary of the passing of the late Sheikh Zayed, we continue to uphold the legacy of the UAE's Founding Father through our ongoing commitment to support communities worldwide,” Sheikh Mohamed wrote on X.
“Reflecting Sheikh Zayed's enduring values of care and compassion for the welfare of others, today we announce the launch of Zayed Humanitarian Legacy Initiative, a Dh20 billion initiative to support humanitarian projects around the world.”
Sheikh Zayed's death is marked each year on the 19th day of Ramadan, which at the time of his passing in 2004 fell on November 2.
The significant contributions of the country's first President are recognised each year on this day, through Zayed Humanitarian Day.
The occasion honours the philanthropic path laid down by Sheikh Zayed for generations of Emiratis to follow.
Tributes to Sheikh Zayed
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also shared a message in tribute of Sheikh Zayed.
“His goodness remains with us, he is present with us with his giving, he has not left us,” Sheikh Mohammed wrote on X.
“How can someone who built a state for good, leave?”
Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said the “Zayed Humanitarian Legacy Initiative is a continuation of his approach and consolidation of his values”.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai said Sheikh Zayed's influence has resulted in millions of people around the world benefitting from charitable and humanitarian projects and initiatives.
Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and chairman of Dubai Media Council, also honoured Sheikh Zayed by recalling his history of generosity.
“On Zayed Humanitarian Work Day, the UAE renews its pledge to continue following Zayed's approach to spreading goodness and giving,” he wrote.
“On this day, we recall the history of generosity whose impact extended from the land of the Emirates to include millions around the world.”
Emirati astronaut Sultan Al Neyadi, Minister of State for Youth Affairs, also paid tribute to Sheikh Zayed in a post shared to X.
“Following the path laid out by our Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, we continue to strive for human progress,” he wrote.
“Our youth, through their global humanitarian efforts, exemplify the values of brotherhood and generosity that he has instilled in us.”
Hazza Al Mansouri, the UAE's first astronaut in space, said Sheikh Zayed's legacy of humanitarianism changed millions of lives.
“Millions of people's lives have changed for the better. Thousands of projects and initiatives have been implemented. Hundreds of countries have benefited,” he said.
Sheikh Zayed's legacy
Under Sheikh Zayed's leadership of a fledging nation, the Abu Dhabi Development Fund was established in 1971, while the Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation was set up in 1992.
The UAE delivered aid worth Dh90.5 million ($24.64 billion) to more than 100 countries during his 33-year presidency.
His environmental legacy lives on through projects such as the Zayed Sustainability Prize, which promotes global efforts to combat climate change and support needy communities.
The country has upheld these values in the years since, with crucial assistance being pledged in recent months to support Palestinians affected by the war in Gaza, as well as the recent Mothers' Endowment campaign, which was launched at the beginning of Ramadan.
The education fund launched by Sheikh Mohammed to help disadvantaged families worldwide has already raised Dh770 million ($209.6 million) in two weeks.
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At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
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.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
