The philanthropic tradition established by UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, runs deep in the veins of Emiratis, according to a leading figure at Emirates Red Crescent.
Speaking at the Majlis Mohamed bin Zayed on Monday, Dr Hamdan Al Mazrouei, chairman of the board of the Emirates Red Crescent Authority, said the human being is the cornerstone of every UAE initiative.
“We mean human being in its true meaning, without looking at ethnicity, race, or religion,” he said.
“That was what occupied Sheikh Zayed. How to support human beings while also preserving their dignity and this is the path that the UAE is continuing on.”
We have been one of the leading countries in the world to have laws that streamline volunteering and humanitarian work
Hessa Tahlak,
Ministry of Community Development
Dr Al Mazrouei said this dates further back because Emiratis were originally tribesmen sharing their possessions freely.
“This was the Bedouin upbringing and Islamic teachings,” he said.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, recently launched the Mothers’ Endowment campaign, which has already raised Dh1.4 billion to sustainably support the education of millions of people around the world.
“Sustainable endowments are a reflection of the UAE’s ongoing charity work,” Ali Al Mutawa, secretary general of the Awqaf and Minors Affairs Foundation, said.
“The Awqaf and Minors Affairs Foundation in Dubai have announced Dh10 billion worth in endowments, of which Dh4 billion are dedicated to social projects related to education, health, supporting orphans, widows, and others.
“This number would not have been achieved without us gaining the trust of the public. People would not leave Dh10 million or Dh20 million in endowments if they didn’t trust you, and today, we have all members of society investing their money in endowments.”
Range of campaigns
In the past two years, he said, more than half of contributors were women while endowments are also open to expatriates.
“This just proves that everyone in the UAE is involved in charity work whose foundation was first laid down by Sheikh Zayed, who himself contributed and taught us the rewards and the happiness you get back from giving,” he said.
He said that when residents are asked why they donate, their response is always “because we want to give back a portion to what this country has given us”.
Today, he said, everything can be an endowment as he cited examples such as donors offering the profits from a table at a restaurant to developers dedicating certain apartments.
“Now we have 18 developers who had two to three of their apartments in endowments and each apartment costs around Dh1 million to Dh3 million,” he said.
The most recent, he said, was a Syrian developer who donated 20 apartments worth Dh20 million for orphans.
Just last week, the UAE launched a Dh20 billion humanitarian initiative to honour Sheikh Zayed which aims to improve the quality of life for the most vulnerable communities in the world.
Also at the Majlis, Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development, said donating and humanitarian work are part of the UAE’s identity.
“This developed with the development of the UAE,” she said.
“We have been one of the leading countries in the world to have laws that streamline volunteering and humanitarian work.
“Today, there are institutions that have been set up specifically to organise and streamline humanitarian and charitable work and, if this proves anything, it is that we are trying to create a global model to preserve this heritage and identity and make it more sustainable.”
She said there were more than 1,000 non-profit organisations in the UAE with more than 500,000 affiliates.
“They each have a crucial role in the contribution and sustainability of human heritage,” she said.
“Their work is completely voluntary whether inside the country or outside the country.
“During Covid, other countries had inflation. The UAE is the only country whose non-profit organisations alone donated more than Dh400 million.
“I believe what makes us distinctive as Emiratis is that we are charitable and giving people, and it is important to maintain this.”
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
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
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa