• Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, attends 'The UAE’s Humanitarian Legacy' at Majlis Mohamed bin Zayed.
    Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, attends 'The UAE’s Humanitarian Legacy' at Majlis Mohamed bin Zayed.
  • From right, Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development and Ali Al Mutawa, the secretary general of the Awqaf and Minors Affairs Foundation, at Majlis Mohamed bin Zayed. All Photos: UAE Presidential Court
    From right, Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development and Ali Al Mutawa, the secretary general of the Awqaf and Minors Affairs Foundation, at Majlis Mohamed bin Zayed. All Photos: UAE Presidential Court
  • Dr Hamdan Al Mazrouei, chairman of the board of the Emirates Red Crescent Authority participates in a lecture titled 'The UAE’s Humanitarian Legacy', at Majlis Mohamed bin Zayed.
    Dr Hamdan Al Mazrouei, chairman of the board of the Emirates Red Crescent Authority participates in a lecture titled 'The UAE’s Humanitarian Legacy', at Majlis Mohamed bin Zayed.
  • From left, Dr Hamdan Al Mazrouei, chairman of the board of the Emirates Red Crescent Authority, Ali Al Mutawa, secretary general of the Awqaf and Minors Affairs Foundation and Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development at Majlis Mohamed bin Zayed.
    From left, Dr Hamdan Al Mazrouei, chairman of the board of the Emirates Red Crescent Authority, Ali Al Mutawa, secretary general of the Awqaf and Minors Affairs Foundation and Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development at Majlis Mohamed bin Zayed.
  • 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 the Emirates Red Crescent's leading figure.
    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 the Emirates Red Crescent's leading figure.
  • The UAE is pursuing philanthropy with a wide range of campaigns.
    The UAE is pursuing philanthropy with a wide range of campaigns.
  • Guests attend a lecture titled 'The UAE’s Humanitarian Legacy', at Majlis Mohamed bin Zayed.
    Guests attend a lecture titled 'The UAE’s Humanitarian Legacy', at Majlis Mohamed bin Zayed.
  • Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development told guests: "We have been one of the leading countries in the world to have laws that streamline volunteering and humanitarian work."
    Hessa Tahlak, assistant undersecretary for the social development sector at the Ministry of Community Development told guests: "We have been one of the leading countries in the world to have laws that streamline volunteering and humanitarian work."
  • The view from outside the Majlis Mohamed bin Zayed.
    The view from outside the Majlis Mohamed bin Zayed.

Majlis Mohamed bin Zayed: UAE continuing long tradition of humanitarianism


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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

  • The UAE has sent crucial aid supplies to Sudanese refugees in Chad ahead of Ramadan. All photos: Wam
    The UAE has sent crucial aid supplies to Sudanese refugees in Chad ahead of Ramadan. All photos: Wam
  • The aid is aimed at supporting disadvantaged families during the holy month
    The aid is aimed at supporting disadvantaged families during the holy month
  • Parcels included household items and kitchen utensils, as well as five tonnes of dates, which were distributed to refugees in the Uri Kasuni camp and its five schools
    Parcels included household items and kitchen utensils, as well as five tonnes of dates, which were distributed to refugees in the Uri Kasuni camp and its five schools
  • The UAE team also distributed 1,000 schoolbags to students at Nuwar Mixed Basic School in a Sudanese refugee camp in the Karyari area of Umm Jars
    The UAE team also distributed 1,000 schoolbags to students at Nuwar Mixed Basic School in a Sudanese refugee camp in the Karyari area of Umm Jars
  • A total of 7,500 bags containing essential school supplies have also been distributed across five schools in the city since the start of the academic year
    A total of 7,500 bags containing essential school supplies have also been distributed across five schools in the city since the start of the academic year

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.”

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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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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Match info

Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')

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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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

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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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Updated: April 03, 2024, 6:03 AM