Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has announced the establishment of a Ministry of Family.
Sana Suhail will serve as the Minister of Family, Sheikh Mohammed said on Sunday.
“She has previously worked in sectors related to early childhood, family, supporting people of determination and more across her career in the UAE government,” said Sheikh Mohammed.
“Family is a national priority. It is the cornerstone of our future and the nation’s future. The UAE President stressed previously at recent annual meetings on the importance of working on comprehensive national programmes to increase the formation of families in the country, enable its growth, empower it, ensure its cohesion and stability and improve fertility rates.”
Sheikh Mohammed said the ministry would develop legislation, policies and programmes to address these challenges.
“This task is not the ministry's alone. It is a shared responsibility involving parents, ministries, entities, as well as the public and private sectors,” he said. “Families form the solid nucleus of our society, and their strength ensures the cohesion of our communities.
“We call on everyone to contribute to the empowerment and support of families, and we anticipate significant positive developments in this critical area in the coming period.”
Reshuffle
Sheikh Mohammed also announced changes to the Ministry of Community Development, which would now operate under the title of Ministry of Community Empowerment.
“The ministry will oversee the social support system and empowerment programmes, providing a safety net for low-income families and tailored pathways to improve their quality of life and foster their financial independence,” he said.
“Furthermore, it will play a pivotal role in regulating the third sector and activating the role of non-profit organisations to create a lasting social impact and contribute to the nation’s progress.”
The rebranded department will be led by Shamma bint Suhail Al Mazrui.
Sheikh Mohammed added that the Education, Human Development and Community Development Council, led by Sheikh Abdullah bin Zayed and Sheikha Mariam bint Mohamed bin Zayed, would be responsible for “the development of strategic directions in the family and community empowerment portfolios, and the alignment between the plans of the new ministries, linking their directions with education and human development within a unified and a comprehensive vision”.
“The human journey in the UAE is integrated and interconnected from birth to the completion of education, to the career pathways, to the growth of families, and to the contribution to the community and the country,” he said.
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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.”
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
