An Abu Dhabi humanitarian drive aiming to provide critical support to patients with chronic diseases and people with various disabilities has raised more than half of its Dh1 billion fund-raising target in only two weeks.
The Life Endowment campaign, established by the Endowments and Minors Funds Authority (Awqaf Abu Dhabi), has collected Dh509 million from 93,000 contributors, it was announced on Sunday.
The vital initiative, being held under the slogan With you for Life, was announced by President Sheikh Mohamed under the UAE's Year of Community.
The impressive running total is thanks to contributions from both individuals and businesses alike, including a Dh172 million donation from Sheikha Fatima bint Mubarak, Mother of the Nation.
The drive will help to cover treatment costs for people while supporting the research and development of pharmaceutical drugs.
Fahad Al Qassim, director general of the Abu Dhabi Endowments and Minors Funds Authority, said the scheme represented a major milestone in the UAE's philanthropic vision.
“The significant contributions received since the campaign's launch demonstrate the UAE community's unwavering commitment to supporting humanitarian initiatives," Mr Al Qassim said.
"The enthusiastic response to the Life Endowment campaign exemplifies deep compassion for those suffering from chronic diseases and for people of determination.
"The continued flow of generous contributions through various channels underscores the widespread culture of endowment in our society as a key catalyst of sustainability.”
Who will benefit from fund?
The fund will be continuous and have no end date, Mr Al Qassim previously told The National. Its finances will be invested and then spent to help patients.
“Assets will be invested and the returns will be spent on treatment, which means that we have a sustainable financial instrument and product that gives returns every single year,” he said in an interview following the campaign's launch.
“This endowment caters for the weakest point in the community and a lot of those people are actually non-UAE nationals. Emiratis today, at the end of the day, they do get the treatment from the government by the leadership. Expats today are more vulnerable in terms of the weaker point of the community.
“Endowments are here to stay for generations. It’s not for the next two years, and then it will be mothballed or to a different initiative. No, it will continue to be there, hopefully for generations to come.”
Abu Dhabi's Department of Health is overseeing the health-related aspects of the endowment, ensuring contributions are directed effectively to support specialised care and reach those who need the funds most.
The campaign has two fund-raising arms – the Emirates Red Crescent Authority, which has been a leading humanitarian entity since 1983, and the Authority of Social Contribution – Ma’an, Abu Dhabi’s official channel to receive social contributions.
How to contribute
Individuals and institutions can make donations using various platforms:
Awqaf Abu Dhabi's digital donation platform
Send the word "Life" in a text message using the e& Emirates network to the following numbers: 3557 to donate Dh10, 3556 to donate Dh50, 3225 to donate Dh100 and 3223 to donate Dh500
Send the word "Life" in a text message using the du network to the following numbers: 3583 to donate Dh10, 3585 to donate Dh50, 3586 to donate Dh100 and 3587 to donate Dh500
Send a bank transfer to the campaign account at First Abu Dhabi Bank (IBAN: AE930353417000004600004)
The Authority of Social Contribution – Ma'an platform
You can also donate at Ma’an and Emirates Red Crescent booths in hospitals and public places across the country
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Turkish Ladies
Various artists, Sony Music Turkey
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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Abu Dhabi Sustainability Week
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The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
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.”
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
