Doha residents and citizens expressed shock and “anger” on Wednesday, a day after Israel led an attack on Qatari soil that killed six, including a local security official.
For many, it was business as usual, as people went about their regular work day. The roads were relatively clear of traffic, although some areas were fenced off, with members of the Lekiywah – Qatar’s internal security force – guarding certain landmarks.
The overall mood was subdued, however, as more details on the incident came to light. “I honestly cannot believe that another diplomatic state did that,” said Qatari citizen Ali Al Kubaisi. "We are shocked, we are angry."
Mr Al Kubaisi had gathered to spend the night with family on Tuesday evening after they heard the news. “We thought there was going to be a second wave,” he told The National. “The first thing we think of is the people in Gaza … it’s these conflicting feelings that we’ve been through something, but our people are going through much worse at this time.”
He added that the feeling on the ground was very different after the Iran missile strike on Al Udeid Air Base in June. “This time is really huge because there is blood, it’s a residential area, it’s out of nowhere,” said Mr Al Kubaisi. “The worst part of it is no one is calling it a terrorist attack. That’s how we feel. We need to say things as it is.”
Sense of genuine anger
Marc Owen Jones, a professor at Northwestern University in Qatar, who was leading a panel discussion at the time of the strike, said: "We heard a bunch of bangs and we thought it was the microphone popping.
"Only after the talk did we check our phones and realise something was going on. We weren’t sure if it was real, as we saw it on X, so I wasn’t sure if it was disinformation. I’m used to that.
"When I realised it happened, I was surprised. Israel crossed another red line. While they’ve done that before, this was a new low on a new level so I was just a bit shocked," Mr Jones said.
"The shock [changed into] anger and outrage. I felt so furious they were able to do that… You just feel destabilised … I don’t feel afraid and I don’t feel scared as I would if I were somewhere like Gaza.
"It made me really angry at the world, at the system, that they were able to do it and get away with it. And obviously sad when I realised people died, innocent people died. It made me reflect on the fact that it feels like there’s no justice when it comes to Israel."
The Doha campus of the US university sent out stay-in-place orders on Tuesday afternoon after Israel claimed responsibility for the attacks. A calling tree was activated to ensure the safety of employees and guests.
Pakistani content creator Sana, who calls Doha her “second home” after spending 13 years in the city, said she kept her children home from school on Wednesday.
“The feelings are very mixed right now,” she told The National. “The situation seems unpredictable and the fear is real … Not knowing what comes next, or how countries will act, makes it even scarier. Hoping for clarity soon and praying we all come out of this confusion safely.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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.”
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri