It has been announced that 2026 will be the Year of the Family in the UAE, after President Sheikh Mohamed declared that the next 12 months will be dedicated to promoting the national values of family growth and stability.
Like many nations, the UAE is facing challenges with declining birth rates and an ageing population, which could leave fewer citizens of working age to help drive the economy forward.
The Emirati birth rate declined by about 11 per cent between 2015 and 2022, government figures show. Like elsewhere in the Arab world, the average age of citizens is also rising, with the number of Emiratis aged 60 and above expected to increase from about 165,000 to 2 million by 2050. It is a trend of concern that has drawn a national response.
To promote awareness and celebrate family values, the government will launch initiatives and partnerships with citizens, residents and private companies.
The Year of the Family 2026 will align with the National Family Growth Agenda 2031, which embodies a clear vision for the Emirati family to be the centre of development, social balance and sustainability.
“The National Family Growth Agenda 2031 represents a comprehensive national commitment that reflects the leadership’s solid belief that family is the centre of human development and driver of the nation’s progress,” said Abdullah Al Nuaimi, Minister of Justice.
“The agenda provides a comprehensive and well-structured strategic framework aimed at building stable, prosperous families and empowering them across social, economic, psychological, and educational dimensions.”
In a message posted on social media, President Sheikh Mohamed said family is a cornerstone of the community and the cradle of shared values and identity.
“The family’s growth and stability are a collective priority and a shared national responsibility,” he said.
Meanwhile, a national task force will focus on three priorities of developing policy and programmes to encourage family growth, as well as initiatives to raise awareness of good reproductive health.
Bolstering the family unit
Sana Suhail, Minister of Family, told The National in July that improving fertility rates in the Emirates is a major priority.
“Fertility rates are declining globally, and the UAE is not immune,” she said.
“But where others may see a looming challenge, we see a chance to lead – by placing family back at the centre of policy, in ways that are meaningful, modern, and uniquely preservative of our Emirati identity.”
This is now a “strategic priority” according to Ms Suhail, who added the first phase of a national assessment had been launched. Various government agencies are now involved in the creation of the strategy.
An annual focus
Thematic years were first introduced into the national agenda in 2015 with the Year of Innovation to drive the nation forward in an era of rapid technological growth.
That was followed by the years of Reading and Giving, and the Year of Zayed in 2018 to mark 100 years since the birth of the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan.
In 2019, the Year of Tolerance focused on religious understanding and included the historic visit of Pope Francis, the head of the Catholic Church at the time.
The year also saw the signing of the Human Fraternity Document, inviting people of different faiths to unite and work together.
As the world plunged into turmoil with the onset of the global Covid-19 pandemic, twelve months later, 2020 was dedicated to the Emirates and planning for the next 50 years as the UAE marked its jubilee celebrations and the Year of the 50th in 2021.
To mark the UAE's hosting of the Cop28 UN climate change conference, two years ago, the years 2023 and 2024 were committed to themes of sustainability.
And while 2025's theme, the Year of Community, is in similar vein to the coming Year of the Family, next year promises a change in strategy and focus towards national priorities.
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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.”
