John Mitchell who lost his mother, at his home in Abu Dhabi. Khushnum Bhandari / The National
John Mitchell who lost his mother, at his home in Abu Dhabi. Khushnum Bhandari / The National
John Mitchell who lost his mother, at his home in Abu Dhabi. Khushnum Bhandari / The National
John Mitchell who lost his mother, at his home in Abu Dhabi. Khushnum Bhandari / The National

Opinion

A display of strong Emirati community spirit

The National
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Our readers have their say on the stories of the week

November 25, 2022

A display of strong Emirati community spirit

With reference to the report by Shuchita Gautam and Shireena Al Nowais Hundreds attend funeral of elderly American woman who died in Abu Dhabi (November 21): This is a very touching story.

Ahmed Amir, Hyderabad, India

As a Muslim American I can’t tell you how much this warms my heart. May God bless all of those who attended and have mercy on her soul.

Daoud Shalouf, Dubai

A great win for Saudi Arabia

With reference to Mariam Nihal's article 'They came, they saw, they conquered': fans in Saudi Arabia celebrate national holiday (November 23): Saudi played really well. I’m so pleased for them.

Qast Malik, York, UK

Congratulations to my brothers and sisters from Saudi Arabia on this great match victory. They played really well and deserved to win. Love and best wishes from myself and fellow Pakistani football fans.

Yasser Ahmed, Dubai

Tightened belts at Thanksgiving

With reference to Willy Lowry's report High inflation eats into Americans' Thanksgiving dinner plans (November 23): It's very upsetting and affects families across the country. Americans are seeing hard times and I would say, largely due to the Democrats' failed economic/green new deal, energy policies.

Kadie Cochrane, Ohio, US

A horrific crime in India calls for stronger laws

With regard to Taniya Dutta's article Indian chef Aftab Ameen Poonawala confesses to murdering and dismembering his girl friend (November 22): this murder has shaken the county. For the past fortnight, it has been sensational news in the capital with the media analysing angles of what led to such a horrific crime. The accused used to beat her often. She feared for her life, as she wrote in an earlier police complaint before he took her life. And while there is the domestic violence angle, the cause for this murder is yet to be known, even though the accused has admitted guilt and mentioned it happening in the "heat of the moment".

What is also shocking is the number of gruesome crimes in recent months. Indian society needs to introspect and fix the problem before more such inhuman acts take place or become the norm. Poonawala should be punished severely. This case ought to serve as an eye opener for others even considering resorting to such barbarism. Human lives are precious and no one has got the right to kill. Criminals will be deterred if the country implements strong judicial measures.

K Ragavan, Bengaluru, India

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The specs

Engine: 0.8-litre four cylinder

Power: 70bhp

Torque: 66Nm

Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

KILLING OF QASSEM SULEIMANI
While you're here
The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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While you're here
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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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.”

Updated: November 25, 2022, 3:00 AM
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