Members of the UK military take part during an early morning rehearsal for the funeral of Queen Elizabeth II in London, ahead of her funeral. PA
Members of the UK military take part during an early morning rehearsal for the funeral of Queen Elizabeth II in London, ahead of her funeral. PA
Members of the UK military take part during an early morning rehearsal for the funeral of Queen Elizabeth II in London, ahead of her funeral. PA
Members of the UK military take part during an early morning rehearsal for the funeral of Queen Elizabeth II in London, ahead of her funeral. PA


The sadness of royal deaths stirs nations to reflect on their place in history


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September 16, 2022

How will you remember 2022? There is still more than a quarter of the year to go and yet the course of these 12 months now appear to have been set. To borrow the title of author Ian Ridley’s moving 2020 book about grief and loss, the “breath of sadness” has descended on our times.

Much of the world’s gaze is sharply focused today on the mourning period for Queen Elizabeth II, the long-reigning UK monarch who died last week. The collective and near-global sense of loss is palpable. She proved to be a universal presence for so many people. Her absence is keenly felt.

Her death arrived at a time of great consequence and catastrophe in the world: floods and wildfires have accelerated urgent discussion of climate change this year, simmering conflicts and rising cost-of-living crises have dominated headlines and prompted concerns about where and when it will all end. The years-long pandemic, a fixture in our lives since the earliest days of the 2020s, finally looks to be moving towards its conclusion. As it does so, there is a profound awareness of the social, personal and economic consequences it has left behind. Sorrow, suffering and sadness are running themes of our times.

In this context, it is perhaps no surprise that Queen Elizabeth’s death has prompted such deep reflections and so many meaningful statements from all walks of life, whether that be the streets of suburbia or the corridors of power.

On Wednesday, Ursula von der Leyen, President of the European Commission, praised the queen’s stoicism and steadfastness and lauded her ability to speak to “the heart of her nation and the soul of the whole world”. Writing in these pages this week, Mansoor Abulhoul, UAE ambassador to the UK, also noted that “for Emiratis she represented the very best of British identity and character”. The tributes from all over the world will keep flowing.

The Queen's death has been mourned in many nations in the Middle East, including the UAE. AP
The Queen's death has been mourned in many nations in the Middle East, including the UAE. AP
Her death arrived at a time of great consequence and catastrophe in the world

Every day we also learn more about the impact Queen Elizabeth had upon people. Watching mourners begin to file past the queen’s coffin on Wednesday, is akin to seeing a nation at an inflection point. As The National reported, “some people stopped and bowed, others blew kisses or sobbed” as they made their way through Westminster Hall. The queue of people in London wishing to pay their respects stretched for several kilometres by Thursday morning.

The nature of modern digital society also means the sense of loss and grief sustains itself, fed by rolling news coverage and round-the-clock images of stillness and sadness. It also serves to bind populations together across social and cultural divides.

Grief, even for those who we may have only known as a public figure, has a habit of creeping up on every one of us. While we may think we are prepared for loss, in the actual moment of realisation we find out that we may be completely unprepared. The Elizabethan era in the UK had a sense of permanence about it that was shattered last week. It is hard to prepare for that future when the present seems somehow immutable.

As the mourning period continues in the UK and the nation prepares for her funeral on Monday, another process has also been at play, the accession of King Charles III. There is a collective sense of looking back and stepping forward at the same time.

The UAE experienced a similar sequence of events earlier in the summer, following the death of Sheikh Khalifa in May and the election of Sheikh Mohamed bin Zayed as the nation’s third president. Those days in May were marked by the same formula of profound sadness and loss mixed with an acknowledgement of the sudden arrival of a new era.

This is the moment that the UK finds itself in now. That is also the strange thing about grief. The mix of emotions that it can visit upon any one of us can seem overwhelming. US President Joe Biden, who will travel to the UK for the funeral when up to a million people are expected to line London’s streets in sombre silence, added his tributes to the queen earlier this week, praising her enduring dignity and constancy.

Part of Mr Biden’s story is tinged with tragedy. At the start of the period when he served as a senator 50 years ago, his wife Neila and daughter Naomi were killed in a car crash. Speaking years later to broadcaster David Frost about the trauma of that event and how he had processed it, he said that “you never forget, but in time the memory brings a smile to your lips rather than a tear to your eye”.

That is the journey the UK has embarked upon. For now though, the breath of sadness has settled upon it and, more broadly, upon the year itself.

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England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

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: September 16, 2022, 4:00 AM