The Abu Dhabi skyline. It took the UAE only 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country. Mona Al Marzooqi for The National
The Abu Dhabi skyline. It took the UAE only 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country. Mona Al Marzooqi for The National
The Abu Dhabi skyline. It took the UAE only 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country. Mona Al Marzooqi for The National
The Abu Dhabi skyline. It took the UAE only 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country. Mona Al Marzooqi for The National

UAE will be proud of its achievements, even as its focus is already on the future


  • English
  • Arabic

It has been over four years since I took office as the Chinese Ambassador to the UAE. When I first arrived in this country, I was amazed by the towering skyscrapers, dazzling shopping malls, dancing musical fountains and dashing rollercoasters. I knew the UAE is never short of such wonders, but it was not until one day that I had an epiphany.

After attending a majlis hosted by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on the “Year of Zayed”, I headed to Dubai on a business trip. My car was sweeping along the straight desert highway, when I suddenly saw the city’s skyline, casting a mirage-like silhouette against the twilight horizon. For an instant, a story told at the majlis emerged right in front of my eyes: the Founding Father of the country, Sheikh Zayed, took a wooden stick, drawing the blueprints for the UAE in the sand, stroke by stroke. At that moment, it was as if I had a dialogue with Sheikh Zayed that transcended time and space, allowing me to connect with the spiritual core of this young nation.

Rome wasn’t built in a day. But it only took the UAE 50 years to transform desert fishing villages and Bedouin tribal settlements into a modern country that has come to be known as the “Pearl of the Middle East”. Over 50 years, the UAE’s GDP has grown 230 times from Dh6.5 billion to Dh1.5 trillion. It is now among the top 30 in the world. Per capita GDP, adjusted for purchasing power, it has increased from less than $1,500 to nearly $70,000 (Dh5,500-Dh257,000).

Some say the UAE is as it is because it is "oil rich". I beg to differ. Many countries in the world are rich in oil and gas resources. Many of them are mired in wars, conflicts and social instability. Only a handful develop well. And the UAE is undoubtedly the most successful. The young country seized the opportunity, made good use of the "first pot of gold" from oil, capitalised on its business acumen and pioneering entrepreneurship and took a gorgeous turn for the post-oil era.

Conveniently located by the Strait of Hormuz and with easy access to the vast markets of Asia, Africa and Europe, the UAE has been actively developing ports, free zones and transit trade. Jebel Ali has been ranked as world’s top 10 busiest ports for many consecutive years. Khalifa Port has also ascended to world’s top 100 in recent years. The UAE is the shipping and trading hub of the Middle East.

The UAE’s geocentric location places it within a four-hour flight of one-third of the world’s population and within eight hours of two-thirds. Aviation industry has thus been a priority on the country’s development agenda. Emirates and Etihad have earned a global reputation. Dubai International Airport is the world’s busiest for international travel, while Abu Dhabi Airport is also rising rapidly.

Dubai International Financial Centre and Abu Dhabi Global Market came into being to fill in the trading void between London and Hong Kong, with the UAE’s time zone situated perfectly between them. With a full-fledged legal system and preferential tax policies in place, the UAE is now the financial centre of the Middle East.

The UAE is also keen on improving its infrastructure and business environment. The UAE ranks 16th globally in the World Bank’s Ease of Doing Business Report 2020, leading the Arab world for seven years. Fortune 500 companies all have a presence here. The UAE is a prime location for multinationals to set up their regional headquarters.

Fifty years down the road, the UAE today is again firmly grasping opportunities for future development. A diversified innovation and knowledge-based economy is burgeoning, with sectors such as tourism, retail, property, manufacturing, health care, internet and high-tech flourishing simultaneously. The share of oil revenues in the UAE’s GDP is now below 30 per cent. Just as Sheikh Mohamed once said: “Fifty years after we have loaded this last barrel of oil, are we going to feel sad? If our investment today is right, we will celebrate that moment.”

China and the UAE are an integral part of each other's development blueprints

As the Chinese Ambassador, I am particularly thrilled and amazed about the UAE's remarkable achievements over the last half-century. China and the UAE share similar development paths, philosophies and objectives. We have been good friends, brothers and partners who complement each other's strengths through co-operation. China continues to be the UAE's largest trading partner, while the UAE has been China's second-largest trading partner and the largest export market in Mena for many consecutive years. In jointly building the Belt and Road Initiative, China and the UAE are smoothly advancing flagship projects such as Khalifa Port and China-UAE Industrial Capacity Co-operation Demonstration Zone. Despite the serious impact of Covid-19 pandemic in 2020, China-UAE bilateral trade volume increased by 1.13 per cent to $49.3bn, which demonstrates the strong resilience and great potential of our economic and trade co-operation. China and the UAE are an integral part of each other's development blueprints. Our future co-operation has bright prospects and a lot to be accomplished.

On March 16, President Sheikh Khalifa declared the start of "Year of the 50th", as the nation celebrates its milestone Golden Jubilee. I looked up to Sheikh Zayed's photo projected on the Adnoc Headquarters facade that night, and could not help saying: "What a great country, just as you wished for."

Ni Jian is the Chinese Ambassador to the UAE

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

SPEC%20SHEET
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The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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.”

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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Grand Slam Los Angeles results

Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos

Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Results for Stage 2

Stage 2 Yas Island to Abu Dhabi, 184 km, Road race

Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)

Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)

RESULTS

5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud

6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel

7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham

7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash

NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
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Company%20profile
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Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

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 

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