Insight and opinion from The National’s editorial leadership
May 15, 2022
“Preparing for the future – near or far – starts today, not tomorrow.” Among much else, the late Sheikh Khalifa’s legacy will be formed by his commitment to securing a strong future for his country. The UAE might be mourning his passing, but it will never lose all he did to strengthen it. As his own father Sheikh Zayed, the Founding Father, said: “Man is mortal, but his work is not.”
When it comes to understanding the Emirates, there could be no better person to begin with than Sheikh Zayed, who in a matter of years harnessed the UAE’s oil wealth, strategic location and common ambition to create one of the most rapidly developed countries in history. He always stressed the importance and strength gained through unity, a theme about which he often spoke. It was this unity that led to the creation of a government quickly able to secure prosperous, stable lives for its people without losing sight of a cherished culture.
When Sheikh Zayed died in 2004, the first transition of power in the UAE’s modern history took place. It was a successful and momentous one, with Sheikh Khalifa stepping forward. If Sheikh Zayed’s legacy is defined by foundation, Sheikh Khalifa’s is one of empowerment.
He was the perfect person to do so, embodying the mixture of openness and patriotism that is at the centre of the UAE. Under him, the country’s population more than doubled, bolstered by people from more than 200 nations coming together to make an even more cosmopolitan society and economy. But he also never strayed from his roots, well-known for his love of meeting citizens in the majlises that he had been attending at the side of his father since childhood.
Nasser Al Nowais, chairman of the Rotana Hotel Group, with the late President, Sheikh Khalifa. 'He cared about the well-being of people not only in the UAE, but all over the world,' says Mr Al Nowais. Photo: Nasser Al Nowais
Sheikh Khalifa in Dubai in 1971. Magnum Photos
An undated photo of Sheikh Khalifa. Wam
A young Sheikh Khalifa (seated). Wam
UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, and his son Sheikh Khalifa watch a military parade in 1978. Photo: Al Ittihad
Sheikh Khalifa. Wam
Sheikh Zayed, centre, and Sheikh Khalifa seated to his right. Wam
Sheikh Zayed and Sheikh Khalifa. Wam
Sheikh Zayed and Sheikh Khalifa. Photo: Al Ittihad
Sheikh Zayed inspects plans for the Sheikh Zayed Grand Mosque with his sons Sheikh Khalifa and Sheikh Sultan. Photo: Al Ittihad
Sheikh Khalifa, left, greets Jordan's King Abdullah in Abu Dhabi on May 16, 2000. Wam
Sheikh Khalifa and Sheikh Zayed. Wam
Sheikh Khalifa performs Umrah. Wam
Sheikh Khalifa and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Wam
An image of Sheikh Khalifa is projected on to a building in Abu Dhabi. Antonie Robertson / The National
President, Sheikh Mohamed, left, with Sheikh Khalifa in 2009. Philip Cheung / The National
Sheikh Khalifa watches the first Abu Dhabi Grand Prix at Yas Marina Circuit on November 1, 2009, with Nursultan Nazarbayev, president of Kazakhstan, and Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman. Ryan Carter / The National
Sheikh Khalifa attends National Day celebrations at Zayed Sports Stadium on December 2, 2011. Philip Cheung / Crown Prince Court
The UAE football team meet with Sheikh Khalifa on Saturday, January 19, 2012, after their 2-1 victory over Iraq in the Gulf Cup final in Bahrain. Wam
Britain's Queen Elizabeth and Prince Philip with Sheikh Khalifa at Windsor Castle, England, on April 30, 2013. Reuters
Sheikh Khalifa. Wam
Sheikh Khalifa with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, and Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. Wam
Sheikh Khalifa at Al Bateen Palace, Abu Dhabi. Wam
Now, it is the turn of President Sheikh Mohamed bin Zayed, Sheikh Khalifa’s brother. The responsibility of public service is familiar for him. For 18 years he was Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces. He stood alongside Sheikh Khalifa throughout his remarkable time in office, overseeing historic transformations of the country’s economy, military and society. He also did so in some difficult times, none more so than during the Covid-19 pandemic, which the UAE was able to navigate and emerge from quicker and more safely than most.
Leaders from around the world are gathering in the country to pay their respects. As soon as they arrive, they will see the legacy of Sheikh Khalifa and Sheikh Zayed in the buildings, society and, most importantly, the people of the UAE. Many of them will have known and followed the development of the UAE for decades, and all of them will be connected to the country in some way, whether through strategic, cultural or economic partnerships or the fact that many of their citizens call the Emirates home.
Unique about today’s visits is the chance they offer to reflect in a country that so often focuses on an exciting future, and so often invites fellow nations to be a part of it. But as Sheikh Zayed was always keen to stress, appreciating history is key to getting the full understanding of the Emirates. “A nation without a past is a nation without a present or a future," he once said. The UAE is building on the legacy of the past fifty years, and preparing for the next fifty, as it enters a new chapter under the guidance and stewardship of Sheikh Mohamed.
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.”
2020 Oscars winners: in numbers
Parasite – 4
1917– 3
Ford v Ferrari – 2
Joker – 2
Once Upon a Time ... in Hollywood – 2
American Factory – 1
Bombshell – 1
Hair Love – 1
Jojo Rabbit – 1
Judy – 1
Little Women – 1
Learning to Skateboard in a Warzone (If You're a Girl) – 1
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
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), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
