Queen Elizabeth II and Prince Philip with former UAE president Sheikh Khalifa. Getty
Queen Elizabeth II and Prince Philip with former UAE president Sheikh Khalifa. Getty
Queen Elizabeth II and Prince Philip with former UAE president Sheikh Khalifa. Getty
Queen Elizabeth II and Prince Philip with former UAE president Sheikh Khalifa. Getty


The Gulf says goodbye to Queen Elizabeth


  • English
  • Arabic

September 18, 2022

From all around the world, national leaders will be travelling to London to attend the funeral of Queen Elizabeth II, which is taking place on Monday, and the state reception the evening before. The expansive guest list demonstrates the intense impression the late monarch made throughout her 70-year period on the British throne. The Middle East is well represented, with leaders such as Jordan's King Abdullah having left for the country on Friday. Many more are set to be present.

The presence of the GCC's leaders, whose respective royal families have built not just strong national ties with the UK but also personal ones through the monarchy, will be particularly heartfelt. On the day of the Queen's death, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said: "Her incredible lifetime of service and duty to the United Kingdom is unparalleled in our modern world."

Conversations during this time have not just been about remembrance, but also the future. On Saturday, President Sheikh Mohamed spoke to King Charles III by telephone to congratulate him on his accession to the throne, wishing him well as he takes up the mantle that his mother bore so well for so long. Earlier that same day, Sheikh Mohamed spoke with UK Prime Minister Liz Truss.

  • An early morning rehearsal took place on Thursday for the funeral of Queen Elizabeth II in London. All photos: PA
    An early morning rehearsal took place on Thursday for the funeral of Queen Elizabeth II in London. All photos: PA
  • The funeral will take place in London on Monday.
    The funeral will take place in London on Monday.
  • A procession down The Mall during the early morning rehearsal.
    A procession down The Mall during the early morning rehearsal.
  • Members of the military take part.
    Members of the military take part.
  • The procession makes its way through central London as Big Ben looms.
    The procession makes its way through central London as Big Ben looms.
  • Soldiers outside Westminster Abbey.
    Soldiers outside Westminster Abbey.
  • The eyes of the world will be on Westminster Abbey.
    The eyes of the world will be on Westminster Abbey.

Many more of these discussions about the future will happen after the funeral, but before the event it is natural that most have focused on remembrance.

On Thursday, Saudi Arabia’s King Salman bin Abdulaziz Al Saud offered his condolences to King Charles III by phone. On Friday, The National spoke to recently retired veteran Kuwaiti diplomat Khaled Al Duwaisan, who met the Queen on more than 150 occasions. About the final time, at her platinum jubilee in June, Mr Al Duwaisan said: “I can’t believe that at this age, her mind, her body, her sense of humour – she was wonderful.“ He also discussed how her passing was felt deeply in Kuwait and the help that her relationship with the country offered during Iraq's invasion of the country in 1990. And on Wednesday, Mansoor Abulhoul, the UAE's ambassador to the UK, wrote in an op-ed for The National that: "For Emiratis, she represented the very best of British identity and character ... The UK is an important friend and ally, and the Queen served as monarch for the entire history of our country. So today we feel profound sadness, as well as gratitude."

It is not just leaders and officials who are having these conversations. Nouria Naji, director of the Yemen Education and Relief Organisation that works to improve access to education for poorer children in the country, described "a great honour and great pride" at being made an Officer of the Order of the British Empire for transforming the lives of women and children in Yemen. In the UAE, residents have been flocking to Dubai's Queen Elizabeth 2 Hotel to leave flowers and pay their respects. Next to the memorial, Suma Gogana spoke of the moment as a "huge loss for everyone".

Tomorrow will be the culminating point of what has been a fittingly ceremonial and historic period to say goodbye to Queen Elizabeth, who will go down as one of the great modern leaders. In his interview, Mr Al Duwaisan summed up the momentousness of the episode, saying “Britain will not be the same as when she was in power”.

That is true, but in the days and weeks ahead, more about the exciting future of a new UK will become clear. Its friends in the Gulf and around the world will be watching closely.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

Updated: September 19, 2022, 10:53 AM