Ferrel cats on Lulu Island in Abu Dhabi on June 1, 2016. Christopher Pike / The National
Ferrel cats on Lulu Island in Abu Dhabi on June 1, 2016. Christopher Pike / The National

Ensuring the welfare of cats



The growing number of feral cats on Lulu Island in Abu Dhabi highlights the issues of pet abandonment and stray animals in the UAE. As The National reported yesterday, the estimated number of stray cats living on island has increased by 350 per cent in just four years – to about 200 – due to rampant breeding. Animal Welfare Abu Dhabi (Awad), a volunteer-run group, responded by planning a sterilisation programme with the help of the public to keep the number under control.

But are sterilisation programmes enough to ensure the welfare of these animals, and to protect nesting birds, including herons, falcons, egrets and flamingos, from being attacked by hungry cats? Moreover, these cats are just about surviving and their habitat and diet can consist mostly of garbage. They depend on the community’s help to survive. Some of them could suffer from parasites and infected wounds resulting from fights, for example.

Generally, and beyond Lulu, there is a need for a more permanent solution to the problem. The UAE’s highly transient population means that many of those who decide to relocate or go back home may continue to leave their pets behind since taking pets abroad is perceived as a challenging and expensive undertaking. And so the number of stray animals will likely keep growing into the future.

Ramadan is a good time of the year to think about animal welfare. Of all other pets, cats have a special status in the Islamic culture. There are several stories of the importance of treating cats specifically – and animals generally – with tenderness and mercy.

The best solution migh be to establish a shelter on Lulu Island for stray cats and other abandoned pets and to oversee the process of trapping, handling, neutering and adoption. The shelter can host these cats and join Abu Dhabi Animal Shelter in its efforts to make sure that healthy cats have the opportunity to find a new home after being screened for any diseases and vaccinated.

The UAE in general needs more animal shelters. The fact that as an island it is a natural quarantine area also helps.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

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.”

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Honeymoonish
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