Jaime Puebla / The National
Jaime Puebla / The National
Jaime Puebla / The National
Jaime Puebla / The National


A school bus tragedy in Ajman


The National
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February 18, 2022

Regarding Salam Al Amir's article Ajman Pupil dies after being run over by school bus (Feb 16): this was really tragic. The tiny emirate has seen much development over the decades. Traffic has increased too. It was heartbreaking to read that the bus driver drove forward without paying attention and ran over the 12-year-old. If only the driver had been a little more careful. Fleeting absent mindedness on the road can have the gravest consequences.

Such incidents cannot always be anticipated but when the worst does happen, as in this case, the loss is unbearable, as in this case, for the family of little Sheikha Hassan.

Whatever punishment is meted out to the driver, who could well be stricken with guilt and remorse, and regardless of compensation given to the victim's family, it won't bring the child back to her dear parents.

I felt sad reading this. The emirate is where my office was situated, on a busy street, back in the days when I worked in the UAE.

K Ragavan, Bengaluru, India

Can Canada accommodate peaceful protests?

With reference to Willy Lowry's article Like father, like son: Justin Trudeau invokes Emergencies Act to quell Canada protests (February 15): Peaceful protest doesn't appear to be a democratic right in Canada anymore. This never used to be the case. But things have changed so much everywhere. The Covid-19 pandemic has shown what real leadership entails and just how much power leaders exert, to bring the masses under control, via lockdowns, social distancing, masking mandates and so on –ideally, all for the betterment of society. Canada's Justin Trudeau has gone a step further. A reminder of the other side of that power, some might say.

Allan Osborne, Johannesburg, South Africa

Shark attack was unfortunate, yet not altogether unexpected

With reference to the report Sydney shark attack: Man killed in first fatal attack for 60 years (February 16): We can't now let people kill this shark. Humans enter the water at their own risk. That’s their domain – the sharks', not ours. Yes, it is unfortunate that this has happened and I sympathise with the family, but killing the shark would be unacceptable action. What would we gain from it? It is in the animal's nature. Are we going to kill every shark that attacks someone? It's not hard to figure out that this shark was feeding and that’s what they do, like we do on land.

Kelvin Harris, Dunedin, New Zealand

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It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Our Time Has Come
Alyssa Ayres, Oxford University Press

SPECS
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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

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), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Last five meetings

2013: South Korea 0-2 Brazil

2002: South Korea 2-3 Brazil

1999: South Korea 1-0 Brazil

1997: South Korea 1-2 Brazil

1995: South Korea 0-1 Brazil

Note: All friendlies

Key developments

All times UTC 4

Euro 2020

Group A: Italy, Switzerland, Wales, Turkey 

Group B: Belgium, Russia, Denmark, Finland

Group C: Netherlands, Ukraine, Austria, 
Georgia/Kosovo/Belarus/North Macedonia

Group D: England, Croatia, Czech Republic, 
Scotland/Israel/Norway/Serbia

Group E: Spain, Poland, Sweden, 
N.Ireland/Bosnia/Slovakia/Ireland

Group F: Germany, France, Portugal, 
Iceland/Romania/Bulgaria/Hungary

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

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: February 18, 2022, 2:00 AM