Search and rescue teams last year look for the body of a man who went missing during a flash flood in the UAE. Courtesy RAK Police
Search and rescue teams last year look for the body of a man who went missing during a flash flood in the UAE. Courtesy RAK Police
Search and rescue teams last year look for the body of a man who went missing during a flash flood in the UAE. Courtesy RAK Police
Search and rescue teams last year look for the body of a man who went missing during a flash flood in the UAE. Courtesy RAK Police


A tragedy in RAK, despite a father's brave attempt


The National
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December 30, 2022

Despite a father's brave attempts, a double tragedy in Ras Al Khaimah

With reference to the report Father and son drown after heavy flooding in Ras Al Khaimah (December 28): This is very sad and it sounds like the father made a really brave effort and tried his best to save his son. May they both rest in piece

Adam El-Balawi, Dubai

Tragic news. In the blink of an eye, precious lives are lost. It was also very sad to read about the floods in the Philippines having claimed 25 lives, and seeing the videos of submerged towns. My sympathies are also with survivors who've lost their homes in the heavy rains.

Atinga Dominic, Accra, Ghana

Heartbreaking to read and to think about what the rest of the family must be going through.

Neethu Rajath, Solihull, England

India's not willing to risk being unprepared this time around

With regard to Taniya Dutta's article India's hospitals conduct Covid drills amid rise in cases (December 27): The Indian government’s preparedness to face the crisis is sensible. The country suffered greatly last April and May when there was a real fight for oxygen cylinders in the country's capital. Those scars will take a long time to heal. The Indian health authorities do not want a repeat of that and are presumably being extra cautious to face all possibilities in large numbers. With India's population of nearly 1.4 billion and considering the mutating nature of virus, realities on the ground tend to shift quickly. Along with the government’s implementation of new rules, such as random testing for international arrivals, it is important that people follow the instructions. Perhaps in the end these will all just have been preventative measures and everything will go smoothly. Panic doesn't help.

K Ragavan, Bengaluru, India

People may want to believe it but does art really affect the climate?

About Hareth Al Bustani's report How will the arts address climate change in 2023? (December 28): The writer makes an interesting point about the conversation around art being broadened to encompass elements of sustainability. The world needs that, sure. But I remain skeptical about the extent to which art can really challenge the affects of climate change. This year has been full of activists all over the world, in museums, on high streets, destroying or attempting to destroy works of art. I really don't know how much they're helping. I agree it gets attention but beyond that, does it really make a difference to lower global temperatures?

Tom Langston, Minot, North Dakota, US

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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.”

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

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Gulf Under 19s

Pools

A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts

Recent winners

2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College

The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

Updated: December 30, 2022, 1:45 AM