Adele James as Queen Cleopatra / Netflix
Adele James as Queen Cleopatra / Netflix
Adele James as Queen Cleopatra / Netflix
Adele James as Queen Cleopatra / Netflix


Divided over the colour of Cleopatra's skin


The National
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May 19, 2023

Divided over the colour of Cleopatra's skin

With reference to Hamza Hendawi and Maan Jalal's piece Calls for Netflix to be blocked in Egypt amid anger over casting of black Cleopatra (May 17): Casting a coloured actor (David Gyasi) to play Achilles on the Netflix series Troy: Fall of a City didn't go down well a couple of years ago, and here we go again. As Bassem Youssef says in this report, this is a sensitive topic and whenever there is talk about casting a black actor, people assume it's about racism and rewriting history. I will watch closely the casting decisions of creatives in the next series about, say, Napoleon or Churchill. It will be interesting to watch the French and English reactions.

Hany Adel Ghaith, Abu Dhabi

The problem of guns in America

With reference to the report Farmington shooting: Teenager kills three and injures six (May 16): It’s becoming normal to read about shootings in America more often than not. I’m confused that no one in high places is doing the obvious. The lobby of gun shop owners and manufactures of ammunition seems to be too strong to allow gun safety laws to come into play.

Belinda Wallington, Muscat, Oman

The US should just stop issuing weapons without strict licenses and background checks. The human cost is unjustifiably high.

Ateeq Ahmed, Bangalore, India

A record attempt and a great day for Nigeria

With reference to the report Hilda Baci: Nigerian chef sets 100-hour cooking record (May 15): We love Hilda and we are all proud of her.

Adebanjo Daniel, Ibadan, Nigeria

Nobody knew her until she decided to do something unthinkable. Many congratulations to her. But as even President Muhammadu Buhari tweeted Monday was a great day for Nigeria.

Toye Joshua, Port Harcourt, Nigeria

High command culture in India

With regard to Chitrabhanu Kadalayil's op-ed India's top political parties need to address power imbalances within (May 16): This article was meaningful and thought provoking. The recent election results in Karnataka and the aftermath of selecting the chief minister of the state due to the high command culture was nicely articulated. As the author has rightly put it, parties must address the power imbalances within and not rely only on the high command, as has been the norm for decades. It will be interesting to see if anything changes in the coming year before the national elections.

K Ragavan, Bengaluru, India

The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

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.”

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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Updated: May 19, 2023, 7:09 AM