TOPSHOT - Muslim pilgrims pray at Mount Arafat, also known as Jabal al-Rahma (Mount of Mercy), southeast of the Saudi holy city of Mecca, as the climax of the Hajj pilgrimage approaches on August 10, 2019. Arafat is the site where Muslims believe the Prophet Mohammed gave his last sermon about 14 centuries ago after leading his followers on the pilgrimage. The ultra-conservative kingdom, which is undergoing dramatic social and economic reforms, has mobilised vast resources for the six-day journey, one of the five pillars of Islam. / AFP / FETHI BELAID
Muslim pilgrims pray at Mount Arafat, also known as Jabal al-Rahma (Mount of Mercy), southeast of the Saudi holy city of Mecca. AFP

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God bless all Hajj pilgrims on their journey to Makkah

Our readers have their say about Hajj, Sheikh Zayed, Palestine and weight loss in the summer

Letters to the Editor

11 August, 2019

I write to you in reference to Balquees Basalom’s live stream of her Hajj pilgrimage.

Hajj Mubarak to all of you.I am watching Ms Basalom’s journey to Hajj from London.The weather looks wonderful.

Fawzia Halim Rahman, London

May all your prayers be accepted in the holy city.

God bless all Hajj pilgrims. As an Indian national, I wish to send my warm regards to pilgrims making the journey to Makkah all the way from India.

Asif Ali, Bhuj

Sheikh Zayed: an inspiration to everyone in the UAE

I write to you in reference to Emma Day's article A flying start: Sheikh Zayed's pivotal accession to Ruler of Abu Dhabi (August 9).

Sheikh Zayed was a great UAE leader. He worked very hard to make life better for Emiratis and foreign residents alike.

His memory will live on forever in our hearts.

Kenneth Estrella Enriquez, Abu Dhabi

The world must not turn its back on Palestinians’ plight

I write to you in reference to Adnan Ghaith's opinion piece Serious and decisive action to end the occupation of Palestine is the only effective way to end the conflict (August 10).

Decisive action will only come after serious and sincere efforts to end the Israeli-Palestinian conflict.

But it seems no one wishes to solve this problem or come to Palestine’s aid. World leaders only give empty promises, which will not achieve peace. The international community is looking the other way while Palestinians suffer. What a shame.

Nazim Hasan Khan, India

In Abu Dhabi, summertime is the enemy of weight loss

I write to you in reference to Sophie Prideaux's article Summer in the city: Six lessons I've learnt during my first hot season in Abu Dhabi (August 9).

This article is really spot on. I was thinking the very same thing today actually.

I lost weight in the wintertime, but come summer I gained back all the kilos I had managed to shed. I am trying to adopt healthier habits, but there is only so much walking one can do in the blazing summer heat.

Gianmaria Vidale, Abu Dhabi

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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.”

WHY AAYAN IS 'PERFECT EXAMPLE'

David White might be new to the country, but he has clearly already built up an affinity with the place.

After the UAE shocked Pakistan in the semi-final of the Under 19 Asia Cup last month, White was hugged on the field by Aayan Khan, the team’s captain.

White suggests that was more a sign of Aayan’s amiability than anything else. But he believes the young all-rounder, who was part of the winning Gulf Giants team last year, is just the sort of player the country should be seeking to produce via the ILT20.

“He is a delightful young man,” White said. “He played in the competition last year at 17, and look at his development from there till now, and where he is representing the UAE.

“He was influential in the U19 team which beat Pakistan. He is the perfect example of what we are all trying to achieve here.

“It is about the development of players who are going to represent the UAE and go on to help make UAE a force in world cricket.” 

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5

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