On board Mt Iba that ran aground in Umm Al Quwain in Dubai on January 22. Nick Webster/The National
On board Mt Iba that ran aground in Umm Al Quwain in Dubai on January 22. Nick Webster/The National
On board Mt Iba that ran aground in Umm Al Quwain in Dubai on January 22. Nick Webster/The National
On board Mt Iba that ran aground in Umm Al Quwain in Dubai on January 22. Nick Webster/The National

Good to see seafarers finally get their dues


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With regard to Nick Webster's article Abandoned seafarers paid wages as stricken ship towed off Umm Al Quwain beach (February 16): this was a heartbreaking story. I have been following it and it's good to see that every hardships have an end.

Sarheeha Sultana, Chittagong, Bangladesh

Crackdown on fake degrees is a welcome step

With reference to Haneen Dajani's report Prison sentences and fine of up to Dh1m for using fake degrees to get a UAE job (February 16): This was a required law and a long time coming. Many genuine applicants lose opportunities to people who flaunt fake degrees to get jobs. I'm grateful that this can't happen now.

Vidyadhar Vinnakota, Andhra Pradesh, India

It's good to read this. The government paying attention to this is a great thing. It will be fair to those who are qualified and truly deserve the job.

Maria Theresa Pereyra, Dubai

Normal to feel emotional heading back to school after so long

With reference to Haneen Dajani's piece Cheers as Abu Dhabi pupils return to school for first time in 11 months (February 17): they've been out of class for a long time. That everyone is a bit emotional is understandable.

Elaine D'Arcy, Abu Dhabi

Despite the dip in cases Indians must not drop their guard

With reference to Taniya Dutta's report Covid killed 1,000 Indians a day. Then hospitals fell silent as infections fell (February 17): vaccinating the entire country should be the first priority of the Indian government. Politics can wait. Human lives are more important.

Rajendra Aneja, Dubai

Just as well the situation has so vastly improved. People are tired of sitting at home for so long. The government has reopened cinemas and malls, which are the main attractions for a lot of people to go out. Compared to other countries, India has seen a drastic recovery. The cases are negligible compared to November. However, expert opinions differ on whether herd immunity has been achieved.

By virtue of India's tropical climate in parts, the general immunity because of the diet and a younger population, India has managed to pull through. But the battle is still on. We cannot afford to let our guard down. With vaccines having arrived and a sizeable number of people getting inoculated, perhaps we stand a chance after all to get rid of this pandemic.

K Ragavan, Bengaluru

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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LAST 16 DRAW

Borussia Dortmund v PSG

Real Madrid v Manchester City

Atalanta v Valencia

Atletico Madrid v Liverpool

Chelsea v Bayern Munich

Lyon v Juventus

Tottenham v Leipzig

Napoli v Barcelona

The specs: 2017 Dodge Ram 1500 Laramie Longhorn

Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km