Lost Dubai mall boy deserves to grow up in safe environment


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I write to you in reference to Salam Al Amir's article Dubai's lost mall boy may be placed with foster family until his parents are found (issue 16)

This piece about a boy who was found abandoned at the Al Reef Mall was sad to read.

Despite the sincere efforts by mall goers and shopkeepers to find the boy’s parents, they are still nowhere to be seen.

Legal experts have said the boy could be handed over to a foster family until his parents are found.

This little boy who lost his parents in the mall deserves to have a normal life and a loving family. I am entirely confident that the Dubai Police is capable of locating his parents and handing over the boy to them.

K Ragavan, Bengaluru

Books should be read instead of being used as decoration

I write to you in reference to Rupert Hawksley's article You can't always judge a book by its cover – or the shelf it's standing on (September 16).

Good article. Using books as decoration only makes for a sad trend.

Scott Birch, Manama

I must confess I am poorly read. Or, more aptly, poor and not richly read. The author fails to make the connection between books and the amount of money one has in his pockets. I would love to read and display a set of classics at home, if I could afford to.

Venu Menon, Fujairah

Water management is an immense challenge for nations in war zones

I refer to your editorial UAE ready for innovation in area of water management – this is not a pipe dream (September 15).

Large scale urbanisation plans do not take into consideration adequate measures to safeguard natural resources.

This will give cause for further concern unless it is addressed in the right way.

There is a push for protecting natural reserves and promoting sustainability.

Frictions and conflicts will further deteriorate the situation, as recurring shortages of fresh water has already become a concern for many countries suffering from civil unrest.

Therefore more awareness and control measures need to be put in place to best utilise our natural resources and countries in this region can certainly plan a key role to make that happen.

Ramachandran Nair, Muscat

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'Midnights'
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The biog

Name: Shamsa Hassan Safar

Nationality: Emirati

Education: Degree in emergency medical services at Higher Colleges of Technology

Favourite book: Between two hearts- Arabic novels

Favourite music: Mohammed Abdu and modern Arabic songs

Favourite way to spend time off: Family visits and spending time with friends

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.”

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.