Malaysian Prime Minister Mahathir Mohamad. Ahmad Yusni / EPA
Malaysian Prime Minister Mahathir Mohamad. Ahmad Yusni / EPA
Malaysian Prime Minister Mahathir Mohamad. Ahmad Yusni / EPA
Malaysian Prime Minister Mahathir Mohamad. Ahmad Yusni / EPA

The powerful have submitted to the will of the people


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I refer to your article Malaysia's Najib accepts verdict of the people' after shock election loss (May 10): the dramatic results of the recent Malaysian elections, in which prime minister Najib Razak was defeated and 92-year-old former Malaysian premier Mahathir Mohamed brought back to power, shows that in a democracy anything can happen.The power of democracy is the subordination of the powerful to the will of the people. Will Mr Mahathir honour the people's wishes by improving their lot? If not, he too will be on the way out, just like Mr Najib.

K Ragavan, Denver

Modernise Arabic lessons to appeal to students

Regarding your article Arabic is not a priority for young people in Dubai, say educators (May 11), one of the reasons students don't see Arabic as a priority is because the methods and the books used to teach Arabic are extremely old-fashioned, especially if you compare them to the nice apps for maths and English. The methods and textbooks for Arabic haven't changed for years and students aren't used to these old teaching methods these days.

Hilda van der Tuin, Netherlands

My mother worked 18-hour days and was our boss

Her day commenced at 5am and concluded around 11pm, meaning she worked a minimum of 18 hours daily. She blended a hands-on approach with pertinent delegation. She was adroit at all functions of management, be it finance, personnel, production or marketing. She was a strong cementer of her team. To achieve this, she sacrificed her own stances and comforts. She did so ungrudgingly. She was unsparing in her efforts. If a team member had an exam at school and woke up at 4am to study, our home’s CEO would get up at 3.45am to make tea.

She also maintained a rigorous network with our kith and kin. She always knew what was happening, where and gave her counsel wherever sought. She managed her time thriftily. She was never free but always had time for anything worthwhile, from visiting an ailing relative to detecting a missing button.

She never thought of any reward or gain for herself. Her sole goal was that her team should perform well.

Some years ago, our CEO was snatched away from her team prematurely. So every Mother’s Day, I ponder how much management I could have learnt from my wonderful mother, had I perceived all these qualities in her earlier and made the time to be with her. Now it is too late.

Rajendra Aneja, Dubai

Fairness and peace must prevail after Iraq election

I write in reference to your article Iraq elections 2018: Kirkuk minorities claim voting violations (May 13): one of the fears around an electronic voting system is that it could be open to abuse. Only a fair process can save democracy in Iraq. Sectarian divisions remain but I hope the aftermath of the election will be peaceful.

Name withheld by request

THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

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 DETAILS

Kaala

Dir: Pa. Ranjith

Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar  

Rating: 1.5/5 

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The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet