Members of the UAE Armed Forces hold Martyrs Medals of Honour during the inaugural UAE Commemoration Day ceremony, honouring members of the Armed Forces who sacrificed their lives while performing their duty at home and abroad. Ryan Carter / Crown Prince Court of Abu Dhabi
Members of the UAE Armed Forces hold Martyrs Medals of Honour during the inaugural UAE Commemoration Day ceremony, honouring members of the Armed Forces who sacrificed their lives while performing their duty at home and abroad. Ryan Carter / Crown Prince Court of Abu Dhabi
Members of the UAE Armed Forces hold Martyrs Medals of Honour during the inaugural UAE Commemoration Day ceremony, honouring members of the Armed Forces who sacrificed their lives while performing their duty at home and abroad. Ryan Carter / Crown Prince Court of Abu Dhabi
Members of the UAE Armed Forces hold Martyrs Medals of Honour during the inaugural UAE Commemoration Day ceremony, honouring members of the Armed Forces who sacrificed their lives while performing the

Remembering their sacrifice


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Wednesday marks Commemoration Day, or Martyrs’ Day in Arabic. The annual day of remembrance is observed on November 30.

The first Commemoration Day was declared by Sheikh Khalifa, President of the UAE, in 2015. The day pays tribute to all those who have sacrificed their lives in the line of duty for the country.

The date holds special significance. Salem Suhail bin Khamis was the first martyr on November 30, 1971. The young soldier died proudly on the Greater Tunb island during a failed Iranian invasion days before the UAE’s formation. He was shot dead because he refused to lower the flag of Ras Al Khaimah when the invaders confronted him.

Commemoration Day falls just before National Day, giving the country a period of reflection for our heroes and time to honour the sacrifices they have made.

The occasion is also meant to inspire young Emiratis to follow the legacy of these martyrs in defending the sovereignty and independence of the country.

Commemoration Day assumed even greater significance after September 4 last year, when more than 50 Emirati soldiers fell in an attack in Marib. The soldiers were in Yemen as part of Operation Restoring Hope, the Saudi-led coalition’s mission to reinstate the country’s legitimate government and protecting our long-term security. Others have lost their lives since that September day, but the magnitude of the Marib attack played particularly heavily on the nation’s heart.

As Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said: “Our martyrs of duty are true models in our history.”

A monument will be opened at the Sheikh Zayed Grand Mosque in Abu Dhabi in memory of the heroic soldiers. The monument, which is made up of 31 metal panels leaning on one another, is designed to convey a sense of unity, strength, solidarity, devotion and loyalty.

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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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Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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Results

5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer) 

5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud 

6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel 

6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel 

7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami 

7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.  

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A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

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Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five