Relatives and onlookers gather outside a church after a bomb attack in the Nile Delta town of Tanta, Egypt. Nariman El Mofty / AP Photo
Relatives and onlookers gather outside a church after a bomb attack in the Nile Delta town of Tanta, Egypt. Nariman El Mofty / AP Photo
Relatives and onlookers gather outside a church after a bomb attack in the Nile Delta town of Tanta, Egypt. Nariman El Mofty / AP Photo
Relatives and onlookers gather outside a church after a bomb attack in the Nile Delta town of Tanta, Egypt. Nariman El Mofty / AP Photo

Terrorism will never prevail over tolerance


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The suicide-bomb attacks on two Coptic churches in Egypt that killed at least 47 people must be viewed as assaults on civilised and tolerant society. That they occurred on one of the Christian calendar’s holiest days, Palm Sunday, and targeted the leader of the Copts, Pope Tawadros II, is an affront to all religions. They closely follow similar outrages in Sweden, where a lorry driver killed four people, and in Russia, where a suicide bomber killed 14 passengers on the St Petersburg Metro. We join the many voices from around this region and the world, from all faiths, in condemning these heinous acts that killed not just worshippers but many of the police and security personnel assigned to protect them.

Egyptian president Abdel Fattah El Sisi has reacted swiftly to the attacks, declaring a three-month state of emergency. He also ordered the deployment of soldiers to guard “vital and important infrastructure”. These increased measures are, in part, designed to guarantee that this month’s planned visit to Egypt by the Catholic pope, Francis, can go ahead. In the UAE, where religious tolerance is a key plank of social harmony, we must support those who extend the hand of friendship across faiths.

But ISIL, which has admitted the Egyptian attacks, wants to drive a wedge between believers. This was reflected in a chilling statement released after the bombings: “Crusaders and their apostate allies should know the bill between us and them is very big and they will pay it with rivers of blood from their children, God willing. Wait for us, for we will wait for you.” The world must ensure that these extremists cannot succeed in creating further tension between the Copts and the Egyptian Muslim majority.

We must call these people – the lone wolves and the members of terror cells who may live among us – what they are: cowards. And we must live our lives in the way we choose in defiance of their warped ideology. Even as they select popular “soft” targets such as places of worship – and, in other attacks, airports, shopping areas, beaches, cafes and restaurants – they cannot deter us from going about our lives.

We stand with Egypt, Sweden, Russia and everywhere that hatred has reared its head. We will best support the values that we hold dear by condemning extremists and redoubling our efforts to counter their poisonous messages.

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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How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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