Camilla, Duchess of Cornwall, and Prince Charles at Sheikh Zayed Grand Mosque in Abu Dhabi. WAM
Camilla, Duchess of Cornwall, and Prince Charles at Sheikh Zayed Grand Mosque in Abu Dhabi. WAM

UK royal visit is a reminder to look anew at our city



For many residents of some of the world's greatest cities, the magnificent, world-renowned landmarks to be found there are sights that are commonplace, scarcely worth a glance as they pass by. The Eiffel Tower for residents of Paris? The Colosseum for those of Rome? The Statue of Liberty for denizens of New York? Simply backdrops to the hustle and bustle of everyday life. When I'm in London, I stroll past Buckingham Palace with little more than a glance as I weave my way through the crowds of visitors, since a wander around the lake in St James's Park nearby, with the chance of looking at a few birds, is, to me, much more interesting.

It's not because familiarity breeds contempt. It's just that the significance of these buildings and structures becomes part of the essential ethos and character of the cities. Once you've seen them for the first time, or the first 20 times, they become in a way less noticeable. Parisians, Romans and New Yorkers feel much the same as those accustomed to London, I suspect.

The same may well apply to residents of, or frequent visitors to, the UAE. After you've passed by the Sheikh Zayed Grand Mosque in Abu Dhabi or have stood and stared up at Dubai's Burj Khalifa a few times, their ability to impress, to overawe, somehow lessens. That's true even if at the back of one's mind the recognition remains that they're among the most famous buildings in the world.

Occasional or first time visitors, though, look upon these symbols of the UAE in a different light.

After landing in Abu Dhabi on Sunday evening, the first port of call for Britain's Prince Charles and his wife, the Duchess of Cornwall, was Sheikh Zayed Grand Mosque.

They have, I believe, visited it before, but Prince Charles, known for his deep interest in architecture, obviously made it clear that he wanted time to be found in his packed programme for another visit.

I'm not privy to any private comments that he or his wife may have made on the mosque's glorious architecture, and, if I was, I wouldn't repeat them. I am, however, able to relay the impressions of another recent visitor from my home island of Jersey who passed through the UAE late last month.

He will, I hope, forgive me if I call him a hard-nosed ex-banker, a widely travelled man with enormous experience of visiting many of the world's capitals. He's visited the UAE before, but this time he finally found time to visit the Sheikh Zayed Grand Mosque with a colleague.

He arrived late for dinner, almost gushing with superlatives about the impression that the mosque had made on him. Stunning, amazing, inspiring, magnificent – you select the description and he probably used it.

My friends – let's call them John and Emma – clearly found their visit a deeply moving experience, one which will, I am confident, remain in their memories for a very long time.

Given their enthusiasm, I am confident, too, that they will communicate their experience to others, in Jersey and beyond. If that prompts a few more visitors to come, so much the better.

It's easy to say that one shouldn't become blasé about the architectural wonders in our midst, but it's also quite natural that those of us who have the good fortune to see the Sheikh Zayed Grand Mosque or Burj Khalifa regularly somehow lose the “wow!” feeling as we pass by. Perhaps, on occasion, we should take the time for a fresh look, to renew our sense of history, our sense of wonder.

And the next time I wander down The Mall in London, on my way to the geese, swans and ducks in St James's Park, I'll try to stand and stare at Buckingham Palace and remember how amazed and impressed I was when I saw it as a child.

Peter Hellyer is a consultant specialising in the UAE’s history and culture

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.”

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

MATCH DETAILS

Barcelona 0

Slavia Prague 0

WHAT IS THE LICENSING PROCESS FOR VARA?

Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

A Long Way Home by Peter Carey
Faber & Faber

Stamp duty timeline

December 2014: Former UK chancellor of the Exchequer George Osborne reforms stamp duty land tax (SDLT), replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:

Up to £125,000 – 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; More than £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Chancellor Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak extends the SDLT holiday at his March 3 budget until the end of June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

June 2021: SDLT holiday on transactions up to £500,000 expires on June 30.

July 2021: Tax break on transactions between £125,000 to £250,000 starts on July 1 and runs until September 30.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded