Loyalties split in family with Germany and Switzerland to cheer


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Daniel Loepfa, 41 and his wife, Susanne Jokisch, may need to practise diplomacy over dinner in the coming weeks. Loepfa, on leave from his job with the Swiss Ministry of Finance, was born in Switzerland while Ms Jokisch, a German, works at the embassy in Abu Dhabi. Their two boys, aged seven and four, hold dual citizenship, though Mr Loepfa says they will back their dad, and Switzerland, first. During the World Cup, it means the household will have two teams to cheer for.

That is, unless Germany and Switzerland cross paths. "It could be a family internal battle when maybe Switzerland will play Germany in the final," says Mr Loepfa, one of about 1,000 Swiss living in the UAE. "But for this, Switzerland must perform very well." Indeed, the earliest the two sides could meet is in the semi-finals. Mr Loepfa believes that if Switzerland cannot advance, at least out of its group, in this tournament, "they will never do it."

Switzerland, ranked 24th in the world by Fifa, managed a 1-1 draw with Italy, the reigning world champions, last Saturday. Mr Loepfa believes that the result bodes well for the Swiss, who open their tournament against Spain, the winners of the European Championship in 2008. "This will be a crucial match," he says. "I hope they can at least make a draw and then it looks good. The Swiss team, you never know. One day they play very well and the next day they have a problem."

For Susanne Baumgartner, the executive director of the Swiss Business Council, the matches will be a chance for expatriates from her country to mingle with supporters of the national team they are playing. The council is finalising a venue to watch the match against Spain and plan to invite the Spaniards to watch it with them. "If we win we are happy, but normally we lose," says Ms Baumgartner. "So it is just nice to get together and cheer your team on."

Switzerland, along with Austria, hosted Euro 2008, but the tournament did not go well for the Swiss, who finished last in their group. However, for the Swiss ambassador to the UAE, Wolfgang Amadeus Bruelhart, that tournament was a chance to raise his country's profile here and to pass the baton on to South Africa. A Euro 2008 bus travelled the emirates and a football was signed by the rulers of each of the seven emirates.

"The idea was to motivate and to make awareness of Europe," Mr Bruelhart says. "That was a great experience, I must say. We included South Africa in the signing of the ball." The ambassador is trying to arrange a friendly match between the UAE and Switzerland. He hopes it will happen next year.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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The specs

Engine: 3.0-litre six-cylinder MHEV

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

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