I refer to the news item North Korea frees veteran detained for war crimes (December 8).
Some might think the tolerance that the North Korean government has shown to Merrill Newman, the 85-year-old American veteran of the Korean War, is epic, yet Pyongyang is still regarded as one of the world’s most repressive states.
It is hard to believe how Mr Newman, who had travelled in October as a tourist on a 10-day organised tour of North Korea, has been found guilty of “hostile acts” and of attempts to topple the North Korean government.
He might have told some people that he fought in the Korean War and they might have reported that to the authorities, which resulted in his detention on espionage charges.
The story of Mr Newman sounds absurd, but the fact that some other Americans and South Koreans are arbitrarily being held in North Korea shows how risky it is to travel to that country.
The quest of this East Asian nation to make a nuclear weapon and its resistance to international monitoring of such activities have resulted in economic sanctions for many years.
Many countries might urge Pyongyang to show a similar humanitarian gesture by pardoning their citizens who are languishing in North Korean prisons, but the country still seems to associate those people with the 1950-53 Korean War and nurture hatred towards them.
Those who think of visiting that country should think twice, especially if they were involved in military actions some 60 years ago.
Ali Sedat Budak, Abu Dhabi
IT infrastructure needs to improve
It's heartening to know that UAE University is top in the Arab World and 76th worldwide in a list of the best institutions in emerging economies (Top ranking for UAE University, December 8).
However, the university should also improve its website. Technology is one of the main components of any development. I would like to start a campaign on improving IT infrastructure in the UAE, but I am not sure if I would get the support I need.
Name withheld by request
Syrian refugees’ condition scary
I am writing about the editorial cartoon by Shadi Ghanim, showing Syrian refugees in the mouth of a crocodile (December 9). The scary situation has been portrayed clearly.
I feel so sad for them. These people have nothing. They can’t even protect themselves if a natural disaster happens in their country. Think of the children. I shudder to imagine their condition. In times like this, I wish I were more powerful to help them.
Jen Bishop, Abu Dhabi
Congress has exposed itself
I am responding to the article Congress party falters as BJP wins at least four Indian state elections (December 8).
The perception that Narendra Modi is a hardliner is not correct, even if the Congress party tries to prove him as one. By doing so, Congress aims to dissuade the Muslim community to vote for the BJP.
The riot that took place in Gujarat in 2002 was certainly unfortunate. But it’s not Gujarat alone where communal violence has ever taken place. More importantly, no violence has taken place in Gujarat since 2002. On the contrary, we should think about the damage that Congress has done to the entire nation by indulging in corruption and because of its indecisiveness. The state elections have shown that the people do not buy Congress’s arguments anymore.
Name withheld by request
Can US be a true partner of Arabs?
I refer to the article Time for Arabs to be active in Washington's policy circles (December 6). The question is how Americans perceive Arabs and Arab interests. Do you really think that the US considers Arabs partners, and do you really think that they take Arab governments seriously. I have doubts.
Name withheld by request
Sheen deserved the DIFF honour
I am commenting on the article Martin Sheen bringing together the pieces (December 8). Martin Sheen is one of the true gentlemen of stage and screen. We attend the same church in Malibu, California. He is always humble and gracious. He lives a simple life and shops for his own groceries in the local stores.
His inner goodness shines through his demeanour. Congratulation on his well-deserved award at DIFF. The awards committee could not have chosen a more deserving person for the award.
Jim Ferrier, Dubai
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.”
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
