I refer to James Doran's story The tragic fate of a dedicated charity worker (September 9), about Mubashir Niaz
Mubashir was my colleague at Mott Macdonald Abu Dhabi and a family friend.
We all are so stunned and shocked by Mubashir' s sudden departure. He was a great friend, a great colleague and a mentor.
He dedicated so much of his time for his passion - the charity Health, Education, Environment and Development (Heed), set up in the aftermath of the 2005 earthquake which claimed 75,000 lives in Kashmir, Pakistan.
It is a noble humanitarian cause and, as you reported, Mubashir gave his life in the line of duty.
Mubashir was certainly a "larger than life" person who contributed so much to the lives of many people in many ways.
He will be remembered and missed forever.
The coverage in The National - online and, especially, in print - was outstanding.
I am writing to say thank you on behalf of myself and all Mubashir's colleagues.
Sheheryar Aslam, Abu Dhabi
I refer to Star triathlete laid to rest (September 11) about the funeral of champion athlete Roy Nasr.
Roy, may you rest in peace and grace. I pray that your family will be given strength to help them through their grief at this difficult time.
Bassem P Fakhry, Dubai
Gang rapists don't deserve leniency
I am writing in reference to Four face hanging for India rape and murder (September 11).
According to the report, a juvenile who also took part in the attack on the woman in New Delhi was handed down a correctional sentence of just three years.
Any male with such a sick mentality does not deserve such a light sentence, irrespective of his age. There is absolutely nothing one can do to cure such men.
As for the other defendants, it is such a shame that there is even a lawyer who agreed to defend them.
These monsters should be given the death penalty, and even then their ordeal will be easy compared to the brutality they used on the girl, who subsequently died.
The only way to deter men from rape is to introduce capital punishment. Governments worldwide need to understand this.
Moiz SA, Sharjah
JLT traffic issues need a solution
JLT traffic brought to stop by car breakdown (September 10) was no surprise.
The traffic problems at Jumeirah Lakes Towers are about as old as the community itself, and very little effort seems to have been made to fix the problem over the past three years.
In the absence of a real solution, the daily nightmares will continue for a very long time.
In fact, I suspect things may even get worse as this mixed-use community of almost 80 high-rise towers fills up further.
I'm just glad we moved out last year.
Name withheld by request
I don't believe that the master developer is doing its best to address the traffic congestion at JLT.
We have been in the area for the past two years and it was never as bad as this before.
Why break down a system that was working?
Also, the new arrangements due to the roadwork are nonsense, because there are now traffic lines that remain idle.
C Riza, Dubai
Plea for cheaper cinema tickets
Cinemas agree to waive online booking charge (September 6) is great news.
But it would be even nicer if these cinemas could introduce reduced priced tickets on weekdays for families who cannot afford the Dh35 ticket price.
Name withheld by request
Mall overhaul is a green opportunity
I refer to Mall of the Emirates in major revamp (September 11), about the Dh1 billion expansion of the Dubai shopping centre.
I hope the developers decide to install solar panels that can help provide shade and electricity at the same time.
Cyndi Harrington, Dubai
The Mall of the Emirates is being renovated - already?
It's still a young mall.
Caroline Wareham, 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.”
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SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
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