Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also wished for the good health, safety and security of all.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also wished for the good health, safety and security of all.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also wished for the good health, safety and security of all.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, also wished for the good health, safety and security of all.

UAE

Sheikh Mohammed sends Eid Al Adha greetings

Dubai Ruler offers warm wishes to all Arab and Islamic people celebrating the festival

The National

July 19, 2021

  • English
  • Arabic

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has sent Eid Al Adha greetings to all celebrating the occasion.

Sheikh Mohammed congratulated the people of the UAE and all Arab and Islamic people across the world who are marking Eid.

Writing on his social media page on Monday, Sheikh Mohammed also wished for the good health, safety and security of all.

Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, also sent a message of congratulations.

"During these holy days, we wish the people of the UAE and all Muslims around the world a blessed Eid Al Adha," Sheikh Maktoum wrote.

"May Allah grant us all health, peace and prosperity."

People in the UAE are enjoying a four-day holiday to mark Eid Al Adha.

Abu Dhabi and Dubai prepare to celebrate Eid Al Adha - in pictures

  • Eid Al Adha lights glow along the Corniche in Abu Dhabi.
    Eid Al Adha lights glow along the Corniche in Abu Dhabi.
  • Eid Al Adha lights decorate the Corniche.
    Eid Al Adha lights decorate the Corniche.
  • The Corniche in Abu Dhabi glows with the light from Eid Al Adha illuminations.
    The Corniche in Abu Dhabi glows with the light from Eid Al Adha illuminations.
  • Motorists drive past Eid Al Adha lights along the Corniche.
    Motorists drive past Eid Al Adha lights along the Corniche.
  • Eid Al Adha lights illuminate the Corniche in Abu Dhabi.
    Eid Al Adha lights illuminate the Corniche in Abu Dhabi.
  • Lulu Hypermarket in Abu Dhabi's Khalidiyah Mall gets ready for Eid Al Adha shoppers.
    Lulu Hypermarket in Abu Dhabi's Khalidiyah Mall gets ready for Eid Al Adha shoppers.
  • Eid Al Adha shoppers at Lulu Hypermarket, Khalidiyah Mall, Abu Dhabi.
    Eid Al Adha shoppers at Lulu Hypermarket, Khalidiyah Mall, Abu Dhabi.
  • Eid Al Adha shoppers hunt for bargains at Lulu Hypermarket in Abu Dhabi's Khalidiyah Mall.
    Eid Al Adha shoppers hunt for bargains at Lulu Hypermarket in Abu Dhabi's Khalidiyah Mall.
  • Young Eid Al Adha shoppers at Lulu Hypermarket in Khalidiyah Mall, Abu Dhabi.
    Young Eid Al Adha shoppers at Lulu Hypermarket in Khalidiyah Mall, Abu Dhabi.
  • A baker prepares some Eid Al Adha sweets in Khalidiyah Mall, Abu Dhabi.
    A baker prepares some Eid Al Adha sweets in Khalidiyah Mall, Abu Dhabi.
  • Some young Eid Al Adha shoppers in Abu Dhabi.
    Some young Eid Al Adha shoppers in Abu Dhabi.
  • Eid Al Adha shoppers at Lulu Hypermarket, Khalidiyah Mall, Abu Dhabi.
    Eid Al Adha shoppers at Lulu Hypermarket, Khalidiyah Mall, Abu Dhabi.
  • Shopping in Dubai's Mall of The Emirates the day before Eid al Adha.
    Shopping in Dubai's Mall of The Emirates the day before Eid al Adha.
  • Shoppers hunt for bargains in Dubai's Mall of The Emirates the day before Eid al Adha.
    Shoppers hunt for bargains in Dubai's Mall of The Emirates the day before Eid al Adha.
  • Shopping in Dubai's Mall of The Emirates the day before Eid al Adha.
    Shopping in Dubai's Mall of The Emirates the day before Eid al Adha.




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%20Profile
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RESULTS

6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)

7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.

7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.

8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.

9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.

9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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Updated: July 19, 2021, 12:57 PM