Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Friday led tributes following the death of a leading UAE businessman.
Majid Al Futtaim was one of Dubai's commercial pioneers and was among those who spearheaded Dubai's growth as a global city.
Most prominent among his many achievements was the establishment of the Majid Al Futtaim group in 1992.
The group oversaw the development of Dubai's Mall of the Emirates, which is known around the world for its indoor ski slope.
Sheikh Mohammed said Al Futtaim was one of the emirate's “most important merchants and senior men".
“May God have mercy on him,” said Sheikh Mohammed on Twitter.
My dream is to create great moments for everyone, every day.
Majid Al Futtaim
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, also paid tribute.
“I extend my sincere condolences to the family of Majid Al Futtaim, a groundbreaking UAE entrepreneur and a pioneer in charitable and humanitarian work,” he said.
“He was an inspirational model of business success combined with a deep commitment to society. May he rest in peace.”
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said Al Futtaim had served his country with distinction.
"Today we bid farewell to a ... man who spent his life serving his country and his family," said Sheikh Hamdan on Twitter.
Sheikh Hamdan also appeared with his brother Sheikh Mansoor bin Mohammed, offering condolences.
Al Futtaim founded the Majid Al Futtaim group in 1992 and it is now one of the Arabian's Gulf's biggest employers, with tens of thousands of staff on the books.
It counts the Mall of the Emirates among its most notable projects.
The group is also the exclusive franchise holder for Carrefour, the world’s second largest hypermarket chain, and has developed, owns and manages at least 27 shopping malls.
It also owns numerous hotels operated by Sheraton, Kempinski, Aloft and Pullman, while Vox Cinemas is also a Majid Al Futtaim brand.
Al Futtaim also had commercial interests encompassing property and retail from Asia to Africa.
But his home was always Dubai and Al Futtaim was among a key group of businesspeople who helped to oversee the development of the city from the 1960s onwards.
He was part of a core group who worked tirelessly to transform what was a small town by the Creek, known for pearl fishing and dhow trading, into the global metropolis it is today.
In essence, he helped make the vision of the late Ruler of Dubai, Sheikh Rashid bin Saeed, a reality.
“My dream is to create great moments for everyone, every day,” said Al Futtaim.
Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Minister of Finance, tweeted a photograph showing Al Futtaim with Sheikh Rashid.
“Future generations will remember him for the economic and societal achievements he left over these years,” said Sheikh Maktoum.
The company was also known for encouraging more Emiratis into its workforce. In September, Majid Al Futtaim began a drive to recruit 3,000 Emiratis.
At the time, Sheikh Mohammed tweeted his “thanks and appreciation” to Majid Al Futtaim. He mentioned this again in his message on Friday.
The Majid Al Futtaim group said he was a “visionary entrepreneur who transformed the face of business in the entire region".
“Majid Al Futtaim believed wholeheartedly in robust, world-class private sector institutions and the role they should play in driving sustainable economic growth [and] human development,” it said on Twitter.
“He worked tirelessly on turning this purpose and vision into a reality that acts as a role model for others. His legacy lives on in Majid Al Futtaim’s business and culture.”
A cause of death was not revealed.
Killing of Qassem Suleimani
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.”
More on Quran memorisation:
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THREE
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Our Time Has Come
Alyssa Ayres, Oxford University Press
COMPANY%20PROFILE
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
