Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, offered his congratulations on the occasion of the Lunar New Year. Photo: Crown Prince Court - Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, offered his congratulations on the occasion of the Lunar New Year. Photo: Crown Prince Court - Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, offered his congratulations on the occasion of the Lunar New Year. Photo: Crown Prince Court - Abu Dhabi
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, offered his congratulations on the occasion of the Lunar New Year. Photo: Crown Prince Court - Abu

UAE

Sheikh Mohamed bin Zayed offers congratulations on Lunar New Year

The Crown Prince of Abu Dhabi posted a celebratory message on Twitter in a number of languages, including Chinese and Korean

The National

February 01, 2022

  • English
  • Arabic

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, sent his congratulations to people celebrating the Lunar New Year.

Sheikh Mohamed said he hoped the occasion would herald a period of "peace, prosperity and good fortune".

The Lunar New Year marks the beginning of a calendar year that bases its months on the cycles of the Moon.

It is observed in China and much of Asia.

Sheikh Mohamed posted his well wishes on Twitter in Chinese, Vietnamese and Korean, as well as in English and Arabic.

"Congratulations to the Chinese people and everyone celebrating Lunar New Year in the UAE and around the world," he said.

"May the year ahead be one of peace, prosperity and good fortune."

Each Chinese New Year is associated with an animal according to the Chinese Zodiac calendar, which features 12 animals including the ox (2021), rat, dragon, horse, monkey and rooster.

This is the Year of the Tiger. The calendar is based on a 12-year cycle, with the last Tiger year falling in 2010.

Chinese residents across the Emirates have marked the key date in the calendar, while grand celebrations have been held at the country's pavilion at Expo 2020 Dubai in recent days.

New Year cheer around the world

  • People gather for a Chinese Lunar New Year's Eve celebration in Denpasar, Bali. Getty Images
    People gather for a Chinese Lunar New Year's Eve celebration in Denpasar, Bali. Getty Images
  • A worshipper in Bali wears a Covid-19 face mask as he prays during a Lunar New Year's Eve celebration at Vihara Satya Dharma, a Buddhist temple. Getty Images
    A worshipper in Bali wears a Covid-19 face mask as he prays during a Lunar New Year's Eve celebration at Vihara Satya Dharma, a Buddhist temple. Getty Images
  • An elderly woman prays in Bali, Indonesia. The first day of the Lunar New Year, on February 1, ushered in the Year of the Tiger. Getty Images
    An elderly woman prays in Bali, Indonesia. The first day of the Lunar New Year, on February 1, ushered in the Year of the Tiger. Getty Images
  • Filipino dragon dancers perform in Manila, where Lunar New Year celebrations were muted despite Covid-19 lockdown protocols being gradually eased. EPA
    Filipino dragon dancers perform in Manila, where Lunar New Year celebrations were muted despite Covid-19 lockdown protocols being gradually eased. EPA
  • A woman lights a candle during Lunar New Year celebrations at the Hok Lay Kiong temple in Bekasi, Indonesia. AP Photo
    A woman lights a candle during Lunar New Year celebrations at the Hok Lay Kiong temple in Bekasi, Indonesia. AP Photo
  • Thai dragon dancers perform on the streets of Chinatown in Bangkok. Owing to a rise in Covid-19 cases, authorities officially cancelled all public celebrations during the Chinese Lunar New Year. However, people continue to celebrate in Bangkok's Chinatown, at Chinese temples and Yaowarat Walking Street. Getty Images
    Thai dragon dancers perform on the streets of Chinatown in Bangkok. Owing to a rise in Covid-19 cases, authorities officially cancelled all public celebrations during the Chinese Lunar New Year. However, people continue to celebrate in Bangkok's Chinatown, at Chinese temples and Yaowarat Walking Street. Getty Images
  • People pray at a temple to celebrate the Lunar New Year in New Taipei City, Taiwan. Reuters
    People pray at a temple to celebrate the Lunar New Year in New Taipei City, Taiwan. Reuters
  • A boy plays under lanterns decorating the Hok Lay Kiong temple in Bekasi, Indonesia. AP
    A boy plays under lanterns decorating the Hok Lay Kiong temple in Bekasi, Indonesia. AP
  • People look at ice sculptures of tigers as Finland's capital Helsinki celebrates the Lunar New Year. EPA
    People look at ice sculptures of tigers as Finland's capital Helsinki celebrates the Lunar New Year. EPA
  • Ethnic Chinese worshipers pray at a temple in Bali, Indonesia. AP
    Ethnic Chinese worshipers pray at a temple in Bali, Indonesia. AP
  • Members of a Balinese Chinese family wearing Balinese attire pray at the Vihara Dharmayana Kuta temple. Getty Images
    Members of a Balinese Chinese family wearing Balinese attire pray at the Vihara Dharmayana Kuta temple. Getty Images
  • North Korean refugees bow to show respect for their ancestors as they visit the Imjingak Pavilion near the border with North Korea, to celebrate the Lunar New Year, in Paju, South Korea. AP
    North Korean refugees bow to show respect for their ancestors as they visit the Imjingak Pavilion near the border with North Korea, to celebrate the Lunar New Year, in Paju, South Korea. AP
  • Lion dancers perform at a temple in Bali, Indonesia. AP
    Lion dancers perform at a temple in Bali, Indonesia. AP
  • A man visits Mazu Miao temple to pray on the Lunar New Year's Eve in Yokohama Chinatown in Yokohama, Japan. Getty Images
    A man visits Mazu Miao temple to pray on the Lunar New Year's Eve in Yokohama Chinatown in Yokohama, Japan. Getty Images
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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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Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

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Updated: February 01, 2022, 12:59 PM
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