President Sheikh Khalifa dies aged 73

The President of the UAE, Sheikh Khalifa, has died.

The news was announced on Friday afternoon by the state news agency Wam.

The Ministry of Presidential Affairs said there will be 40 days of official mourning with flags at half-staff, and three days of closure of ministries and official entities at the federal and local levels as well as the private sector.

The official mourning period will begin on Saturday, with normal working hours resuming on Tuesday.

The UAE lost its righteous son, the leader of the 'empowerment stage' and the trustee of its blessed journey

Sheikh Mohamed bin Zayed

The funeral will be on Friday after the maghrib prayer, with all mosques in the UAE holding funeral prayers.

On Saturday, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, will receive condolences from the Rulers of the Emirates and senior officials at Mushrif Palace.

In a statement published by Wam, the Ministry of Presidential Affairs expressed its condolences to the people of the UAE, Arab and Islamic nations and the world on the death of Sheikh Khalifa.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, expressed his deep sadness at the news.

“It is with great sorrow and grief that we mourn to the UAE people, Arab and Islamic nations and the world the death of President of our country Sheikh Khalifa bin Zayed Al Nahyan, the leader of our journey,” Sheikh Mohammed wrote on Twitter.

“May Allah bless his soul with ease on his new journey into the hereafter and grant him the highest ranks of paradise.

“Oh God, we testify that Khalifa bin Zayed has fulfilled his duty, served and loved his people. Oh God, his people have been satisfied with him, so be pleased with him and grant him your mercy and the highest ranks of paradise.

“Grant us, his people, his family and his loved ones patience and solace. To God we belong and to Him we shall return.”

Sheikh Mohamed bin Zayed shared an online message in honour of the UAE President.

“To God we belong and to Him we shall return,” Sheikh Mohamed wrote.

“The UAE lost its righteous son, the leader of the 'empowerment stage' and the trustee of its blessed journey.

“His stances, achievements, wisdom, giving and initiatives are in every corner of the country.

“Khalifa bin Zayed, my brother, my mentor and my teacher, may God have mercy on you with his vast mercy and grant you his satisfaction and paradise.”

Leaders from across the region and around the world have offered their condolences.

Following the death of President Sheikh Khalifa, a new President of the Emirates and Ruler of Abu Dhabi will be named.

The UAE Constitution states that the Supreme Council will have one month to convene and choose the successor to the role of President. The new President will be selected from among the members of the Federal Supreme Council.

During this time, Sheikh Mohammed bin Rashid will assume all presidential powers.

The Supreme Council will then elect the new President, who will hold office for five years before being eligible for re-election.

On December 3, 2004, one day after the death of the Founding Father, Sheikh Zayed bin Sultan Al Nahyan, the council met and unanimously elected Sheikh Khalifa to the position of President.

The successor of Sheikh Khalifa as Ruler of Abu Dhabi is expected to be known within 24 hours.

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Our Time Has Come
Alyssa Ayres, Oxford University Press

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MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Key developments

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All times UTC 4

My Cat Yugoslavia by Pajtim Statovci
Pushkin Press

Key findings of Jenkins report

Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

The winners

Fiction

‘Amreekiya’ by Lena Mahmoud
‘As Good As True’ by Cheryl Reid

The Evelyn Shakir Non-Fiction Award

‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
‘The Sound of Listening’ by Philip Metres

The George Ellenbogen Poetry Award

‘Footnotes in the Order of Disappearance’ by Fady Joudah

Children/Young Adult

‘I’ve Loved You Since Forever’ by Hoda Kotb

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.”