Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, is to donate the emirate's share of federal housing loans to the Northern Emirates, to ensure Emirati families are well catered for.
Families in Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah will benefit as a consequence.
Sheikh Dr Sultan told Sharjah's government-owned radio station that the emirate's locally funded housing programme of grants and loans will continue.
“We have the Sharjah Housing Programme which began in 2012 and it's enough,” Sheikh Dr Sultan told the Sharjah radio programme Al Khat Al Mubasher — Arabic for The Direct Line.
UAE Minister of Energy and Infrastructure Suhail Al Mazrouei thanked the Ruler for his gesture and said it was an example of “integration and joint action” in government to ensure the best for citizens, Wam reported.
Last week, the minister unveiled an expansion of the Sheikh Zayed Housing Programme, which since 1999 has worked to ensure every Emirati family has access to quality housing.
It works using a system of grants and loans to allow families to buy a house that is adequate for their needs.
The federal funding largely goes to the four Northern Emirates. Abu Dhabi and Dubai have their own housing programmes.
Sheikh Dr Sultan is a regular listener of the programme, a popular platform for residents in the emirate to share concerns with government officials.
“In the past 10 years, the Sharjah housing programme has processed almost 9,608 applications, of which 5,058 were grants and 4,550 loans. Nearly Dh3.5billion ($952.8 million) was given out as loans and another Dh4bn for grants,” Sheikh Dr Sultan said.
Applicants eventually do have to pay back a loan.
Sheikh Dr Sultan said by the end of this year, the total amount given as loans and grants in the past decade will reach Dh8bn, benefiting 10,000 families.
Last week, Mr Al Mazrouei said 13,000 Emirati families living in the Northern Emirates would be able to receive interest-free home loans under a new government plan.
The plan will facilitate loan amounts of Dh10.4 billion in total for select families who submit requests to the Ministry of Energy and Infrastructure.
To be eligible, the main earning member of the household should have a monthly income of at least Dh15,000. Those eligible can apply for a loan of up to Dh800,000 but the monthly loan instalment should not exceed 16 per cent of the applicant’s salary.
Several local banks will disburse the loans, though it is not currently known which are on the list.
Borrowers pay the principal loan amount of Dh10.4 bn but the government will cover the interest rate of Dh1.1bn.
Approved designs for Emirati homes — in pictures
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Villains
Queens of the Stone Age
Matador
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
![The designs were released as part of the Bayti [my home] initiative, to simplify the process of buying and building homes for Emiratis. Illustration courtesy Abu Dhabi Housing Authority](https://www.thenationalnews.com/resizer/v2/KIDZWUZFROBPTBITX37JJICSFE.jpg?smart=true&auth=b3b026cad4afefce4f12b7d4dae849a8abe335245ad461c7a157d9053ecd740e&width=400&height=225)
![The designs were released as part of the Bayti [my home] initiative, to simplify the process of buying and building homes for Emiratis. Illustration courtesy Abu Dhabi Housing Authority](https://www.thenationalnews.com/resizer/v2/KIDZWUZFROBPTBITX37JJICSFE.jpg?smart=true&auth=b3b026cad4afefce4f12b7d4dae849a8abe335245ad461c7a157d9053ecd740e&width=800&height=450)
