• President Sheikh Mohamed walks with his grandchildren at the Sea Palace before Flag Day. Seen with Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office. Photo: UAE Presidential Court
    President Sheikh Mohamed walks with his grandchildren at the Sea Palace before Flag Day. Seen with Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office. Photo: UAE Presidential Court
  • Sheikh Khaled bin Mohamed bin Zayed raises the UAE flag at the Abu Dhabi Executive Office in the presence of members of the Abu Dhabi Executive Council, to celebrate UAE Flag Day and honour the nation’s symbol of unity, loyalty and pride. Photo: AD Media Office
    Sheikh Khaled bin Mohamed bin Zayed raises the UAE flag at the Abu Dhabi Executive Office in the presence of members of the Abu Dhabi Executive Council, to celebrate UAE Flag Day and honour the nation’s symbol of unity, loyalty and pride. Photo: AD Media Office
  • The UAE flag is raised at Abu Dhabi Executive Office. Photo: AD Media Office
    The UAE flag is raised at Abu Dhabi Executive Office. Photo: AD Media Office
  • Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates Group, raises the UAE Flag at the group's headquarters. Photo: Emirates
    Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates Group, raises the UAE Flag at the group's headquarters. Photo: Emirates
  • Reem Al Hashimy, Minister of State for International Co-operation, greets schoolchildren at Expo City Dubai on UAE Flag Day. Photo: Expo City Dubai
    Reem Al Hashimy, Minister of State for International Co-operation, greets schoolchildren at Expo City Dubai on UAE Flag Day. Photo: Expo City Dubai
  • Jumeirah International Nursery students take part in the Emirates Group's UAE Flag Day ceremony. Photo: Emirates
    Jumeirah International Nursery students take part in the Emirates Group's UAE Flag Day ceremony. Photo: Emirates
  • Vendors selling flags and other related items in Satwa, Dubai to celebrate flag day. Ruel Pableo / The National
    Vendors selling flags and other related items in Satwa, Dubai to celebrate flag day. Ruel Pableo / The National
  • Commander-in-Chief of Sharjah Police, Maj Gen Saif Al Shamsi, attends the force's Flag Day celebrations.
    Commander-in-Chief of Sharjah Police, Maj Gen Saif Al Shamsi, attends the force's Flag Day celebrations.
  • UAE University celebrates with a flag-raising ceremony attended by Prof Ghaleb Al Hadrami, acting vice chancellor, academic staff and students. Photo: UAE University
    UAE University celebrates with a flag-raising ceremony attended by Prof Ghaleb Al Hadrami, acting vice chancellor, academic staff and students. Photo: UAE University
  • Flags for sale in Satwa, Dubai. Ruel Pableo / The National
    Flags for sale in Satwa, Dubai. Ruel Pableo / The National
  • The flag is raised at Al Ain Zoo at a ceremonyu attended by the zoo's director, Ghanim Al Hajeri, and all staff. Photo: Al Ain Zoo
    The flag is raised at Al Ain Zoo at a ceremonyu attended by the zoo's director, Ghanim Al Hajeri, and all staff. Photo: Al Ain Zoo
  • Youssef Al Abri, undersecretary of the Abu Dhabi Judicial Department, led the department's celebrations. Photo: ADJD
    Youssef Al Abri, undersecretary of the Abu Dhabi Judicial Department, led the department's celebrations. Photo: ADJD
  • Vendors selling flags and other related items in Satwa, Dubai to celebrate flag day. Ruel Pableo / The National
    Vendors selling flags and other related items in Satwa, Dubai to celebrate flag day. Ruel Pableo / The National
  • Abu Dhabi City Municipality celebrates Flag Day.
    Abu Dhabi City Municipality celebrates Flag Day.
  • Vendors sell flags in Satwa, Dubai. Ruel Pableo / The National
    Vendors sell flags in Satwa, Dubai. Ruel Pableo / The National
  • Union Coop celebrates UAE Flag Day 2022
    Union Coop celebrates UAE Flag Day 2022
  • A pupil celebrating the flag day at Raffles World Academy in Dubai. Ruel Pableo / The National
    A pupil celebrating the flag day at Raffles World Academy in Dubai. Ruel Pableo / The National
  • Reem Al Hashimy, Minister of State for International Co-operation, raises the UAE flag at Expo City Dubai. Photo: Expo City Dubai
    Reem Al Hashimy, Minister of State for International Co-operation, raises the UAE flag at Expo City Dubai. Photo: Expo City Dubai
  • Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, raises the UAE flag at Abu Dhabi’s Qasr Al Watan. Wam
    Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, raises the UAE flag at Abu Dhabi’s Qasr Al Watan. Wam
  • Dubai Police raise the flag. Photo: @DubaiPoliceHQ / Twitter
    Dubai Police raise the flag. Photo: @DubaiPoliceHQ / Twitter
  • Flags on Sheikh Zayed Road in Dubai. Pawan Singh / The National
    Flags on Sheikh Zayed Road in Dubai. Pawan Singh / The National
  • Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
    Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
  • A staff at Adnoc petrol station proudly wears a UAE scarf to celebrate UAE flag day in Khalifa City, Abu Dhabi. Victor Besa / The National
    A staff at Adnoc petrol station proudly wears a UAE scarf to celebrate UAE flag day in Khalifa City, Abu Dhabi. Victor Besa / The National
  • UAE flag raised at at Abu Dhabi’s Qasr Al Watan, in the presidential palace compound. Wam
    UAE flag raised at at Abu Dhabi’s Qasr Al Watan, in the presidential palace compound. Wam
  • Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
    Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
  • The flag-raising ceremony is the attended by Sheikh Salem bin Abdulrahman Al Qasimi, Chairman of the Ruler’s Office, and a number of government figures and employees. Photo: Sharjah National Day Celebrations Committee
    The flag-raising ceremony is the attended by Sheikh Salem bin Abdulrahman Al Qasimi, Chairman of the Ruler’s Office, and a number of government figures and employees. Photo: Sharjah National Day Celebrations Committee
  • Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
    Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
  • Sharjah marked UAE Flag Day with a flag-raising ceremony on The Flag Island. Photo: Sharjah National Day Celebrations Committee
    Sharjah marked UAE Flag Day with a flag-raising ceremony on The Flag Island. Photo: Sharjah National Day Celebrations Committee
  • Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
    Pupils at the Indian High School, Dubai, celebrate UAE Flag Day. Pawan Singh / The National
  • A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
    A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
  • A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
    A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
  • A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
    A display of UAE flags on Kite Beach in Dubai. Antonie Robertson / The National
  • Al Dhafra Club executive management and staff celebrate UAE flag day at the entrance to Hamdan bin Zayed Stadium in Zayed City, Al Dhafra region. Twitter/AlDhafra
    Al Dhafra Club executive management and staff celebrate UAE flag day at the entrance to Hamdan bin Zayed Stadium in Zayed City, Al Dhafra region. Twitter/AlDhafra
  • Dubai Police raise the flag at their headquarters in Deira.
    Dubai Police raise the flag at their headquarters in Deira.
  • Essam Issa Al Humaidan, Dubai attorney general and employees of Dubai Public Prosecution take part in UAE flag day. Photo: DPP
    Essam Issa Al Humaidan, Dubai attorney general and employees of Dubai Public Prosecution take part in UAE flag day. Photo: DPP
  • Members of Al-Nasr Sports Club in Dubai celebrate the flag day.
    Members of Al-Nasr Sports Club in Dubai celebrate the flag day.
  • Dubai Electricity and Water Authority members of staff attend the flag raising ceremony at the headquarters in Umm Hurair.
    Dubai Electricity and Water Authority members of staff attend the flag raising ceremony at the headquarters in Umm Hurair.
  • Federal Authority For Government Human Resources members of staff at the UAE flag day celebrations.
    Federal Authority For Government Human Resources members of staff at the UAE flag day celebrations.
  • Etihad Rail painted a locomotive in the colours of the UAE in honour of flag day. "We raise the flag of the United Arab Emirates, a symbol of sovereignty, unity, and pride. We are proud of our contribution to the advancement of the nation's transport sector," the transport company said on Twitter.
    Etihad Rail painted a locomotive in the colours of the UAE in honour of flag day. "We raise the flag of the United Arab Emirates, a symbol of sovereignty, unity, and pride. We are proud of our contribution to the advancement of the nation's transport sector," the transport company said on Twitter.
  • Abu Dhabi Pension Fund employees participated in the UAE flag day celebration. Photo: Supplied.
    Abu Dhabi Pension Fund employees participated in the UAE flag day celebration. Photo: Supplied.
  • Federal Authority For Government Human Resources celebrates UAE flag day.
    Federal Authority For Government Human Resources celebrates UAE flag day.
  • Dr Abdul Nasser Al Shaali, UAE's ambassador to India, raise the flag at the embassy in New Delhi.
    Dr Abdul Nasser Al Shaali, UAE's ambassador to India, raise the flag at the embassy in New Delhi.
  • Sharjah Consultative Council raises the flag in front of its building in Sharjah
    Sharjah Consultative Council raises the flag in front of its building in Sharjah
  • A man arranges the flags at Raffles World Academy in Dubai. Ruel Pableo for The National
    A man arranges the flags at Raffles World Academy in Dubai. Ruel Pableo for The National
  • Flag outside a coffee shop in Dubai to celebrate flag day. Ruel Pableo for The National
    Flag outside a coffee shop in Dubai to celebrate flag day. Ruel Pableo for The National
  • Flag Day in Dubai. Ruel Pableo for The National
    Flag Day in Dubai. Ruel Pableo for The National

President Sheikh Mohamed: UAE 'united by a shared sense of national pride' on Flag Day


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President Sheikh Mohamed on Flag Day said people in the UAE are united by national pride and are optimistic about the future.

In a post on Twitter accompanied by a video showing UAE leaders with young Emiratis, Sheikh Mohamed said the optimism is based on the future generation who will continue the country's progress.

"As people across the UAE join together to raise the flag as one, we reflect on our country’s past and are optimistic for its future," he said.

"The UAE people are united by a shared sense of national pride and a steadfast belief in the next generation who will lead our continued progress."

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, shared a Twitter post with a group of Emirati boys.

"Today we raised the flag of the United Arab Emirates with a group of Emirati sons who represent part of our future," Sheikh Mohammed wrote.

"It's a day on which we establish loyalty and belonging in our generations and celebrate the symbol of our sovereignty and pride, and renew our pride in our unity and union. May God protect our flag, our state and our people."

The UAE celebrated Flag Day on Thursday, with schools and workplaces across the country marking the occasion.

At 11am, people briefly stopped work to mark the event, which is now in its 10th year.

The idea was conceived in 2013 by Sheikh Mohammed bin Rashid to celebrate the accession of Sheikh Khalifa as President in 2004.

It is commemorated every year on the anniversary, November 3, although the day is not a public holiday.

Who designed the UAE flag?

Abdullah Al Maainah came up with the design in 1971 as part of a competition run by Al Ittihad newspaper.

The young Emirati intended the four colours to represent Arab unity, as described in poetry written by Safi-u-ddin Al Hali.

His submission beat more than 1,000 entries vying to become the emblem of the new nation.

Mr Al Maainah was 19 at the time and would later become the minister of foreign affairs.

Only two flags were raised in December 1971 to mark the formation of the nation — one in Abu Dhabi and the other at Union House in Dubai.

On Thursday, there are likely to be hundreds of thousands.

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

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.”

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

UAE currency: the story behind the money in your pockets
PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

The specs

Engine: 0.8-litre four cylinder

Power: 70bhp

Torque: 66Nm

Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

Ticket prices

General admission Dh295 (under-three free)

Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Updated: November 03, 2022, 6:38 PM