President Sheikh Mohamed hailed the UAE public for being “at the heart of shaping the future” after joining joyous celebrations at the nation's annual March of the Union on Sunday.
The colourful parade, held each year as part of the Sheikh Zayed Festival in Abu Dhabi's Al Wathba area, is one of the highlights of the UAE's Union Day festivities.
Patriotic pride was on full display during a spectacular show paying homage to the culture and tradition of the Emirates.
Crowds enjoyed a dazzling fly-past aerial display which lit up the skies in the colours of the UAE flag, as well as a series of live performances paying homage to Emirati heritage.
“Today I attended the March of the Union and witnessed a stirring celebration of our nation’s culture, tradition and unity,” Sheikh Mohamed wrote on social media platform X, formerly Twitter, on Sunday evening.
“The UAE’s journey was made possible through the devotion of its people, and they will always be at the heart of shaping a better future.”
Sheikh Mohamed shared images on social media of Emiratis proudly waving the country's flag as part of the event.
A number of other high-profile figures enjoyed the cultural spectacle, including Bahrain's King Hamad and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
The UAE leader was also in attendance for an enthralling Union Day show held at Expo City Dubai, which was broadcast to millions on Saturday.
Public and private sector workers are enjoying a public holiday in Monday to mark the country's 52nd Union Day.
The occasion pays homage to the day on December 2, 1971, when the Rulers of six emirates came together to form the UAE.
Ras Al Khaimah would join the union weeks later, in February 1972, completing the Emirates as it is known today.
Global state-owned investor ranking by size
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Norway |
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• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
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Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
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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.
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