UAE leaders mourn Sheikh Nawaf Al Ahmad Al Sabah, who died on Saturday at the age of 86.
UAE leaders mourn Sheikh Nawaf Al Ahmad Al Sabah, who died on Saturday at the age of 86.
UAE leaders mourn Sheikh Nawaf Al Ahmad Al Sabah, who died on Saturday at the age of 86.
UAE leaders mourn Sheikh Nawaf Al Ahmad Al Sabah, who died on Saturday at the age of 86.

UAE leaders mourn death of Kuwait's ruler Sheikh Nawaf


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President Sheikh Mohamed led tributes in the UAE after Kuwait’s ruler, Sheikh Nawaf Al Ahmad Al Sabah, died on Saturday.

“With hearts that believe in Allah’s will and destiny, President His Highness Sheikh Mohamed bin Zayed Al Nahyan mourns the passing of His Highness Sheikh Nawaf Al Ahmad Al Sabah, who passed away today,” a statement from the Presidential Court said.

Writing on X, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said: “Our condolences to our people in Kuwait and to our brothers, the Al Sabah family, on the death of the late Sheikh Nawaf Al Ahmad Al Sabah, who served his country for six decades and fulfilled his trust with all sincerity and rested his journey with Ghafoor Karim.

“We ask Allah to grant him the highest paradise in Paradise. And unto God and to Him we shall return.”

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, added: “Our sincere condolences and sympathy to our people in Kuwait on the death of the late Emir of Kuwait, Sheikh Nawaf Al Ahmad Al Sabah.

“We pray to Allah that the deceased of the Arab and Islamic world may have mercy on him and dwell in his spacious paradise, and that he may inspire the people of Kuwait with patience and solace.”

Sheikh Dr Sultan Muhammad Al Qasimi, Ruler of Sharjah; Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah; Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah; Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, and Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain all offered condolences.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, said in comments reported by Wam, that the world had "lost a great and a loyal leader who served his country and people in the positions he had held for decades, through which he contributed to strengthening the stature of Kuwait regionally and internationally."

It comes as the country has officially announced three days of mourning.

A statement posted on Wam, the state news agency, confirms the “declaration of mourning for three days and the flags to be flown at half-mast starting today at all official departments within the country and the embassies and diplomatic missions of the country”.

The Kuwaiti royal court confirmed the news of Sheikh Nawaf’s death earlier on Saturday.

“With great sadness and sorrow, we mourn … the death of Sheikh Nawaf Al Ahmad Al Sabah, Emir of the State of Kuwait,” the statement said.

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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
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Match info

Australia 580
Pakistan 240 and 335

Result: Australia win by an innings and five runs

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Shelby Lynne and Allison Moorer

Four stars

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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.”

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

SCORES IN BRIEF

Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).

Company%20profile
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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

Updated: December 20, 2023, 10:11 AM