A time for our divided world to act as one


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This is what tragedy looks like. Bodies piled upon bodies. A city flattened. Tens of thousands dead. Thousands more trapped beneath the rubble. Indiscriminate, indescribable horror. The earth beneath Port-au-Prince in Haiti shook for 40 seconds on Tuesday afternoon. It could take more than 40 years for the people of Haiti, and indeed the people of the world, to piece this country back together. An earthquake of this strength, 7.0 on the Richter Scale, and so close to the surface, would have wrought destruction even in Tokyo or Los Angeles. But Haiti is the western hemisphere's poorest country. The fragility of its infrastructure has been exposed. The fragility of its institutions may prove even more deadly. Haiti is near the top of international rankings for corruption. Many Haitians suffer from a lack of clean water, electricity, medical care and policing, even on the best of days. During these gravest of days, Haiti's chronic difficulties introduce the prospect that the agony on Port-au-Prince's corpse-strewn streets will only increase. Aid cannot arrive quickly enough.

Many international organisations will have to search for their own among the dead as their relief efforts begin. There are more than 100 United Nations staff unaccounted for among the 10,000-strong UN mission in Haiti. Thankfully, the UN presence includes 3,000 soldiers who have secured the airport in Port-au-Prince and opened it as a hub for relief efforts. Less than 24 hours after the earthquake, both Chinese and American rescue teams arrived there.

While every nation has a contribution to make in Haiti, the United States has a particular responsibility - and a unique ability - to lead the way. Haiti is a close neighbour. As the US effort halfway around the world after the 2005 Asian tsunami revealed, America can mobilise its military rapidly to co-ordinate and deliver relief. It is also fortuitous that the former president Bill Clinton is already serving as the UN envoy to Haiti. In the years since he left the White House Mr Clinton has demonstrated a singular ability to galvanise support for humanitarian aid. Now, more than ever, he must put his gifts to work. The US also has a base of operations near by, ready-made for the relief effort. The US naval station at Guantanamo Bay, less than 180 miles from Port-au-Prince, has a chance to be at the centre of what America does at its best, rather than what it has done at its worst.

Haiti's other neighbours also have a particular capacity to help. The often prickly relationships between them must not be a hindrance to their efforts to help Haiti's people. Whether it is Venezuela's squabbles with Colombia, or the long-standing enmity between Cuba and the US, nations must understand that the gravity of this crisis is greater than any nation's pride. Haiti has always been a bit of an odd man out as an overwhelmingly black and French-speaking nation in the heart of a Latin American sea. Now it must be the focus for all the Latin American and Caribbean nations to come together.

And while the crisis is a world away from the UAE, that should not prevent this country and its residents from doing their part. It is difficult to confront the magnitude of this tragedy, but Haiti's horrors will only multiply if we choose to ignore them.

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TWISTERS

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

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.”

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Day 3, Abu Dhabi Test: At a glance

Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.

Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.

The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.

MATCH INFO

Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

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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.

THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5