Sheikh Nahyan bin Mubarak, president of Zayed University and Minister of Higher Education and Scientific Research.
Sheikh Nahyan bin Mubarak, president of Zayed University and Minister of Higher Education and Scientific Research.
Sheikh Nahyan bin Mubarak, president of Zayed University and Minister of Higher Education and Scientific Research.
Sheikh Nahyan bin Mubarak, president of Zayed University and Minister of Higher Education and Scientific Research.

Businessman Mohan Jashanmal honoured by Sheikh Nahyan


Kareem Shaheen
  • English
  • Arabic

ABU DHABI // When Mohan Jashanmal came to the UAE in 1964, fresh water was being brought over from Bahrain in converted diesel drums. Today the businessman is the patriarch of one of the most prominent Indian families in the country.

It is a tale of hard-earned success, but one that Mr Jashanmal says is a sign of the UAE's tolerance at a time when sectarian strife is growing in some parts of the region.

"India is like my mother, but I have grown up here, earned my livelihood here, so this is like my father, and I have the greatest respect for my mother and father," he says.

Mr Jashanmal was honoured on Saturday at the majlis of Sheikh Nahyan bin Mubarak, the Minister of Higher Education and Scientific Research and an enthusiast for the country's ideals of inclusiveness.

Sheikh Nahyan spoke of equality as a value that is integral to the UAE and can be an example for others. "God created us equal," he said. "He created the human being, and he is honoured in all religions.

"He created the earth so all humans can live on it, develop themselves and help those in need, for all to live a good life, and for the human to help his brother the human being."

Human development has taken on a central role in the Government's strategy, he said. "The pillar of the Government's strategy is the human being, whether in terms of finding education, finding jobs, finding homes. It all revolves around serving the human being and raising the standard of living."

Sheikh Nahyan said it was necessary to provide security to people of all religions, values enshrined in the UAE through the late Sheikh Zayed, the founder of the nation, who believed that "religion is between the human and his God" and "the best of you is the one who is good to his brother".

Sheikh Nahyan inaugurated a new Coptic Orthodox church in Al Ain last month and condemned the bombing of a Christian church in the Egyptian city of Alexandria that killed 21 people and injured scores of others.

His comments come amid a rising tide of violence threatening minorities in the region, with al Qa'eda pledging to attack Christians. A recent conference of Muslim parliamentarians in the capital called for greater measures to protect Christians and condemned violence against minorities.

The cosmopolitan nature and openness of the UAE was always a conscious choice, said Abdullah al Azdi, a former foreign ministry official and a mutual friend of Mr Jashanmal and Sheikh Nahyan.

"The lower part of the Arabian peninsula is open-minded, we were never closed or discriminating," he said.

From decades ago and continuing today, anyone can go to the country's rulers and ask for an audience, he said, regardless of their nationality or religion. "The Arab countries must follow in the Gulf's footsteps, even though we should learn from them," he said.

Dr al Azdi said it was wrong that Lebanon, for instance, faced a momentous collapse because of sectarian conflict. "Religion should not be a tool or a game," he said.

"You have 200 nationalities here and no problems," Mr Jashanmal said. "It is an Islamic country, but not Islamic in the way of Saudi Arabia or Iran. That is what Islam is, extremely tolerant, calling the Almighty the All Merciful."

Mr Jashanmal said he was grateful that the UAE had given him "the opportunity to serve the country".

Though most expatriates see the country as a transient home, it will not close its doors if people want to settle.

He was among a contingent that came to the UAE before it was the prosperous oil-rich nation it now is.

"When we came here in 1964 there was no water or electricity," he said. "Anyone can come when prosperity is going on."

"If you happen to like it and want to make your home here people won't tell you 'no'," he said.

Naga
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

Women’s World T20, Asia Qualifier

UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs

Standings (P, W, l, NR, points)

1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0

Final
Thailand v UAE, Monday, 7am

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Persuasion
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Profile box

Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

The%C2%A0specs%20
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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

While you're here

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.”

MATCH INFO

What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

DMZ facts
  • The DMZ was created as a buffer after the 1950-53 Korean War.
  • It runs 248 kilometers across the Korean Peninsula and is 4km wide.
  • The zone is jointly overseen by the US-led United Nations Command and North Korea.
  • It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
  • Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
  • Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
  • Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012. 
  • Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
The%20specs
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Key developments

All times UTC 4

THE SPECS

Engine: 4.4-litre V8

Transmission: Automatic

Power: 530bhp 

Torque: 750Nm 

Price: Dh535,000

On sale: Now