Cyclist Rashed Al Yafai is flying the flag not just for the UAE but also for Islam as he tours Europe on his bike. Courtesy Rashed Al Yafai
Cyclist Rashed Al Yafai is flying the flag not just for the UAE but also for Islam as he tours Europe on his bike. Courtesy Rashed Al Yafai
Cyclist Rashed Al Yafai is flying the flag not just for the UAE but also for Islam as he tours Europe on his bike. Courtesy Rashed Al Yafai
Cyclist Rashed Al Yafai is flying the flag not just for the UAE but also for Islam as he tours Europe on his bike. Courtesy Rashed Al Yafai

Emirati cyclist embarks on tour of understanding in Europe after terror attack in Nice


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AJMAN // The lorry attack on Nice in July that claimed 86 lives provoked much debate in France and beyond about Islam in the west but it was also the catalyst for one Emirati to embark on an educational journey.

The terrorist incident and the subsequent questions about Muslims in Europe prompted amateur cyclist Rashed Al Yafai to take his bike and go on a pedal-powered 500km tour of France and Belgium in an attempt to dispel myths surrounding his religion.

The 40-year-old and two European friends whom he met via Facebook - one from Belgium and the other from France - embarked on a tour last month that took them through Brussels, Revin and Rue de Bertinquesmes, while also visiting 67 villages in three days.

“I’ve been an amateur cyclist for eight years and through cycling, I know these two guys,” said Mr Al Yafai, who is a director at Abu Dhabi Food Control Authority.

“My relationship with them is formal as we only contact through WhatsApp or Skype to talk about bicycles and spare parts.

“After the terrorist attacks in Europe, especially the one in Nice, we were talking on WhatsApp and their way was a little bit critical, they asked me, ‘why you Muslims do this to us? Why do you hate us?’.

“It was my duty as a Muslim to explain to them that those behind these attacks are not Muslims. I told them, ‘these are extremist groups that do not belong to Islam’.

“I gave them the example of the UAE, an Islamic country that spreads charity costing millions of dirhams to Muslim and non-Muslim communities.”

Three days later, the two Europeans, who live in France and Belgium respectively, contacted Mr Al Yafai, who is from Abu Dhabi, and asked if he wanted to do a cycling tour in Europe.

“I liked the idea, so I decided to go there holding with me Islam’s message and being the ambassador of my homeland abroad,” he said.

“They loved the idea of visiting villages in Europe and telling people the real meaning of Islam and we started planning for it.”

After a month of intensive training, Mr Al Yafai was ready to begin.

“We tried as much as we could to pass by a large number of villages and we chose villages, not cities, because people in cities are always busy,” he said.

“I took with me the UAE flag and printed it on my suit along with the logo of the union and wore a UAE flag scarf too. This was a way to attract people and get them to stop us for a discussion. “Some people were looking at me and moving on. Others were stopping us and asking, ‘Where are you from? From which cycling team? What are you doing here?’

“My friends were talking to them in English or French on behalf of me and telling them, ‘he is our friend from the UAE’. And they kept asking, ‘where is the UAE?’ because most of them do not know the UAE, they just know Dubai.

“Through this we started opening up a conversation about the UAE and Islam, which is a religion of love and peace.”

The Europeans he spoke to were satisfied with what he had to say, said Mr Al Yafai. “They had acceptance of what we told them, with a smile and satisfaction. Some of them promised me that they would spread the message they got,” he said.

Mr Al Yafai also bonded well with his two cycling partners and he has now invited them to the UAE to get a true flavour of Emirati culture.

roueiti@thenational.ae

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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.”

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