Emirati elders and toddlers come together to plant a tree and raise the UAE flag for Flag Day in Fujairah. Wam
Emirati elders and toddlers come together to plant a tree and raise the UAE flag for Flag Day in Fujairah. Wam
Emirati elders and toddlers come together to plant a tree and raise the UAE flag for Flag Day in Fujairah. Wam
Emirati elders and toddlers come together to plant a tree and raise the UAE flag for Flag Day in Fujairah. Wam

Emirati elders plant tree to shelter future generations, like nation builders before them


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  • Arabic

FUJAIRAH // Emirati elders and toddlers came together on Thursday to plant a tree for Flag Day.

The two groups were brought together to represent the glorious past and the prosperous future of the country at the Ministry of Community Development Centre in Fujairah.

Seven elders who are members of the cultural section of the centre helped plant the Flag Day Tree, the growth of which will symbolise the country’s bright future while its roots will represent the country’s strength, heritage and culture.

“As we grow old, we can’t offer much to the country and this is part of our appreciation and love to the UAE and our Rulers,” said 80-year-old Halima Al Mismari, the oldest member of the group.

“It’s the least we can do to our country, may God keep us united.”

Another elder said she brought her granddaughter to celebrate with them and participate in planting the tree and raising the flag.

“The tree symbolises life, prosperity and heritage, therefore we decided to plant one on this day,” said Ayda Rashid, 60.

“I brought my granddaughter Moza with me to celebrate with us. She represents the future and we want her and all of the new generation to learn from the past and work hard for a better future.”

The cultural section members had also been busy in the last two months with weaving and sewing clothes, baskets and scarves for the occasion.

“We prepared many things for this day and we sold plenty of hand-made items that has the colours of the flag,” said Azizah Aal Ali, 50.

“It’s a day that represents joy, pride and an opportunity to show our appreciation.”

The elders joined centre officials and representatives from the young men’s foster home and social affairs office in raising the UAE flag at 11am, holding small flags while singing the national anthem.

The community development centre manager said that each year the elders were invited.

“This day is all about unity and the national spirit, so we brought together two different generations to prove that, no matter how old we are, our love, pride and appreciation to the country and its leaders will always be the same,” said Ahlam Aal Ali.

Ten children aged 3 to 4 from Al Dana Nursery in Kalba came to take part.

“This is the second time we have participate in this event, as we opened in 2015. The kids enjoyed the celebration and were spoilt by the elders’ generosity,” said Mayada Lotfi, a 28-year-old Arabic teacher at the nursery.

Balloons coloured in red, green, white and black were released by the attendees as part of the celebration.

rhaza@thenational.ae

MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

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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.”

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.