Ethiopians in UAE pay tribute to late leader Meles Zenawi



DUBAI // Meles Zenawi's death is a loss to Africa and the world, those who knew him said yesterday.

"He has done many things for Africa," said Dr Yousef Eisa Hassan Al Sabri, the UAE ambassador to Ethiopia, who met Meles many times.

"He was playing a big role in the African Union. He was a good humanitarian and very clever man."

Ethiopian expatriates said Meles would be remembered for the economic development he brought to their homeland.

"Deep in their hearts, many people will be sad about his death because of the changes he made," said Henok Belay, who runs a cargo business in Dubai.

"Ethiopia was always known as a poor country and he tried to change this image.

"His rise to power was one of the biggest struggles in Africa, so he was a very important leader for us.

"The economic status of people changed because of him."

Fiseha Gebre, deputy consul at the Ethiopian Consulate in Dubai, worked with Meles when he took power in 1991. "I worked with him for three years and remember him as a visionary," Mr Gebre said. "He was important to us all, because of how his achievements changed people's lives.

"This news will affect the hearts of many Ethiopians residing in the UAE and elsewhere abroad because of the changes he made after he took over.

"His vision was to make the country self-sufficient in power and in agriculture."

Other Ethiopians in the UAE spoke of their sense of loss.

"He is a hero for our country, so it is really very sad," said Hury Tsegay, co-owner of Bonna Annee, an Ethiopian restaurant with branches in Dubai and Abu Dhabi. "We feel bad that one of our brothers has died.

"For a country that was just known for famine, we are now a fast-growing economy. He will be remembered as a good leader."

"He worked very hard for the welfare of the country," added Yeshi Bekele, who works at an Ethiopian restaurant.

"Most countries have started opening embassies in Ethiopia because of the progress he has brought to the country.

"We didn't have roads or trains. Young boys used to sleep on the roads. He gave them work. People aren't homeless now. His death is a big blow to the country."

pkannan@thenational.ae

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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Adam Hadwin and Sungjae Im (International) beat Xander Schauffele and Patrick Cantlay (US) 2 up.

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Karnatake Tuskers 114-1 (10 ovs)

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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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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.”

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

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Dessert

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  • Grade 9 = above an A*
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