The skies above Abu Dhabi city and the Western Region will light up with the colours of the country in a series of fireworks displays marking the UAE's 41st National Day.
On the beachfront at Abu Dhabi Corniche and at the Madinat Zayed Cultural Centre in Al Gharbia, residents will see more than 17,000 fireworks sent aloft from boats, barges and land.
With some explosives expected to reach 150 metres, a seven-minute show featuring comets, tails, volcanoes and shells will kick-off proceedings on the Corniche on Saturday. The show will start at 8.30pm, along with the exhibition at Madinat Zayed.
"National Day is a celebration for everyone in the UAE so it made sense for us to spread our fireworks displays across the emirate," said Sultan Al Muhairi, general coordinator of the 41st National Day celebrations at Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi).
The fireworks displays will be set to the song Ya Khalifatna, or Our Khalifa, inspired by the classic UAE song Zanaha Zayed, a 1996 hit written by the Emirati poet Arif Al Khaja.
The breakwater opposite Abu Dhabi Corniche, next to Marina Mall, will be the site of several activities, and will feature shows at the Abu Dhabi Theatre tonight, on Friday and on Sunday.. A two-day sailing regatta will be on Sunday and Monday and a one-off cultural festival at the Abu Dhabi Heritage Village will be held on National Day.
Other National Day attractions include the Union Car Parade at Yas Island on Sunday. Thousands of creatively decorated vehicles will parade and blare their horns, vying for shares of a Dh100,000 prize for having the best decorated vehicle.
With a top prize of Dh25,000 and Dh20,000 for second place, the parade is expected to draw entries from every corner of the Emirates.
The remaining prize money will be divided into eight cash prizes ranging from Dh15,000 to Dh5,000.
"Emiratis are a very patriotic people and many of us are very passionate about cars," Mr Al Muhairi said. "These factors align every year for National Day, a momentous celebration where everyone in the country shows off the UAE's colours and comes together as one society under one flag."
The parade will start on Yas Island at 5pm. Participants are requested to arrive on the island by 2pm to avoid traffic problems. There will be a host of activities sponsored by Etihad Airways.
Star performers from across the Arab world will perform Khaleeji music in concert at Abu Dhabi National Exhibition Centre, in Al Ain, on Dalma Island and at Madinat Zayed over the weekend.
Dubai Mall has also extended its operational hours during the National Day. The mall will be open from 10am to 1am on Thursday, and until 3am on Friday and Saturday. On Sunday and Monday, the hours will be 10am to 1am.
Meanwhile, residents of the Northern Emirates who want to visit the capital can take advantage of a RAK Airways promotion offering round-trip flights from Ras Al Khaimah Airport to Abu Dhabi International Airport for Dh80 on Sunday. Regular cost is Dh200.
anwar@thenational.ae
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Manchester United 1
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Man of the Match: Fabinho (Liverpool)
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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Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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