Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, with Ahmad Jarba, president of the National Coalition for Syrian Revolutionary and Opposition Forces, at Michael Green’s lecture in Al Bateen Palace. Ryan Carter / Crown Prince Court – Abu Dhabi
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, with Ahmad Jarba, president of the National Coalition for Syrian Revolutionary and Opposition ForShow more

Failure is a valuable lesson, philanthopist tells Mohammed bin Zayed’s majlis



ABU DHABI // Michael Green knows all about the pain of failure in philanthropy – and the valuable lessons that can be drawn from it.

After the bloody Romanian revolution of December 1989 left thousands orphaned, Mr Green embarked on a mission to bring smiles back to the faces of the traumatised children by providing them with new play sets.

After a two-day drive with vans filled with supplies, he and a group of friends moved between orphanages, setting up the equipment.

“It was a great trip,” Mr Green told the majlis of Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Monday night.

But on their last night after a week of work, he returned to the places where they had installed the playground equipment. At one of the orphanages, he found it had been ripped from the ground.

“I cannot exaggerate how terrifying that was,” he said. “We made a lot of preparations. We were not there on a holiday, we were there to really help people.”

Mr Green, an expert on philanthropy and social innovation from London, said the incident had been  too painful to talk about at the time, but he later regretted his silence.

“We need to think and talk about failure,” he said. “You can learn more from failure than success.”

Mr Green said failure was often an alien concept among philanthropists, which raised the question of whether they thought they could not fail, did not talk about it, or were simply unwilling to take risks.

His interest led him to take a job with the British government, where he believed he could make a real difference – a belief that was also disappointing.

“Government always struggles to innovate and take risks,” Mr Green said. “Philanthropists do things government cannot do. It has to come with the risk of failure.”

He named five great philanthropists, the first of whom was Ted Turner, the founder of CNN who donated US$1 billion (Dh3.67bn) to UN agencies and urged other rich Americans to become philanthropic.

One of those was Bill Gates, the founder of Microsoft, who started a foundation with his wife, Melinda.

Mo Ibrahim, a Briton of Sudanese origin who promotes good governance in Africa, was next on the list.

In 2007, Mr Ibrahim offered $5 million to former African leaders who had best helped their citizens. Three have so far been deemed worthy.

The final two were Ronald Owen Perelman, the US businessman known for his determination, and Peter Thiel, who co-founded PayPal.

“Thiel wanted to teach people that if they had a great idea to do it now,” he said. “If the government has to do conventional things, shouldn’t philanthropists take risks?”

He concluded by telling majlis guests of his new award, the Heroic Failure Prize in Philanthropy.

“It is an important legacy for all,” Mr Green said. “No one will make the same mistake.”

Company%20Profile
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Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Lecce v SPAL (6pm)

Bologna v Genoa (9pm)

Atlanta v Roma (11.45pm)

Sunday

Udinese v Hellas Verona (3.30pm)

Juventus v Brescia (6pm)

Sampdoria v Fiorentina (6pm)

Sassuolo v Parma (6pm)

Cagliari v Napoli (9pm)

Lazio v Inter Milan (11.45pm)

Monday

AC Milan v Torino (11.45pm)

 

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Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5


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