Political observers have welcomed the appointment of a number of respected public figures to the Federal National Council ahead of the first session today of all 40 new members.
The list of appointed members, revealed exclusively by The National yesterday, gives a first view of how the seven Rulers now view the council's role.
Analysts praised the high-profile appointments, given that some of the elected members were not as well known on the national stage.
The appointments include Dr Mona Al Baher, the first Emirati social worker in the UAE; Noura Al Kaabi, the head of twofour54 Tawasol and human development at the media company; Afra Al Basti, the executive director of the Dubai Foundation for Woman and Children; and Dr Amal Al Qubaisi, who works on preserving heritage sites and relics.
"The government has to, of course, employ public figures," said Dr Ebtisam Al Kitbi, a professor of political science at UAE University. "Maybe the elected members were known in their emirate, but appointees are known in the whole of the UAE."
She was unsurprised, though, that there were only six women on the list of appointments, two fewer than in 2006, bringing the total number on the FNC to seven.
"Some ladies appointed before did not prove themselves," she said. Still, Dr Al Kitbi said the Government was clearly keen to compensate for the election of just one women, Sheikha Eissa from Umm Al Qaiwain.
"And they come from different fields, some academic, some social services, and some media," she said. "And the women are very well known."
Dr Al Kitbi also noticed that none of the appointments this time were of candidates who had failed to win election - as a handful were in 2006.
Four of the appointed members were on the previous FNC - Dr Al Qubaisi from Abu Dhabi; Ali Al Jassem from Umm Al Qaiwain; and Abdul-Rahim Shaheen and Rashed Mohammed Al Shariqi, both from Ras Al Khaimah - meaning the council would have "more new faces".
"Ninety per cent of them are new," she said. "And the reappointment of some of them is just a sign that their emirate thought they did well in the council."
Rashid Al Marar, a former Abu Dhabi member, had a feeling before the campaigns started that Dr Al Qubaisi would eventually be appointed. He was one of the few former members given a vote, and the only one to run for re-election, which he lost.
By contrast, several of those appointed were not eligible to vote or stand in the September 24 poll.
Dr Mona Al Baher, appointed from Dubai, was on the electoral roll in 2006, but not this time.
"I was just discussing with a friend that it was OK that my name was not on the list, and it could mean that I would be appointed - and later that night I got a call from the Ruler's court informing me of my appointment," she said. "It was still very unexpected."
Yesterday, the 40 members met in the capital to prepare for tomorrow's first session of the fifteenth legislative chapter, with the appointed members having had just a couple of days to "adjust" to their new role.
Noua Al Kaabi, appointed from Abu Dhabi, received a phone call from the FNC on Sunday, after missing a call from the Ruler's court the night before.
"I was driving, on my way to the F1," she said, adding she was looking forward to meeting the other members.
That chance came yesterday, as the members were briefed about today's opening itinerary at the headquarters near the capital's Corniche.
The FNC building was being decorated with UAE flags ahead of the scheduled arrival today of Sheikh Khalifa, the President.
Hassan Talib Al Muri, who failed to win election in Dubai, said those appointed were "some of the best people". He was looking forward to reading about the first session, he said, and hoped the council would be "much better this time round".
Abdulnaser Al Rashedi, a 29-year-old from Abu Dhabi who was a voter at the previous elections, said many of those appointed were already prominent in their fields.
"These are people who are very well respected and have a wealth of knowledge," he said. "They can surely give back to the community as well as maybe becoming a learning tool for the elected people."
He noted that Ms Al Kaabi would be a great addition to the council and, as an active Twitter user, would be a voice for young people.
"She is a great individual, amazing women, and I know that having her in the FNC will not do anything but improve and strengthen it," he said.
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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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Various artists, Sony Music Turkey
Draw for Europa League last-16
Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers
Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe
Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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