FNC member Ahmed Al Amash during the FNC session in Abu Dhabi. Ravindranath K / The National
FNC member Ahmed Al Amash during the FNC session in Abu Dhabi. Ravindranath K / The National
FNC member Ahmed Al Amash during the FNC session in Abu Dhabi. Ravindranath K / The National
FNC member Ahmed Al Amash during the FNC session in Abu Dhabi. Ravindranath K / The National

FNC members encourage Emiratis to marry locals


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ABU DHABI // FNC members have called for a higher committee to encourage Emiratis to marry other Emiratis and to support them from the moment they begin to think about marriage.

During a heated debate with Dr Maitha Al Shamsi, Minister of State and head of the Marriage Fund, member Ahmed Al Amash (RAK) demanded that more be done to support nationals. He also attacked the fund for not following through on its legal mandate.

At the start of the discussion, Dr Al Shamsi detailed extensively efforts made by the fund, which offers financial grants of Dh70,000 to those who marry other locals and meet certain requirements.

She named 40 programmes and workshops aimed at young couples, students and parents to help guarantee the success of a marriage, and to encourage national men to marry national women.

After her response, Mr Al Amash said the minister had failed to answer his question on “how the ministry worked to achieve the country’s social policy”.

He said this would not be achieved without tight family bonds, adding that as people move away from extended families and towards nuclear families the problem worsens.

“UAE families used to be stronger,” he said. “Relationships inside the family were better.”

He criticised the fund for giving grants after a marriage licence had already been drawn up. He said the agency should play a bigger role when couples consider marriage, and through the engagement and nikkah itself.

“Encourage them to marry locals,” he said. “Help them face their marriage obstacles.”

The rise in older unmarried women and the rise in divorces, he said, was due to local men marrying expatriates. Last year, he said, 3,000 local men married non-locals.

Dr Al Shamsi reminded Mr Al Amash that what he was asking for in greater family intervention was not the fund’s responsibility.

She said the fund had no way of knowing which families were preparing for marriage and could not intervene before being approached. “The fund cannot enter the homes of every local to ensure they marry a local, that they do not divorce,” she said. “All societies live this. These are normal society issues.”

She said encouraging locals to marry each other is one of the reasons for the grant. “We can’t knock on the door and say, ‘I am the one in charge of this family’,” she said. “I would like to reassure the member that we work towards what the law says and even more. The member must be aware of the limits of the marriage fund.”

She added that UAE society was found to be the happiest in the world due to the freedom given by the Government.

A majority of FNC members voted to raise a recommendation to the Government to form a higher committee to encourage Emirati marriages and to provide further support to those planning to wed.

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Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

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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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