The following is the full text of the speech of Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah to Dira'a Al Watan magazine on the occasion of the UAE's 42nd National Day:
Forty-two years have passed since the establishment of the Union. Since then, the UAE has become the symbol of pride, progress and development. It has become a developed country.
Love is the greatest blessing gift from Almighty Allah, our religion always teaches us the value of the union and the importance of Union in order to address obstacles of life, attain more achievements and build civilizations. Union consolidates determination, achieves welfare, coordinates efforts, develops knowledge and science and highlights the country’s stature and hoists its flag high.
We will not be able to build our homeland, secure a better life, maintain achievements, boost development or increase wealth without the Union. It also highlights the prestigious stature of the country among nations in the international events.
The march of Union is a story of a people, who chose cooperation and building bridges of brotherhood in order to reach the future with confident steps. This is the legacy of the founder the late Sheikh Zayed bin Sultan and the Rulers of the Emirates, who hoisted the flag of the Union.
Union was a vision which planted sustainable hope and generosity in all social, cultural, economic and humanitarian avenues. The first goal the prudent leadership focused on is the citizen, who is the target and the core of the building and development process.
Thanks to the wise leadership, its love for its people and the mutual love of the citizens towards their leadership, the march of the union has started and developed steadily.
Now, the UAE is a hub of the international economy and a destination of renaissance, prosperity and overall development. For everyone who seeks happiness, security and safety, the UAE will be the destination for those who thrive for the Arab and Islamic identity, tolerance, social co-existence and the culture of moderation.
The world today is addressing various challenges and risks, but the Almighty Allah has helped the UAE to avoid all such risks, thanks to the smart vision of our wise leadership, which harnessed all the potentials to serve the nation. Emiratis now live in a safe, prosperous and confident country.
The UAE, under the umbrella of the Union, is progressing day after day towards more empowerment into horizons of pioneering, security and innovation. All these achievements come within an overall government strategy, which has put the UAE among the most generous, development funding and charitable countries worldwide.
We should know the secret behind the powerful and moving energy of the march of development and building in the country in order to continue the march and preserve the continuity of achievements.
At the end, we ask the Almighty Allah to rest the soul of the Founder of the Union, the late Sheikh Zayed bin Sultan in eternal paradise, and bless the steps of President Sheikh Khalifa bin Zayed.
* Wam
ZAYED SUSTAINABILITY PRIZE
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Fast%20X
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Louis%20Leterrier%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Vin%20Diesel%2C%20Michelle%20Rodriguez%2C%20Jason%20Statham%2C%20Tyrese%20Gibson%2C%20Ludacris%2C%20Jason%20Momoa%2C%20John%20Cena%2C%20Jordana%20Brewster%2C%20Nathalie%20Emmanuel%2C%20Sung%20Kang%2C%20Brie%20Larson%2C%20Helen%20Mirren%20and%20Charlize%20Theron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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.”
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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