"I'd like you to keep this in mind, this time shall pass. But it requires some patience."
Those were the words used by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, when he addressed the nation in March last year as the UAE and the rest of the world grappled with the Covid-19 pandemic.
Nineteen months on, he spoke to the public again, to call for a return to normality as the UAE bounces back from adversity.
In March 2020, countries around the world went into lockdown, borders closed and flights were grounded, infections rates climbed and a grim global death toll began to mount up.
Sheikh Mohamed remained steadfast in the face of the challenges ahead, praising the UAE's robust response to the outbreak and hailing the dedication of its frontline workers.
The UAE acted quickly to combat the pandemic.
Field hospitals were set up across the Emirates to ease the strain on health services.
Schools and offices emptied as remote working and learning practices were adopted to limit the spread of the virus, while places of worship and many non-essential businesses temporarily closed.
The public were directed to wear masks and abide by physical distancing rules as a "new normal" quickly emerged.
Sheikh Mohamed at the time reassured the public that the country had ample medical and food supplies amid concerns over international travel restrictions.
“I'd like to reassure every citizen and resident of the UAE that our country is infinitely able to supply everyone with all the food and medicine they could ever need,” he said.
He issued a rallying cry to citizens and residents alike to stand together and support the fight against the pandemic.
"Our traditions are very dear to us but we must be practical during these times. I ask every Emirati and resident to do what is necessary, and let's not allow our traditions to become a source of harm to our families and society.
"Take care of your mothers and fathers and families."
In the early months of the outbreak, Sheikh Mohamed delivered his supportive message at a distance, using video conferencing technology.
Sheikh Mohamed calls for return to normality
Fast forward to October 6, 2021, and Sheikh Mohamed was able to offer renewed hope at an in-person majlis.
He declared that the UAE had "overcome the Covid-19 crisis" and that the UAE was in a strong position.
"I am blessed to see your kind faces today. I announce to you that things are good; the health condition in the UAE is good. I would like to affirm to you all that our lives must get back to normal," Sheikh Mohamed said.
"We thank God that we have overcome this crisis with our well-being, dignity, safety, health and experiences that have cost us but from which we have learnt a lot."
He offered condolences to all who had lost their lives during the pandemic as he looked ahead to better times.
"2020 was difficult and has witnessed great challenges, but the UAE, thanks to God, was able to be one of the first countries to emerge from the crisis at a time when some countries faced great difficulties.
"The number of cases in the country has decreased to less than 500 [per day]. This is promising and indicates that Covid-19 is under control and less dangerous than it was."
Infection rates have dropped significantly since June, hitting an 18-month low of 156 new cases on Wednesday as mass screening and inoculation campaigns pay dividends.
More than 85.5 million PCR tests have been conducted, while more than 20.2 million doses of coronavirus vaccine have been administered to the public so far.
Schools are now welcoming back pupils in large numbers, workers are returning to offices and the UAE is once again hosting world-class events.
Expo 2020 Dubai – which was postponed for a year owing to the pandemic – is now under way, providing a beacon of hope to the world that a life after Covid-19 can be achieved.
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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- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
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Porsche Macan T: The Specs
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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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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
