Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan is the Emirates' role model for its humanitarian work, said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Writing on Twitter to mark Zayed Humanitarian Work Day, Sheikh Mohammed said: “We remember our Founding Father, the mentor, our role model in humanitarian work, who fed people, watered trees, had mercy for the poor and fulfilled the needs of the destitute.
“He offered his heart to the homeless and the impoverished, and to them he was their home and their homeland. May God have mercy on him and may he dwell in paradises as wide as the heavens and earth. Amen.”
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, underlined the UAE's commitment to Sheikh Zayed's legacy.
“On Zayed Humanitarian Day, we reaffirm our long-standing commitment to continuing the legacy of the late Sheikh Zayed, whose pioneering generosity and commitment to helping others reached people and communities in need around the world,” Sheikh Mohamed wrote on Twitter.
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, said the day celebrates the legacy of Sheikh Zayed and continuing the journey of humanitarian giving.
"My father taught me that giving is a duty and not a favour from anyone," he said, writing on Twitter.
Dr Anwar Gargash, diplomatic adviser to President Sheikh Khalifa said: "On this day, as all days, we remember his charitable journey that he led with determination and hope to build a homeland that he wanted as a beacon of development and leadership."
Zayed Humanitarian Work Day falls each year on Ramadan 19, the date on the Hijri calendar that Sheikh Zayed died in 2004.
The day is an annual occasion to announce the launch of humanitarian and charity initiatives through the many official community events held in the Emirates.
Sheikh Zayed was a symbol of giving and providing humanitarian aid to people around the world. Thanks to his efforts, the UAE gained a notable regional and international humanitarian stature.
Between 1971 to 2004, the UAE provided development and humanitarian aid worth Dh90.5 billion to about 117 countries, news agency Wam said.
That legacy is evident with the current One Billion Meals campaign that aims to feed underprivileged people in 50 countries.
Launched by Sheikh Mohammed bin Rashid at the start of Ramadan, at least 418 million meals have been pledged so far.
Individuals, philanthropists and companies throughout the Emirates have come together to make 194,000 donations to the cause.
The project also supports efforts to achieve the UN’s second Sustainable Development Goal, to end hunger by 2030.
Last year, the UAE set a target of raising enough donations for 100 million meals. It was reached within 10 days.
In 2020, the 10 Million Meals campaign supported communities hit by Covid-19 throughout the UAE.
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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.”
Results
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
