Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, reflected on a year of notable achievements for the UAE.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, reflected on a year of notable achievements for the UAE.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, reflected on a year of notable achievements for the UAE.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, reflected on a year of notable achievements for the UAE.

UAE

Government

Sheikh Mohammed bin Rashid calls for 2023 to be a year of 'goodness and peace'

Vice President and Ruler of Dubai delivers message to the people of the UAE and the world

The National

December 31, 2022

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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has called for 2023 to bring "goodness and peace" across the globe.

Sheikh Mohammed wished people a happy new year in a hopeful message delivered on Twitter on Saturday.

He said the UAE had "not stop working for a single day" during 2022 to continue its development.

He promised the world "something more beautiful" to come in the year ahead.

Sheikh Mohammed shared a video charting the UAE's achievements this year, from its remarkable rise in the space sector to business growth and partnerships on the global stage.

The video reflects on the UAE's efforts to improve lives around the world through its various humanitarian initiatives.

It showcased the UAE's landmark achievements, from welcoming the world to Expo 2020 Dubai, which concluded in March, to the opening of the Museum of the Future in Dubai.

Sheikh Mohammed is featured in the video along with President Sheikh Mohamed.

"2022 has been a remarkable year for the UAE, stepping further to the future through breakthrough initiatives," Sheikh Mohammed wrote on Twitter.

"We will embrace 2023 with a relentless spirit to achieve no less than the best.

"Happy new year to our country and our people. Happy new year to the Arab and Islamic peoples and all the peoples of the world.

"2023 is a year of goodness and peace, God willing, for everyone.

Key moments in the UAE in 2022 - in pictures

  • The President, Sheikh Mohamed, addresses the UAE. The landmark speech in July set out his vision for the country. It came two months after the Supreme Council elected him President, following the death of Sheikh Khalifa. Photo: Presidential Court
    The President, Sheikh Mohamed, addresses the UAE. The landmark speech in July set out his vision for the country. It came two months after the Supreme Council elected him President, following the death of Sheikh Khalifa. Photo: Presidential Court
  • The President, Sheikh Mohamed, with French President, Emmanuel Macron, at the Versailles Grand Trianon in Versailles, during Sheikh Mohamed's visit to France in July. It was his first official trip abroad as President. Photo: Presidential Court
    The President, Sheikh Mohamed, with French President, Emmanuel Macron, at the Versailles Grand Trianon in Versailles, during Sheikh Mohamed's visit to France in July. It was his first official trip abroad as President. Photo: Presidential Court
  • Sheikh Mohamed attends a reception at the Army Museum in Paris during the trip. Photo: Presidential Court
    Sheikh Mohamed attends a reception at the Army Museum in Paris during the trip. Photo: Presidential Court
  • The UAE made major changes to its visa rules this year. Wam
    The UAE made major changes to its visa rules this year. Wam
  • A new 60-day tourist visa was part of the overhaul. Christopher Pike / Bloomberg
    A new 60-day tourist visa was part of the overhaul. Christopher Pike / Bloomberg
  • The Museum of the Future opened on February 22 in Dubai. Photo: Dubai Future Foundation via Reuters
    The Museum of the Future opened on February 22 in Dubai. Photo: Dubai Future Foundation via Reuters
  • The museum, with its striking calligraphy-inscribed facade featuring quotes from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, represents a new type of architecture for Dubai. Kamran Jebreili / AP Photo
    The museum, with its striking calligraphy-inscribed facade featuring quotes from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, represents a new type of architecture for Dubai. Kamran Jebreili / AP Photo
  • Shaun Killa, the architect of the museum, with a model of the museum at his offices in Dubai. Antonie Robertson / The National
    Shaun Killa, the architect of the museum, with a model of the museum at his offices in Dubai. Antonie Robertson / The National
  • The museum envisions what the world might look like years from now. Ali Haider / EPA
    The museum envisions what the world might look like years from now. Ali Haider / EPA
  • Floods hit the UAE's east coast in July. An aerial photograph of Fujairah outlined the extent of the damage. Photo: Fujairah Media Office
    Floods hit the UAE's east coast in July. An aerial photograph of Fujairah outlined the extent of the damage. Photo: Fujairah Media Office
  • Some residents were severely affected. Abdelbasit Hassan's home was flooded. Khushnum Bhandari / The National
    Some residents were severely affected. Abdelbasit Hassan's home was flooded. Khushnum Bhandari / The National
  • The floods prompted a big relief response from authorities. Takatof, community service group volunteers, helped sweep the debris away after the waters receded in Fujairah. Khushnum Bhandari / The National
    The floods prompted a big relief response from authorities. Takatof, community service group volunteers, helped sweep the debris away after the waters receded in Fujairah. Khushnum Bhandari / The National
  • Another key event in 2022 was the effective end of Covid-19 rules. Signs were then removed across the country in malls, including Times Square Centre in Dubai, above. Chris Whiteoak / The National
    Another key event in 2022 was the effective end of Covid-19 rules. Signs were then removed across the country in malls, including Times Square Centre in Dubai, above. Chris Whiteoak / The National
  • The need for regular PCR tests, such as this drive-through centre in Rabdan, Abu Dhabi, has now been mostly dispensed with. Khushnum Bhandari / The National
    The need for regular PCR tests, such as this drive-through centre in Rabdan, Abu Dhabi, has now been mostly dispensed with. Khushnum Bhandari / The National
  • Signs reminding people to wear a mask, such as this one at the Swiss International Scientific School in Dubai, have been removed in most places. Chris Whiteoak / The National
    Signs reminding people to wear a mask, such as this one at the Swiss International Scientific School in Dubai, have been removed in most places. Chris Whiteoak / The National
  • An Etihad Rail train passing through Abu Dhabi emirate. In 2022, we learned more about the planned passenger service, with Etihad Rail stating the first passenger station will be built in Fujairah. A launch date for the passenger service has not been announced. Photo: Etihad Rail
    An Etihad Rail train passing through Abu Dhabi emirate. In 2022, we learned more about the planned passenger service, with Etihad Rail stating the first passenger station will be built in Fujairah. A launch date for the passenger service has not been announced. Photo: Etihad Rail
  • The Etihad Rail track. About 70 per cent of the line has been completed, the operator says. Victor Besa / The National
    The Etihad Rail track. About 70 per cent of the line has been completed, the operator says. Victor Besa / The National
  • Construction of the Etihad Rail railway in Fujairah. The line will connect communities across the UAE. Photo: Etihad Rail
    Construction of the Etihad Rail railway in Fujairah. The line will connect communities across the UAE. Photo: Etihad Rail

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.”

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

While you're here
Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

South Africa v India schedule

Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg

ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion

T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town

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Updated: December 31, 2022, 11:08 AM
UAESheikh Mohammed bin Rashid