Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, has set out the top three priorities that governments should embrace for the coming year.
Writing on social media, Sheikh Mohammed said the first priority will be a continued focus on economic growth and development with “streamlined procedures, improved services and a fresh set of incentives”.
The second priority will be the youths, whom he said will be given support for their initiatives and job opportunities to ensure a better future for them.
The third priority involves having projects that embrace sustainability, conserve resources, and safeguard the environment.
At the two-day government meetings in Abu Dhabi, more than 500 dignitaries, including heads of UAE executive boards, ministers, and senior officials in the federal and local governments attend talks at federal and local levels to discuss and review strategies and initiatives.
Sheikh Mohammed said the meetings are an opportunity to come together and collaborate on future plans.
“Today marked the commencement of the annual UAE government meetings, bringing together the nation's 500 key officials across federal and local institutions,” he said on social media.
“United under one team, one nation, and one flag, we reaffirm the significance of collaboration for collective progress and unity.
“Every passing year strengthens the significance of collaborating with a united spirit as one team and one nation, striving to strengthen the union.”
He said the three priorities would frame much of the discussions and plans.
“Our outlined priorities for the upcoming phase, established during these meetings, revolve around three key points.
“Firstly, we aim to sustain and amplify the country's economic and developmental momentum through strategic policies, streamlined procedures, improved services, and a fresh set of incentives.
“Secondly, a spotlight on the youth takes centre stage, emphasising the reinforcement of their values, connection to identity and support for their initiatives.
“This involves creating economic and job opportunities to ensure a prosperous life for the younger generation.
“Lastly, a shift towards innovative thinking shapes our third priority. We aspire for development and economic projects that embrace sustainability, conserve resources, and safeguard the environment for generations to come.
“This commitment extends across our policies, laws, and future developmental endeavours.”
Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said he views citizens as a top priority.
“We are keen to strengthen the joint work and co-operation among the Executive Councils of all emirates in order to accelerate the growth in various sectors and to co-ordinate the efforts of the federal and local governments towards reaching the national objectives,” he said in a statement.
The meetings will review the most significant developments and amendments of the legislative and judicial sectors in the UAE, in addition to the achievements in the carbon neutrality and environmental agenda, and the impact of the comprehensive economic partnership agreements on the future of the national economy.
Subjects on the agenda also include attracting more investment to the UAE, further developing legislative infrastructure, education, health care, digital transformation, climate change and food security, health and housing.
The meetings will also discuss the UAE's hosting of Cop28 at Expo City later this month.
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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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
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Favourite book: Harry Potter
