Ajman unites in record-breaking celebrations



AJMAN // Everyone from government workers to students, police and the public are rejoicing about 42 years of union – and praying for many more to come.

Ajman’s police chief and his deputy led a parade on Corniche Road on Sunday attended by senior and junior officers surrounded by patrol cars and motorbikes.

Cheers greeted the national anthem, played by the police band, as officers handed out flags, scarves and other small gifts.

“Today has a great value in the hearts of every Emirati and UAE resident,” said Brig Gen Ali Alwan, the chief of Ajman Police.

“It is a translation of the love, loyalty and belonging to the UAE under the wise leadership of His Highness Sheikh Khalifa bin Zayed, whose efforts are supportive of Emiratis and expats.”

His deputy, Brig Sheikh Sultan bin Abdullah Al Nuaimi, described the parade as “an interpretation of the strong bond we have with our home and united land, formed by the late Sheikh Zayed and protected by Sheikh Khalifa, the President, and his brothers, the Rulers of the emirates”.

At the traffic-police headquarters, a short documentary about National Day was shown, followed by the recital of several poems describing love for the country, and dancing by schoolchildren.

Ajman Tourism Department put its own unique spin on the day’s celebrations by creating a giant mosaic made out of greeting cards bearing the slogan, Union Spirit.

The department wanted to set a world record for the biggest greeting card and needed about 4,000 people to take part if the bid was to succeed.

Government workers, police officers, private companies and members of the public all joined in the attempt, which was overseen by a representative from Guinness World Records.

It was confirmed on Sunday night that the attempt had been successful and Ajman had set a world record.

Not to be outdone, Ajman Municipality unveiled a panoramic gallery featuring historic images of the emirate and demonstrating how it had developed over the past 42 years.

Municipality staff gave gifts to the public and hosted visits by the Mom and Dad English Nursery and Al Amani Kindergarten, whose children congratulated Sheikh Rashid bin Humaid Al Nuaimi, the head of the municipality and son of the Ruler of Ajman, Sheikh Humaid bin Rashid.

The children met the Sheikh and employees of the municipality before receiving gifts and singing patriotic songs.

Some recited poems for the nation, the emirate, the Rulers and the flag.

Songs, plays, contests and magic shows were part of Ajman Civil Defence’s celebrations at the Corniche, attended by hundreds of people.

“The joy of having one family and one home, and a more prosperous future under the umbrella of the union, is the feeling of every single Emirati,” said Col Saleh Saeed Al Matroushi, the director general of Ajman Civil Defence.

Driving down Corniche Road, flags decorated each side from one end to the other. Lights in the shape of the number seven with the word “union” adorned every lamppost.

Drivers honked their horns as they drove by, many with UAE flags flapping from their rooftops.

People of every nationality attended the celebrations and expressed their happiness.

Thousands of people gathered on the Corniche to listen to traditional songs and to watch a play documenting the formation of the union.

Women and children in their hundreds carried flags and entered contests about the history of the country.

Children wearing Emirati clothes were invited to the stage to take part, singing “how precious you are my country, I knit the sun rays for your eyes”.

A giant video monitor beside the side of the Corniche played documentary clips about the country, its formation, its progress and its people and traditions.

Mariam Al Mansouri, head of events at the Ajman Executive Council, said the events would continue on Monday with more contests and prizes to be given away to winners.

At Ajman City Centre, more people gathered, forming a ring and listening to questions and answers about the union.

In every corner and every hall at Ajman University there was a tent or exhibition treating visitors to Emirati food, showcasing traditional weapons and offering lessons on the country’s history and heritage.

Sheikh Humaid launched the celebrations at the university by hoisting the flag before leading a march on the campus.

The university’s vice-president, Osama Saeed Salman, described the proceedings as “a celebration of unity in a time of separation, a celebration of building up in a time of wrecking down, a celebration of safety and security in a time of war. It’s a celebration of real renaissance”.

salamir@thenational.ae

* The article has been amended since it was first published to reflect that Ajman University’s vice-president, Osama Saeed Salman, made the remarks in the last paragraph of the story.

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

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.”

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm