FNC called to session for fourth, final term


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ABU DHABI // The Federal National Council was called to session on Sunday by Sheikh Khalifa, President of the UAE.

Security was high at the FNC headquarters as military guards awaited the arrival of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, who would officially open council proceedings on behalf of Sheikh Khalifa.

An array of flags had been raised on Saturday night in preparation for the occasion. A red carpet was laid down and staff were on standby for the visit.

Sunday marked the start of the FNC’s last year of a four-year term and final conclusion to the 15th legislative chapter before a new council is elected by the nation and appointed by the rulers.

“It will be a good year,” said Hamad Al Rahoomi, a Dubai member.

FNC members started pouring in to the Abu Dhabi chamber, tucked behind Spinney’s in Khalidiya, more than an hour ahead of schedule.

Several female members – Afra Al Basti and Ayesha Al Yammahi among them – were the first inside the council chambers, taking seats in the front, closest to the speaker’s podium.

A few minutes before noon and before schedule, the building – filled with members of the ruling family, crown princes, military officials, ministers, ambassadors, and other high-ranking officials – fell silent. Sheikh Mohammed had arrived.

After standing to the sound of the national anthem in front of members of the Army, Sheikh Mohammed made his way inside the FNC alongside the speaker, Mohammed Al Murr.

There he met a number of FNC members before making his descent into the hall to officially open the session by reading out a Presidential decree calling the council to convene.

“In the name of God Almighty, today we open the ordinary session of the 15th legislative chapter to your esteemed council, wishing you success in dealing with the nation’s and nationals’ issues in all honesty and responsibility, in order to safeguard the federation,” Sheikh Mohammed said.

“We ask God Almighty to guide our steps, and to help us in ensuring the happiness of our people, and the protection of our country, and to protect its gains.”

Mr Al Murr followed with an opening speech, highlighting the council’s achievements.

“It is not surprising that the UAE occupies this elevated place thanks to its national achievements, at global standards,” he said. “Which comes as a natural result of the country’s proper approach, based on a clear vision.”

He continued to say the FNC carried out its constitutional role to support the country’s stability and development.

Development in the parliamentary political process in the country has put the FNC in front of challenges, he said, notably the improvement of its general performance within the framework of its constitutional, legislative and supervisory mandates.

“The council’s [previous] terms were rich with activities and achievements,” he said. “The Government referred to the council several draft laws that it had approved after it studied them carefully, and the council addressed them with the concerned authorities in deep sessions and debates in order to be up to date with developments to continuously work to modernise the country’s legislative system in all sectors.”

Within 20 minutes, the pomp and circumstance was over.

Sheikh Mohammed left the building and the council went back to work.

osalem@thenational.ae

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

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UAE currency: the story behind the money in your pockets
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

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Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

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Southern Brave: Quinton de Kock

The biog

Favourite book: Homegoing by Yaa Gyasi

Favourite holiday destination: Spain

Favourite film: Bohemian Rhapsody

Favourite place to visit in the UAE: The beach or Satwa

Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19

Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
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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.”

Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

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Martin Sabbagh profile

Job: CEO JCDecaux Middle East

In the role: Since January 2015

Lives: In the UAE

Background: M&A, investment banking

Studied: Corporate finance

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About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

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