ABU DHABI // Although half of the 40-seat Federal National Council is appointed and the other half is elected, member Rashid Al Shariqi said that both come from the Rulers’ and people’s choosing.
“A person becomes a member of the FNC because either the society chose him or he was chosen by the Ruler,” Mr Al Shariqi says. “And the electoral college, which elects members, are chosen also by the Ruler. This means they are both elected.”
The FNC member, one of only four from the last term to be reappointed, says the consultative body has changed dramatically since he joined in 2006. He says one change that has helped the council in its work is the vast pool of expertise among members.
“This helps the Government when discussing issues with the FNC and it also helps the FNC,” he says. “I think we have someone from all fields, which is something very important.”
Mr Al Shariqi says the FNC and the Government aim for the same goals – the best interests of the nation and its citizens – even if they differ on the ways to attain them.
Over the past seven years, the FNC has been able to show what the Government has in store for the country locally, regionally and internationally, he says.
The council’s role had also evolved internationally. The FNC has become an active member in greater organisations, including the inter-parliamentary union.
“The FNC has made considerable contributions to these meetings,” Mr Al Shariqi says.
He says the FNC has little say in what topics are covered during the sessions because the laws for discussion are passed on by the Government. But whatever the law, his role is to participate.
“I cannot say the FNC improved over the years, but it has become more organised,” he says. “Now we have a ministry and a Minister of State for FNC Affairs.”
On a personal level, Mr Al Shariqi says issues relating to education, health and environment most concern him.
He says matters that frustrate him on the council include delays on the ministers’ part.
“We do complain to the Government for delaying certain issues,” he says. “Some are very timely matters that we need to discuss with them. Sometimes it is vital to discuss them.”
Before joining the council, Mr Al Shariqi was undersecretary at the Ministry of Agriculture and Fisheries, a post he held from 1999 until 2005, before the ministry was dissolved.
Since 2006, Mr Al Shariqi has been director general of the Abu Dhabi Food Control Authority.
“I have learnt a lot on the FNC, from those in it and the speakers. And I learnt from Government officials,” he says. “It has been a good experience.”
osalem@thenational.ae
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.”
Company%20profile
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
UAE%20v%20West%20Indies
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The%20end%20of%20Summer
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Killing of Qassem Suleimani
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget