A UAE ministry has revoked the licence of a Tasheel government service centre, temporarily closed down another and imposed penalties on nine more in a major crackdown on poor performance.
The Ministry of Human Resources and Emiratisation said it took the tough action after the centres committed a string of violations and failed to heed warnings to raise their standards.
Failures included low quality of work, a large number of complaints from customers and lengthy waiting periods.
Tasheel centres provide a wide variety of government services under one roof, including Emirates ID and medical fitness applications.
In a statement, the ministry said the centres had fallen short of standards set by the Emirates Programme for Excellence in Government Services, launched in 2011 to boost the efficiency of government services.
The centre that had it licence withdrawn was based in Dubai, while the facility temporarily shut down is located in Sharjah.
The remaining centres, based in Al Ain, Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah and Fujairah, have had certain services suspended.
"We will continue implementing our strategic plan for Tasheel centres with routine inspections to ensure they implement the standards set by the Emirates Programme for Excellence in Government Services," the ministry said.The stringent action comes in the wake of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, hitting out at poor standards at a government service centre and pledging to remove staff who are not performing well.
The Prime Minister and Ruler of Dubai shared an image of lengthy queues at a branch of Emirates Post.
He spoke of the need for a broader focus on customer service and "transparency" in public services.
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A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
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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.”
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Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
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Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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RESULTS
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Featherweight
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Super heavyweight
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