Sheikh Zayed, a visionary rooted in his culture, takes part in a traditional dance. Courtesy National Archives
Sheikh Zayed, a visionary rooted in his culture, takes part in a traditional dance. Courtesy National Archives

Historian’s research sheds light on Sheikh Zayed’s greatness



ABU DHABI // By speaking to the people who knew him well, Jamal bin Huwaireb believes he has discovered the essence of Sheikh Zayed’s greatness.

On the 10th anniversary of the death of the country’s founding Father, the Emirati historian hopes he can portray Sheikh Zayed’s most important characteristics to a generation who never knew him.

Mr bin Huwaireb has conducted research about Sheikh Zayed by interviewing acquaintances of the nation’s first President.

He also gathered information from publications, such as the travel books by Wilfred Thesiger, as well as national and British documents.

What made Sheikh Zayed a great leader was firstly his name and ancestry, said Mr bin Huwaireb. “Zayed was named after his grandfather who was a symbol of justice, generosity and courage,” he said.

He grew up in a family of leaders, and was brought up listening to stories about his grandfather, Sheikh Zayed bin Khalifa.

So, it was natural that Sheikh Zayed would grow up to be a wise leader because of the environment in which he lived, the stories he heard and the things he saw from the family surrounding him.

“Zayed grew up with this name, and with the love of imitating the person behind the name. His name had a major role in his character.”

Mr bin Huwaireb said Sheikh Zayed learnt what leadership entailed from a young age from his father, Sheikh Sultan bin Zayed. “Even though his father did not reign for long, it was enough,” he said.

“Zayed’s father was blessed with wisdom. This boy looked into his father’s life, he saw the majlises and saw what leadership is in front of his eyes. He saw how fair his father was, and how he treated the community with equality. He spoke to them, played with the children. That is how he created a relationship with the people.”

Sheikh Zayed also learnt from his elder brother, Sheikh Shakhbout, who had a vast knowledge of politics, literature and Sharia.

“From Sheikh Shakhbout’s majlis in Abu Dhabi, Sheikh Zayed learnt about literary works like Al Mutanabi’s poetry.”

When Sheikh Zayed became the Ruler’s representative in Al Ain, he quickly won over the area’s people.

“He did it through communication, cooperating with the people. He would borrow money to be able to look after the people of Al Ain. He built a school and a souq, and was continuously developing,” said Mr bin Huwaireb.

He said this period in Sheikh Zayed’s life was about acquiring knowledge.

In 1953, Sheikh Zayed and Sheikh Shakhbout travelled to London and Paris – their first visit to western countries. Mr bin Huwaireb said: “At that time, there was nothing mentionable in the country. Sheikh Zayed came to Al Ain and he was sad, he was telling people ‘when will our country become like the West’.

“He wanted to develop architecture, to build roads, to make use of technology, and there was nothing in the country but a few buildings and little trade.”

When Zayed became Ruler of Abu Dhabi in 1966 he immediately set to work in building hospitals, schools, and roads, said the historian.

“The country developed in just five years. After the British [announced that they would be leaving] in 1968, he decided to unify the Emirates and, with the help of Sheikh Rashid Al Maktoum, it was possible.”

Sheikh Zayed always saw the country in a light that required constant development in all sectors, said Mr bin Huwaireb, who stressed that it was important to impress that development on younger generations.

“Sheikh Zayed followed the path of his ancestors and the characteristics have remained in all the leaders. And now, his children and the sheikhs are following his footsteps. We call our sheikhs ‘father’, because we have a different relationship between the ruler and the people.

“It is important to know that Zayed’s upbringing gave him that personality, and we must take him as a model in raising our own children.”

He said younger generations should be inspired by Sheikh Zayed and “by narrating his story we are instilling nobility, cooperation and the ability to achieve in our children”.

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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.”