Sheikh Khalifa, President of the UAE, issued a number of decrees on Monday to reshuffle the Executive Council.
Sheikh Mohammed bin Khalifa: Executive Council Member
Sheikh Mohammed bin Khalifa will remain a member of the Abu Dhabi Executive Council.
Sheikh Sultan bin Tahnoun, Executive Council Member
Sheikh Sultan bin Tahnoon is also the Chairman of the Department of Transport.
Mohammed Khalfan Al Romaithy: Chief of Abu Dhabi Police
Mohammed Khalfan Al Rumaithi, former deputy commander-in-chief of Abu Dhabi Police and current general director of National Emergency Crisis and Disasters Management Authority, is now chief of Abu Dhabi Police
Sheikh Hamed bin Zayed: Executive Council Member.
Sheikh Hamed bin Zayed is also Chief of the Abu Dhabi Crown Prince’s Court.
Ali Majid Al Mansouri: Chairman of the Department of Economic Development.
Ali Majid Al Mansouri will remain the chairman of the Abu Dhabi Department of Economic Development.
Riyadh Abdulrahman Al Mubarak: Head of the Finance Department and Member of the Executive Council.
Riyadh Abdulrahman Al Mubarak, who is also the chairman of the Abu Dhabi Accountability Authority, is now head of the Department of Finance.
Khaldoon Khalifa Al Mubarak: Head of Executive Affairs Authority.
Khaldoon Khalifa Al Mubarak is the chief executive and Managing Director of Mubadala and will remain the Chairman of the Abu Dhabi Executive Affairs Authority (EAA).
Saeed Eid Al Ghafli: Chairman of the Executive Office.
Saeed Eid Al Ghafli, formerly the chairman of the Department of Municipal Affairs, was also appointed to the head of the Executive Office
Dr Ahmed Mubarak Al Mazrouei: Secretary-Geneal of the Executive Council.
Dr Ahmed Mubarak Al Mazrouei will remain the secretary-general of the Abu Dhabi Executive Council.
Dr Mugheer Khamees Al Khaili: Chairman of the Health Authority.
Dr Mugheer Khamees Al Khaili has been appointed Chairman of the Health Authority.
Dr Ali Rashid Al Nuaimi: Director General of Abu Dhabi Education Council.
Dr Ali Rashid Al Nuaimi, the vice chancellor of UAE University, was appointed director general of Abu Dhabi Education Council.
Awaidha Al Marar: Chairman of Municipal and Transport Affairs.
Awaida Al Marar has been appointed the Chairman of Municipal and Transport Affairs.
Sheikh Abdullah bin Mohammed Al Hamad: Chairman of Abu Dhabi Water and Electricity Authority.
Sheikh Abdullah bin Mohammed Al Hamed, who serves as chairman of the Abu Dhabi Water and Electricity Authority, was appointed head of the Energy Authority.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The%20specs
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
