President Emmerson Mnangagwa of Zimbabwe visits Sheikh Zayed Grand Mosque in Abu Dhabi on Sunday. Wam
President Emmerson Mnangagwa of Zimbabwe visits Sheikh Zayed Grand Mosque in Abu Dhabi on Sunday. Wam
President Emmerson Mnangagwa of Zimbabwe visits Sheikh Zayed Grand Mosque in Abu Dhabi on Sunday. Wam
President Emmerson Mnangagwa of Zimbabwe visits Sheikh Zayed Grand Mosque in Abu Dhabi on Sunday. Wam

President of Zimbabwe visits Sheikh Zayed Grand Mosque


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President Emmerson Mnangagwa of Zimbabwe visited Sheikh Zayed Grand Mosque on Sunday as part of his state visit to the UAE.

Accompanied by Dr Yousif Al Obaidli, director general of Sheikh Zayed Grand Mosque Centre, Mr Mnangagwa visited the tomb of UAE founding father Sheikh Zayed.

Mr Mnangagwa was given a tour of the mosque and told of its history, design and Islamic art features, by one of the centre’s cultural tour specialists.

Dr Al Obaidli gave Mr Mnangagwa a copy of Spaces of Light, a book of the winning photographs for the Spaces of Light photography award, organised annually by the Centre in celebration of mosque's aesthetic beauty, and a book about places of worship in Islamic history.

Mr Mnangagwa arrived in the UAE on Saturday when he met Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The two leaders met in the capital to discuss mutual opportunities relating to investment and economy. They also exchanged views on regional and international affairs.

Sheikh Mohamed hosted a dinner banquet in honour of the state guest and his accompanying delegation.

Zimbabwe's Information Ministry said in a statement on Sunday that Mr Mnangagwa would be cutting his state visit short to return home and ensure he is involved in the national response to Cyclone Idai, which has reportedly killed at least 31 people after moving into the eastern part of the country from Mozambique.

The UAE extended its condolences to those affected by the cyclone. Mr Mnangagwa’s Deputy Chief Secretary George Charamba met with leaders of the UAE’s Red Crescent to discuss Zimbabwe’s needs in the wake of the disaster.

The Red Crescent will assess the cyclone’s impact on Zimbabwe to understand its needs and dispatch a team to assist the country in the coming days, reported state news agency, Wam.

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Price: from Dh547,600

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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*Annual tuition fees covering the 2024/2025 academic year

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Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.

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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