Sheikh Abdullah bin Zayed's daughter graduates from military summer session - in pictures


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Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, on Wednesday attended his daughter's graduation ceremony from the Armed Forces volunteer summer session.

Organised by the National and Reserve Service Authority of the Armed Forces General Command, the ceremony celebrated the graduates’ participation in academic, cultural and military activities which aim to improve the abilities of male and female school students and to strengthen their love of knowledge, science, national values and high morals, reported state news agency Wam.

Sheikha Fatima bint Abdullah bin Zayed, who took part in the two sessions, described the session as "an instant success, with more trainees enrolling." She said her father, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, was fully supportive of her decision to enroll.

"He told me it is the duty of every citizen to love their nation and their wise leadership," she said.

Sheikha Hassa bint Mohammed bin Zayed, who attended the session for the second time, said she the experience helped her to learn several skills.

"I urge all girls of the UAE not to miss the opportunity of attending these sessions which teach the values of patriotism, dedication and loyalty," she said.

In pictures: Sheikh Mohammed bin Zayed's daughter graduates from military school

Sheikha Hassa's brother, 12, attended the session and said he was not expecting the course to help him develop that many skills, reported Wam.

The ceremony was attended by Sheikh Dhiyab bin Zayed; Pilot Staff-Brigadier Sheikh Ahmed bin Tahnoun, Chairman of the National and Reserve Service Authority; Rear Admiral Pilot Sheikh Saeed bin Hamdan, Deputy Commander of the Naval Forces; Sheikh Hazza bin Tahnoun, Under-Secretary of the Diwan of the Ruler's Representative in the Al Ain Region, and several Sheikhs and senior officers of the Armed Forces, as well as a crowd of invited parents and relatives of the graduates.

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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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