Sheikh Mohammed bin Rashid and Sheikh Mohamed bin Zayed attend royal wedding virtually


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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, delivered good wishes to a newlywed royal couple through video conferencing on Tuesday.

They each congratulated Sheikh Sultan bin Khalifa, adviser to the UAE President, and Sheikh Tahnoun bin Zayed, national security adviser, on the marriage of their son and daughter, respectively.

"During my video participation in the Al Nahyan wedding, I congratulated Sheikh Tahnoun bin Zayed and Sheikh Sultan bin Khalifa. May God bring them joy, bless their children and perpetuate goodness and happiness on the people of the Emirates," Sheikh Mohammed bin Rashid said on Twitter.

Sheikh Mohammed also offered his well-wishes and shared a series of pictures from the event.

"My warmest congratulations go to Sheikh Mohammed bin Sultan bin Khalifa and Sheikha Fatima bint Tahnoun bin Zayed on their blessed marriage," said Sheikh Mohamed bin Zayed.

"I was pleased to communicate with the newlyweds and their family through video conferencing. I wish them joy and good fortune."

Sheikh Mohamed bin Zayed was accompanied by his son, Sheikh Theyab bin Mohamed, chairman of the Abu Dhabi Crown Prince’s Court.

Setting an example for the public, the pair delivered their wishes through a video call to avoid large gatherings due to the Covid-19 outbreak.

"Protecting the UAE during these challenging times is a shared responsibility. Following precautionary measures during our social events guarantees our safety as a society, and supports our country's efforts in combating Covid-19," Sheikh Mohamed bin Zayed said.

Restrictions on gatherings remain tight in Abu Dhabi with authorities saying formal wedding ceremonies in the capital cannot exceed 10 guests.

Abu Dhabi Public Health Centre also recommends that guests take a Covid-19 test 24 hours before the event to ensure the safety of those attending.

Face masks must be worn at all times and disposable cutlery and utensils must be used if food and drinks are served.

In Dubai, weddings of up to 200 people have been permitted but similar strict safety measures remain in place.

Guests should avoid shaking hands, kissing or hugging and instead employ "non-physical greetings".

EA Sports FC 25

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

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Day 2, stumps

Pakistan 482

Australia 30/0 (13 ov)

Australia trail by 452 runs with 10 wickets remaining in the innings

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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THE SPECS

Engine: 4.4-litre V8

Transmission: eight-speed automatic

Power: 523hp

Torque: 750Nm

Price: Dh469,000

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Match info

Deccan Gladiators 87-8

Asif Khan 25, Dwayne Bravo 2-16

Maratha Arabians 89-2

Chadwick Walton 51 not out

Arabians won the final by eight wickets

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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