FUJAIRAH // Hundreds of mourners attended funeral prayers for Sheikh Hamad bin Saif Al Sharqi, Deputy Ruler of Fujairah, on Thursday after his death on Wednesday.
Many of the country’s leaders mixed with citizens at Sheikh Zayed Grand Mosque in Fujairah to pay tribute to Sheikh Hamad. Three days of mourning were declared by the President, Sheikh Khalifa, and flags flew at half-mast.
Sheikh Khalifa mourned the Sheikh Hamad’s death and prayed that Allah would rest his soul in eternal peace.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was also in mourning.
Sheikh Mohammed received condolences from King Salman of Saudi Arabia.
Among those joining the Royal Family at the funeral prayers were Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, Crown Princes of RAK and Ajman, and Sheikh Nahyan bin Mubarak, Minister of Culture and Knowledge Development.
Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, received condolences at Al Remailah Palace from Dr Sheikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, and Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain.
Kuwaiti prime minister Sheikh Nasser Al Ahmed Al Sabah and his delegation, and GCC ambassadors, also passed on their condolences.
Iranians Ismail Aziz, 32, and Ihsanallah Ali, 43, who have lived in Fujairah for 16 years, were among residents at the funeral, and said Sheikh Hamad helped low-paid workers.
“Sheikh Hamad is well known,” said Mr Aziz, who runs a tyre shop. “He has overseen a lot of the projects that developed this emirate.”
“He is well known to us, especially for those who have been living here for a long time. Attending the funeral is the least we can do for this great man.”
Mr Ali, a lorry driver at the public works department, said Sheikh Hamad ensured that workers had good living conditions.
“He used to talk to a lot of the workers at the department and make sure that if we faced any problems, he would do what he could to help us,” he said.
Ghasan Balkis, who had known Sheikh Hamad bin Saif since the late 1970s, said: “In the beginning it was a working relationship, but he used to come daily to the showroom after asr [afternoon] prayers and we used to pray maghrib [sunset] together.
“He was like my father. He was helpful and solved many of the emirate’s problems. He had a lot of good in him.”
Mr Balkis met Sheikh Hamad bin Saif when he first arrived in Fujairah as managing director of Ahmed Zayani and Sons car showroom.
“I was talking to his son on WhatsApp at 10.29pm yesterday and then I received the news of his death at midnight,” he said.
Emirati Majid Abdullah, 32, said Sheikh Hamad was a humble and kind man.
“He is known in the emirate as a man of good deeds and kind, always helping others in need,” Mr Abdullah said.
He said the news came as shock to him and his father on Thursday.
“We heard early in the morning the news of his death,” said Mr Abdullah, a government employee. “I came with a few of my co-workers to pray for his soul, may he rest in peace.”
Everyone in the emirate was sad to have lost a loved and admired person, said Emirati Abdulrahman Al Kaabi, 47.
“He is loved by both Emiratis and residents of the emirate – you can see that by the amount of people who left their jobs and closed their businesses to attend the funeral prayers and burial.”
tzriqat@thenational.ae
additional reporting by Haneen Al Dajani
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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Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
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Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
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This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
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If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
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Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
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There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
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Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
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Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
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