UAE People & Politics: A week in review

Every week, The National takes a look at the people and politics of the UAE as the country steps more confidently on to the world stage.

May 14

Mohammed bin Rashid meets leading journalists

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met a group of editors-in-chief and other journalists from regional media outlets in Dubai to discuss developments in Arab media, as well as poetry and literature. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and other officials also attended the meeting at the Arab Media Forum. The journalists hailed the event as an outlet for free discussion.

Mohammed bin Zayed arrives in Washington

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, arrived in Washington on a visit to the United States for the Camp David summit in Maryland with leaders and representatives of other Arabian Gulf countries.

May 15

Gulf security is an essential part of global stability, says Mohammed bin Zayed

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, stressed that the security of the Arabian Gulf was an essential part of the global stability, given the region’s economic, political and strategic importance. The UAE and Gulf Cooperation Council states “are quite aware of the size of responsibility on their shoulders to maintain the integrity and vitality of the region”, he said at the Camp David summit.

May 16

Saif bin Zayed offers condolence to Al Shamsi family

Lt Gen Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, offered condolences to the family of Mubarak Jawan Al Shamsi, for the victims of a fire that broke out in the family house in Al Ain. Sheikh Saif conveyed condolences of the UAE Government and Interior Ministry to the family.

May 17

Mohammed bin Rashid issues decree on British University in Dubai’s Board of Trustees

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued Decree No 14 of 2015, which added a representative of the British Business Council to the board of trustees of the British University in Dubai. The decree is to be published in the Official Gazette.

UAE exerts utmost efforts to save Somalia, says Somali official

Abdiweli Mohamed Ali, president of Somalia’s semi-autonomous region of Puntland, praised the UAE’s efforts to save his country and restore stability and security. Mr Ali had toured countries, including the UAE, where he met with Emirati Government and private-sector officials. They discussed ways of cooperation, such as investment projects that were vital to the country.

May 18

Mohammed bin Rashid offers condolences on death of resident

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, offered condolences following the death of Sheikha Mouzah bint Sultan bin Muqrin, and visited her residence in Mamzar area. He expressed his heartfelt sympathy to the family, who in turn wished him a long life and happiness.

UAE presents status of spent nuclear fuel and radioactive waste management at International Atomic Energy Agency

The UAE presented the status of its plans for managing spent nuclear fuel and radioactive waste to participants at a meeting at the International Atomic Energy Agency Headquarters in Vienna, Austria.

May 19

Saif bin Zayed attends Emirates Strategic Planning Association conference

Sheikh Saif bin Zayed, Deputy Prime Minister, Minister of Interior and President Emeritus of the Emirates Strategic Planning Association, attended the group’s third annual conference. “The key pillar to building a modern country is to foster the happiness of citizens,” said the association’s chairman, Maj Gen Dr Abdul Quddous Al Obaidly.

Under patronage of Hamdan bin Zayed, Al Gharbia Development Forum begins

Al Gharbia Development Forum began under the patronage of Sheikh Hamdan bin Zayed, the Ruler’s Representative in the Western Region. The forum focused on development of the region’s economy and the role played by UAE institutions in its development process. Investment projects were presented and discussions about infrastructure projects were organised at the event at Saadiyat Island.

May 20

UAE delegation attends climate meeting in Berlin

A high-level UAE delegation led by Dr Thani Al Zeyoudi, director of energy and climate change at the Ministry of Foreign Affairs, attended the Petersberg Climate Dialogue in Berlin this week. The meeting was the latest in a series that aimed to build political momentum towards a global consensus on measures to tackle climate changes ahead of the UN climate change conference to be held in Paris this year. It was attended by German chancellor Angela Merkel and French president Francois Hollande. Expectations on the new agreement were discussed, as well as ways to enhance countries’ domestic actions on climate change. Dr Al Zeyoudi is also the UAE Permanent Representative to the International Renewable Energy Agency.

Sharjah Ruler meets Kuwaiti poets

Dr Sheikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, met a delegation of Kuwaiti poets at the Dr Sultan Al Qasimi Centre for Gulf Studies in Sharjah. It is important for poets to be recognised in the Arab world for their talents and creative literary skills, he told the delegation. He praised Kuwait’s role in helping develop the UAE educational system, as well as that of the Arabian Gulf as a whole, by building schools in the region.

Sheikh Mohammed bin Rashid receives Mongolian prime minister

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, received Mongolian prime minister Chimed Saikhanbileg at Zabeel Palace to discuss further cooperation and investment between the countries. Mr Saikhanbileg said Mongolia had introduced legislation to attract investment in minerals, tourism, agriculture and livestock. Earlier, the Mongolian leader had visited Dr Sheikh Sultan bin Khalifa, Adviser to the UAE President, in Al Bateen. Mr Saikhanbileg invited Dr Sheikh Sultan to visit his country to learn more about the changes there in recent years.

Latifa bint Mohammed signs cultural training programmes agreement

Sheikha Latifa bint Mohammed, Vice Chairwoman of the Dubai Culture and Arts Authority, signed an agreement with Lord Cultural Resources, a consultancy group, to drive educational training for Emiratis and create professional development programmes in museum studies and culture. The agreement coincided with the International Museum Day celebration and was intended to help talented Emiratis evolve as creative professionals who could help strengthen the country’s cultural scene, Sheikha Latifa said.

Nahyan bin Mubarak attends reception on Jordan independence anniversary

Sheikh Nahyan bin Mubarak, Minister of Culture, Youth and Community Development, attended a reception hosted by Jordan’s ambassador to the UAE on the 69th anniversary of the country’s independence. Marking the anniversary in the UAE reflected “the deep-rooted fraternal relationship outlined by the late Sheikh Zayed and the late King Hussein bin Talal”, ambassador Naif Al Zaidan said. UAE officials and Jordanian residents also attended.

May 21

Nahyan bin Mubarak opens UAE in the Eyes of the Chinese exhibit

Sheikh Nahyan bin Mubarak, Minister of Culture, Youth and Community Development, opened a photography exhibition in Abu Dhabi at the National Theatre organised by the Emirates Heritage Club and the Chinese embassy. Huang Jiemin, Chinese ambassador to the UAE, attended, as well as other dignitaries. The exhibit included 120 photographs taken by Chinese photographers and reflected UAE life as well as the founding President Sheikh Zayed’s visits to Beijing.

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

While you're here

Hussein Ibish: America's attitude to Palestine and Israel has subtly shifted

Con Coughlin: With every missile fired in Israel-Gaza, Biden's clout reduces

Anwar Mhajne: The moral burden of being a Palestinian citizen of Israel

Tell Me Who I Am

Director: Ed Perkins

Stars: Alex and Marcus Lewis

Four stars

Formula Middle East Calendar (Formula Regional and Formula 4)

Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi

Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi

Round 3: February 7-9, Dubai Autodrome – Dubai

Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi

Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km

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.”