The country’s leadership have addressed the nation on the celebration of 43 years since the unification of the emirates.
Sheikh Khalifa, the President, said safeguarding the union required both the leadership and the people to reinforce the nation’s principles and empower its citizens.
“We sense the tremendous national work that has been accomplished over the past 10 years since we took the solemn oath to carry the banner, to bear the responsibility and to discharge the duty as President of the United Arab Emirates, as carried before by my father, the late founding father, Sheikh Zayed,” said Sheikh Khalifa, in a statement issued by the state news agency, Wam.
During the late Ruler’s reign, which spanned 33 years, Sheikh Zayed was able to unify the seven trucial states through several years of negotiations that culminated in the raising of the newly formed Emirates flag on December 2, 1971.
“The 2nd of December will always remain deeply embedded in our minds as a day for deepening our love of the nation, enhancing the values of belonging and loyalty, a day on which we recall – with pride – our commendable and honourable history and the lives of our founding fathers,” said Sheikh Khalifa.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, raised the role played by Sheikh Zayed and Sheikh Rashid bin Saeed in the establishment of the UAE.
“Had it not been for your good plants, we would not have been able to reap the fruits and renew what you already had planted to achieve glory,” said Sheikh Mohammed.
He concluded by saying that regardless of the achievements over the last four decades, the future cannot be met with complacency.
“Despite all the achievements that we have made, the stature that we have attained for our country and society, and despite all the excellence and high competitiveness on the global level, we are still at the beginning of our journey.”
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the success of the nation was contingent on developing the economy by decreasing the nation’s reliance on oil and focusing more on diversifying sources of income through nurturing future generations.
“The UAE is a youthful society, and our youth represent the future of our nation. Therefore, we must make sure our youth are protected against outlandish ideas and malicious attempts to target them,” he said.
Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union and widow of the late Sheik Zayed, offered her congratulations. “On this day, we recall with pride the founding fathers who established the foundations of the Union” and “given the UAE leaders’ perseverance, the country today is among the top 10 world countries”.
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Company%20Profile
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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.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE currency: the story behind the money in your pockets
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)