October 21, 2010, Abu Dhabi, UAE:
Sheikh Mohammed bin Rashid Al Maktoum delivered a speech today at the opening of the Federal National Council. 

Seen here is Sultan Saqr Al Suwaidi, a member from Dubai.

Lee Hoagland/ The National
Federal National Council member Sultan Saqr Al Suwaidi raised the issue of population imbalance.

UAE to draft population strategy to address 'imbalance'



Abu Dhabi // The government is close to completing a population strategy that may define an ideal demographic mix between Emiratis and expatriates in the UAE's population, according to the Minister of Interior.
In a letter to the Federal National Council, Sheikh Saif bin Zayed, the Deputy Prime Minister and Minister of Interior, who also heads the Federal Demographic Council, said a strategy to address the imbalance was nearly ready. It would be presented to the FNC when complete, he said.
His statement came in response to a question by Sultan Saqr al Suwaidi, a member from Dubai, on what proportion of the population should be Emirati under the government's 2021 strategy.
"The national strategy on the population make-up is in the final stages of approval by the top leadership," said the statement, which was read to the council.
"The FNC will be informed of the specific percentage that the government has to reach to fix the population imbalance."
A study by Tanmia, the employment and human resources authority, cited in documents released yesterday, projected that Emiratis made up 13.3 per cent of the population last year, down from 15.4 per cent in 2006 and 24.4 per cent in 1995.
According to Sultan al Muazzin, the chairman of the FNC's health, labour and social affairs committee, there are a little under 900,000 Emiratis. Estimates put the UAE's population last year at between 7.5 million and a little over 8 million, though the lack of a census in 2010 means more exact figures are unavailable.
The Federal Demographic Council is tasked with reviewing residency and labour policies in an attempt to create "demographic balance".
It was established in late 2009 but its strategy has yet to be announced, although Sheikh Saif's statement indicates that it is close to being approved by the Cabinet.
A document compiled by the FNC's general secretariat outlined a list of concerns about the effects of the population imbalance.
It noted a fear that long-term expatriates would eventually demand "political rights", although it did not elaborate on the nature of such demands.
"Definitely this is a potential concern that we need to think about," said Mr al Suwaidi after the session.
Expatriate services such as healthcare, subsidised utilities and infrastructure cost the country between Dh45bn and Dh55bn a year, more than a fifth of the total labour bill, the document noted.
It also said expatriates were partly to blame for Emirati unemployment. As the number of Emiratis entering the workforce rises, many find it difficult to get jobs in the private sector as they compete with a plentiful supply of expatriate labour. "The unlimited flow of foreign labour will reduce job opportunities for nationals, especially in the private sector," the council said. In 2009, just 69,000 of the 2.6 million private sector workers - 1.5 per cent - were Emirati.
In addition, 80 per cent of expatriate workers were unskilled, which went against the country's overall economic development strategy, the council said.
The diversity of the population - more than 200 nationalities are represented in the UAE - has had the effect of diluting local culture and national identity, it said.
Meanwhile, the FNC postponed another discussion on the country's laws on bounced cheques until its next session on February 8, because Hamad al Midfa, the FNC member who called for a review of the law, was not present yesterday.
However, the FNC did give its approval to a law regulating maritime shipping and industry.
The law prescribes life imprisonment for anyone who burns or sinks a ship or causes "massive damage" that endangers lives.
It also outlines ship mortgage, registration and insurance procedures, as well as liability in the event of a collision at sea.
The FNC's legislative committee said the law would "develop maritime legislation" and "ease and regulate maritime trade as well as protect the environment and the safety of ships and lives".
Sheikh Hamdan bin Mubarak, the Minister of Public Works, accepted the FNC's amendments to the law, which now has to be signed by the President.
kshaheen@thenational.ae
 

The Genius of Their Age

Author: S Frederick Starr
Publisher: Oxford University Press
Pages: 290
Available: January 24

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

SHADOWS AND LIGHT: THE EXTRAORDINARY LIFE OF JAMES MCBEY

Author: Alasdair Soussi

Pages: 300

Publisher: Scotland Street Press

Available: December 1

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

While you're here
KLOPP AT LIVERPOOL

Years: October 2015 - June 2024
Total games: 491
Win percentage: 60.9%
Major trophies: 6 (Premier League x 1, Champions League x 1, FA Cup x 1, League Cup x 2, Fifa Club World Cup x1)

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Race card

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m

LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

65

Directors: Scott Beck, Bryan Woods

Stars: Adam Driver, Ariana Greenblatt, Chloe Coleman

Rating: 2/5

Reading List

Practitioners of mindful eating recommend the following books to get you started:

Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung

How to Eat by Thich Nhat Hanh

The Mindful Diet by Dr Ruth Wolever

Mindful Eating by Dr Jan Bays

How to Raise a Mindful Eaterby Maryann Jacobsen

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE


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The latest news and analysis from the Emirates

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