ABU DHABI // The US embassy in the capital and consulate in Dubai will be closed tomorrow – along with 20 others in the region – as part of a worldwide security alert.
The US state department last night issued a warning of a possible Al Qaeda attack "particularly in the Middle East and North Africa, and possibly occurring in or emanating from the Arabian Peninsula".
The attacks, the warning stated, could occur "in the period between now and the end of August".
The state department's warning came a day after it announced that its embassies in the region would be closed on Sunday instead of reopening as normal after the weekend.
A department spokeswoman, Marie Harf, cited information indicating a threat to U.S. facilities overseas and said some diplomatic facilities may stay closed for more than a day.
A spokesman for the US embassy in Abu Dhabi confirmed the closure of the missions in the UAE.
A message on the embassy's website said they would be closed "out of an abundance of caution and care for our employees and others who may be visiting our installations".
"It is possible we may have additional days of closings as well, depending on our analysis."
The embassy's notice said the state department "takes steps like this to balance our continued operations with security and safety".
US embassies across the region will be affected and closures have been announced in Bahrain, Egypt, Israel, Jordan, Libya, Kuwait, Oman, Qatar and Saudi Arabia.
Last night, the UK government also warned its embassy staff in the Middle East to remain vigilant ahead of the Eid holiday, but said its embassies would remain open.
A spokesman for the British foreign office said the UK had updated its travel advice for the GCC and Iraq.
"US embassies have been instructed to close on Sunday, August 4. The British embassies remain open, but staff have been advised to exercise extra vigilance as we approach Eid."
The US state department is also urging Americans to take extra precautions when travelling, and a statement last night warned of "the potential for terrorists to attack public transportation systems and other tourist infrastructure".
A US official said the alert was based on the same intelligence information that prompted the embassy closures for this Sunday.
The state department issued a major warning last year informing American diplomatic facilities across the Muslim world about potential violence connected to the anniversary of the September 11 terror attacks.
Americans have been asked to avoid areas where large gatherings and demonstrations may occur, and to exercise caution if in the vicinity of any rallies or protests.
They have been referred to a worldwide caution put out by the department on February 19 this year reminding citizens to "maintain a high level of vigilance and to take appropriate steps to increase their security awareness". It replaced the worldwide caution issued on July 18 last year to provide updated information on security threats and terrorist activities worldwide.
For the Middle East and North Africa, the state department said: "Credible information indicates terrorist groups also seek to continue attacks against US interests in the Middle East and Africa.
"The US government remains highly concerned about possible attacks against US citizens, facilities, businesses and perceived US and western interest."
American citizens requiring emergency assistance in Abu Dhabi should contact the embassy on 02 4142200. Those in Dubai and the Northern Emirates should contact the consulate on 04 3094000.
rruiz@thenational.ae
* With agencies
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Take Me Apart
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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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.”
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.