Year of Giving inspired by example of Founding Father Sheikh Zayed


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ABU DHABI // Embedding a responsibility for a deep sense of giving within society will be among the main aims of a major campaign announced for the new year.

The Year of Giving 2017 seeks to reinforce the desire of Sheikh Zayed, the Founder of the UAE, in developing a culture of social responsibility, reports government news agency Wam.

“In the UAE, we are combining our efforts in generous giving and remain united to achieve one goal – sowing the seeds of giving to promote happiness for all humanity,” said Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

The initiative, which was announced by the President Sheikh Khalifa on Saturday, will focus on preparing younger generations that are ambitious and show pride in their identity.

It has three main pillars: creating a sense of community responsibility in the private sectors, enhancing the spirit of volunteering and encouraging specialised volunteer programmes, as well as instilling loyalty and commitment in the next generation to serve their country.

The UAE’s achievements would not have been possible without the philanthropy and far sighted vision of the country’s Founder, as well as the country’s policies strongly upholding humanitarian principles, said Sheikh Mohammed.

“The Year of Giving is being embraced by the UAE as a continuous approach to promoting the values of volunteering and community responsibility so as to bolster cohesion and solidarity of society,” he said.

“This approach inspires a roadmap for a state that was founded on the principles of promoting generous giving and human dignity and establishing the values of tolerance and co-operation.”

The announcement has been met with widespread support.

“What the UAE leadership seeks is to nurture the seedling planted by the forefathers in the UAE and instilled in the minds of its people so as to keep them in harmony, solidarity and love and empower them to rush to the help of all those in distress anywhere in the world,” said Sheikh Hamdan bin Zayed, Ruler’s Representative in the Western Region and President of the Emirates Red Crescent.

Shamma bint Suhail Faris Al Mazrui, Minister of State for Youth Affairs, said the announcement was the best beginning to the new year.

“It is a country that was founded on giving back, and is being led by leaders who are giving back and presenting a model for the youth to follow,” she said.

The minister called upon the youth of the country to respond to the declaration and calls of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to promote the culture of giving back.

“The UAE youth are leaders of generous giving, promoting giving back, and serving their nation in all domains,” she said.

The UAE would remain a philanthropic leader thanks to the efforts being exerted by its wise leadership and the people’s loyalty to the principles upheld by the founding fathers, she said.​

Sultan bin Saeed Al Mansouri, Minister of Economy, said the Year of Giving ushers in a new year and new milestones in terms of charity, nationalism and volunteerism.

“It will help reinforce the strong values adopted by the UAE since its initial founding, while at the same time setting its eyes firmly on the future and the potential of the UAE to enhance its position and become one of the world’s leading and most developed nations.

“We are confident that the three main themes, strengthening social responsibility in the private sector, promoting spirit of volunteerism, and strengthening the concept of serving the nation in the new generations, announced by Sheikh Khalifa will be a strong catalyst for change. With hard work and determination, the public and private sectors and aided by the individuals, can help serve this beloved country and promote the value of social responsibility.”

newsdesk@thenational.ae

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Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

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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.”

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