by pep montserrat for the national
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Gunmaker's royal tribute that backfires spectacularly



There is much to commend about this week's Adihex hunting and equestrian exhibition at the Abu Dhabi National Exhibition Centre. There are horse auctions, Saluki dogs and fine falcons on show, along with a falcon veterinary clinic, and, appropriately for an exhibition devoted to hunting, a stand for the Environment Agency -Abu Dhabi. The EAD is showing off the success being achieved locally in conservation, for as any responsible hunter or falconer knows, their pastimes can only be assured a guaranteed future if they go hand-in-hand with conservation.

There is the spectacular Musical Ride by the Household Cavalry of Britain's Queen Elizabeth, something never before seen in the Gulf or, indeed, anywhere else outside Europe. It provides powerful evidence of the close relationships between the UAE and the UK and underlines the fact that no other country can do "pomp and splendour" quite like Britain. For those interested in shooting wild animals, there are stands offering safari excursions in Africa and elsewhere - not quite my scene these days, but quite popular nonetheless. And those who prefer to shoot at artificial targets will find much to interest them as well. Indeed, since the UAE's only Olympic medal - and a gold, at that - was won at shooting, the more that can be done to draw attention to this sport the better.

Besides all of the above, there are stands from some of the world's leading gun-makers, offering the latest rifles and shotguns, and very fine some of them are, too. It's one of these stands, that of Swedish gun-makers VO Gun and Rifle, that has prompted me to write this piece. Let me quote from a story that appeared in The National on Tuesday: "With a price tag of 650,000 euros (Dh3.5m), it is one weapon you may prefer to keep wrapped in cotton wool.

"The Sheikh Zayed Mosque rifle, designed as a tribute to the building and its creator, is inlaid with 36 coloured diamonds and engraved with an image of the late founder of the nation. It will go on sale at the Abu Dhabi Hunting and Equestrian Exhibition (Adihex) for the second time when the event opens tomorrow. "Amid the global financial crisis, the gun failed to sell at last year's event, but its maker, VO Gun & Rifle Maker Sweden, hopes prospective buyers will train their sights on the unique weapon during this week's four-day exhibition."

I went to take a look at the rifle. Frankly, the whole idea of it sticks in my craw. A rifle, an instrument of death, being conceived "as a tribute" to a mosque, of all places? To rub salt in the wound, the handle of the rifle's bolt is carefully inscribed "Allah" - scarcely appropriate, I would have thought. Surely a mosque - like a church or cathedral - is fundamentally a place where a message of peace should be propounded. Whatever next? The Al Aqsa Mosque machine-gun? The St Paul's Cathedral gallows? The Vatican City electric chair?

The concept of this rifle is an insult to the mosque, to the man who spurred its construction and to Islam itself. It is also an insult to those attending the show. Do the gun's manufacturers think that the deep affection in which Sheikh Zayed is held by the people of the UAE, both Emiratis and expatriates, is such that the mere tacking of his name on to a rifle adorned with diamonds is sufficient to persuade someone to buy it? What possible "tribute" can it offer, either to Sheikh Zayed or to the great mosque bearing his name as a testament of his abiding religious faith?

When the much-beloved Diana, Princess of Wales, died 10 years ago, a special charitable organisation was established to try to ensure that her name and image were not used inappropriately to promote the sale of tacky souvenirs. That organisation, if I remember correctly, has had to engage in a number of lawsuits to block the use of her name and picture for a wide variety of utterly unsuitable items. The Princess Diana toilet roll, the Princess Diana singing alarm-clock, anyone?

Perhaps such an organisation devoted to ensuring the good name of Sheikh Zayed is not inappropriately used for commercial purposes wouldn't work effectively. In a world where salesmen dig deep into the gutter for the lowest common denominator of what might appeal to a gullible, foolish or simply disrespectful public, it's probably not possible to issue licences to control the use of his name for marketing purposes, however much one might disapprove of the items produced.

It is difficult, of course, to come up with a suitable single way of commemorating Sheikh Zayed, not least because, in a real sense, the whole country is his memorial. The naming of one of the world's largest mosques is probably a pretty good option, not least because he himself conceived it. But not, please, a diamond-studded rifle. I would hope that anyone interested in hunting who would consider spending such an enormous amount of money on a decorated rifle, would simply make the choice not to reward VO Gun & Rifle Maker Sweden for its disrespect, both for the Sheikh Zayed Mosque and for the man after whom it is named. I would hope also that it is made abundantly clear to the firm that its attempt to make a massive profit in this manner is perceived by the people to whom it is trying to market the item as being utterly inappropriate.

I note that the manufacturers believe that their failure to sell the rifle at last year's Adihex may have been due to the fact that there was a global financial crisis. I prefer to hope that the lack of a buyer was due simply to the fact that the rifle was felt to be unworthy of the building, or of the person, after whom it was named. I hope the Sheikh Zayed Mosque rifle fails to sell again this year, and that it is taken back to Sweden and dismantled, with its 36 coloured diamonds being put on some other piece of weaponry - or jewellery. Perhaps, though I doubt it, the manufacturers might learn a lesson from that.

Peter Hellyer is a writer and consultant specialising in the UAE's heritage and environment and has written extensively on the country's social, political and economic development

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Kill

Director: Nikhil Nagesh Bhat

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

Rating: 4.5/5

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

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

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Related
If you go

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk (+7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour (+7 383 2125115 ) offer hiking and adventure packages.
FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.


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