Children after taking their gifts in the International orphans day celebration at the Ajman Old Museum in Ajman. Pawan Singh / The National
Children after taking their gifts in the International orphans day celebration at the Ajman Old Museum in Ajman. Pawan Singh / The National
Children after taking their gifts in the International orphans day celebration at the Ajman Old Museum in Ajman. Pawan Singh / The National
Children after taking their gifts in the International orphans day celebration at the Ajman Old Museum in Ajman. Pawan Singh / The National

Community is ‘obliged’ to care for orphans in the UAE


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AJMAN // Caring for orphans and helping to give them a safe and comfortable life is an obligation for everyone in the community, said a children’s charity.

About 200 youngsters in the care of the Sheikh Humaid bin Rashid Al Nuaimi Charity were given gifts yesterday as part of an event to mark Arab Orphans Day, held at Ajman Museum.

“Putting a smile on the face of an orphan is a good deed encouraged by Islam and our beloved Prophet,” said Sheikha Azza Al Nuaimi, director general of the charity.

“These gifts are part of the package that makes these children happy and we are celebrating this day every year to entertain our children and assure them that we shall always be there for them.”

Sheikha Azza said the charity’s priority was to educate parentless children and ensure they have a bright future by sponsoring their education, giving their carers a monthly allowance and taking care of any health problems.

As well as aiding orphans, the charity also provides financial assistance to poor families, divorced and widowed women and elderly people in Ajman. It also helps with repair work to dilapidated homes belonging to local poor people.

Sheikh Humaid bin Ammar Al Nuaimi, the son of Ajman’s crown Prince Sheikh Ammar, handed out gifts to the orphans. “I’m grateful to stand here before all of you and honour these young children,” said Sheikh Humaid. “I would also like to thank the charity organisers for bringing joy and pride into the lives of our children.”

Umm Mohammed, an Emirati widow who attended the ceremony with her five-year-old daughter, said the charity had been providing financial assistance for her and her two children ever since her husband died three years ago.

“They take care of their schooling and give us some welfare money for upkeep,” she said. “We are all very grateful to Sheikh Humaid bin Rashid for taking care of us and we pray that God accepts all his good deeds and the generosity he has bestowed upon us.”

ykakande@thenational.ae

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)