• Fireworks display on Burj Khalifa for the New Year 2020 celebration at Dubai Mall in Downtown Dubai in Dubai. Pawan Singh / The National
    Fireworks display on Burj Khalifa for the New Year 2020 celebration at Dubai Mall in Downtown Dubai in Dubai. Pawan Singh / The National
  • Fireworks display on Burj Khalifa. Pawan Singh / The National
    Fireworks display on Burj Khalifa. Pawan Singh / The National
  • Fireworks display on Burj Khalifa. Pawan Singh / The National
    Fireworks display on Burj Khalifa. Pawan Singh / The National
  • Fireworks display on Burj Khalifa. Pawan Singh / The National
    Fireworks display on Burj Khalifa. Pawan Singh / The National
  • Fireworks illuminate the sky around Burj Khalifa. EPA
    Fireworks illuminate the sky around Burj Khalifa. EPA
  • Burj Khalifa is prepared for the fireworks of New Year 2020 celebrations. EPA
    Burj Khalifa is prepared for the fireworks of New Year 2020 celebrations. EPA
  • People have their photos taken at the Tim Hortons café outside the Dubai Mall. Pawan Singh / The National
    People have their photos taken at the Tim Hortons café outside the Dubai Mall. Pawan Singh / The National
  • People gather near to Burj Khalifa prior to the fireworks of New Year's eve. EPA
    People gather near to Burj Khalifa prior to the fireworks of New Year's eve. EPA
  • Sky divers with special lights flies over Burj Khalifa. EPA
    Sky divers with special lights flies over Burj Khalifa. EPA
  • Light decoration around Dubai Mall. Pawan Singh / The National
    Light decoration around Dubai Mall. Pawan Singh / The National
  • Bruno Mars kept it fun and slick at the du Arena in Abu Dhabi. Courtesy Flash Entertainment
    Bruno Mars kept it fun and slick at the du Arena in Abu Dhabi. Courtesy Flash Entertainment
  • NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
    NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
  • NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
    NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
  • NYE Fireworks at Al Maryah Island. Victor Besa / The National
    NYE Fireworks at Al Maryah Island. Victor Besa / The National
  • NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
    NYE Fireworks at Al Maryah Island in Abu Dhabi. Victor Besa / The National
  • DJ Aboud Rogeh rocks the house down at the NYE celebrations at Galleria Mall, Al Maryah Island. Victor Besa / The National
    DJ Aboud Rogeh rocks the house down at the NYE celebrations at Galleria Mall, Al Maryah Island. Victor Besa / The National
  • NYE Fireworks at Al Maryah Island. Victor Besa / The National
    NYE Fireworks at Al Maryah Island. Victor Besa / The National
  • Ras Al Khaimah puts on a record-breaking fireworks display on New Year's Eve in Al Hamra, Ras Al Khaimah. Chris Whiteoak / The National
    Ras Al Khaimah puts on a record-breaking fireworks display on New Year's Eve in Al Hamra, Ras Al Khaimah. Chris Whiteoak / The National
  • Ras Al Khaimah puts on a record-breaking fireworks display. Chris Whiteoak / The National
    Ras Al Khaimah puts on a record-breaking fireworks display. Chris Whiteoak / The National
  • Ras Al Khaimah puts on a record-breaking fireworks display on New Year's Eve. Chris Whiteoak / The National
    Ras Al Khaimah puts on a record-breaking fireworks display on New Year's Eve. Chris Whiteoak / The National
  • Ras Al Khaimah puts on a record-breaking fireworks display. Chris Whiteoak / The National
    Ras Al Khaimah puts on a record-breaking fireworks display. Chris Whiteoak / The National
  • People at the beach. Chris Whiteoak / The National
    People at the beach. Chris Whiteoak / The National
  • Street entertainers at the beach in Ras Al Khaimah. Chris Whiteoak / The National
    Street entertainers at the beach in Ras Al Khaimah. Chris Whiteoak / The National
  • People arrive at the beach in Al Hamra, Ras Al Khaimah. Chris Whiteoak / The National
    People arrive at the beach in Al Hamra, Ras Al Khaimah. Chris Whiteoak / The National
  • Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
    Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
  • Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
    Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
  • Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
    Burj Khalifa's New Year's eve fireworks taken from Shangri-La Hotel's roof top. Ruel Pableo for The National
  • New Year's fireworks celebrations are seen above the Dubai skyline. AFP
    New Year's fireworks celebrations are seen above the Dubai skyline. AFP
  • New Year's fireworks celebrations are seen above the Dubai skyline. AFP
    New Year's fireworks celebrations are seen above the Dubai skyline. AFP
  • New Year's fireworks celebrations are seen above the Dubai skyline. AFP
    New Year's fireworks celebrations are seen above the Dubai skyline. AFP

Coronavirus: public urged to act responsibly to combat rise in infections as UAE gears up for New Year's Eve celebrations


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UAE authorities are urging the public to celebrate the New Year safely and help combat a rise in Covid-19 cases.

Dr Saif Al Dhaheri, spokesman for the National Emergency Crisis and Disasters Management Authority, stressed the crucial need to abide by Covid-19 safety measures while ringing in 2021 at public and private gatherings in the Emirates.

He reiterated the importance of wearing masks and adhering to social distancing rules.

"The government has proved professional in dealing with the pandemic," he said.

“In the last few days we have been able to trace an increase in the number of Covid-19 cases in the UAE.

"We would like to call on all people, specifically during the holidays, to adhere to measures put in place by the health sector since the outbreak."

Crowds will gather at firework displays in Dubai and Abu Dhabi to bid farewell to 2020.

“We are on the eve of welcoming a new year and there will be many celebrations so let’s celebrate responsibly," Dr Al Dhaheri said. "Your health and safety is a priority.”

He said fines will be issued to those who flout rules and inspections will be carried out to ensure all are following safety guidelines.

A major safety strategy was drawn up for a spectacular fireworks, laser and lights show at Burj Khalifa.

Members of the public must register to attend, while thousands of police will be on patrol to ensure regulations are being followed.

A dedicated operations room is set up to monitor crowds, while field hospitals were erected in the Downtown Dubai area.

The event will be broadcast on Zoom to allow viewers to watch Dubai's traditional New Year's Eve celebrations from the comfort of their homes.

The official called on households to undergo regular PCR testing – including for domestic helpers – to ensure they stay free of the virus.

The message comes after the UAE recorded its highest number of daily Covid-19 cases on Wednesday.

The latest tally of 1,723 infections brought the country's number of cases since the outbreak began to 206,092.

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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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.”