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    A cyclist passes a model of a dhow in Bur Dubai. Chris Whiteoak / The National
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    A Dubai stallholder at work. Chris Whiteoak / The National
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    A pedestrian looks over the water in Bur Dubai. Chris Whiteoak / The National
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    People play cricket at a sports area in Al Quoz, Dubai. Chris Whiteoak / The National
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    A trader sorts out his stock at a Dubai market. Chris Whiteoak / The National
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    A staff member at a bakery performs a temperature check in Downtown, Dubai. Chris Whiteoak / The National
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    A motorist pays for his parking in Bur Dubai. Chris Whiteoak / The National
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    A passer by walks near a safe distance sign in Bur Dubai. Chris Whiteoak / The National
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    The head coach at Front Foot sports cricket academy disinfects the stumps in Al Quoz, Dubai. Chris Whiteoak / The National

Coronavirus: UAE public hailed for supporting vaccine drive as mosque rules are updated


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Authorities on Tuesday praised the UAE public for its steadfast support of the country's successful vaccination drive, as plans were announced to allow inoculated fans to attend a showpiece football match next month.

During the UAE's regular Covid-19 briefing, it was revealed that tahajjud prayers would be permitted at mosques for the final 10 days of Ramadan.

The easing of restrictions is part of ongoing efforts to gradually return society to normality.

"Vaccination is one of the most important achievements against the pandemic," said Dr Saif Al Dhaheri, spokesman for the National Emergency Crisis and Disaster Management Authority.

"We need to have the vaccine in order to have immunity, which will decrease the number of cases and allow us to go back to normal life.

"Citizens and residents have co-operated to give the best examples of adapting to procedures," Dr Al Dhaheri said.

"We are on the same track, working together, hand in hand.

"We would like to thank all the people who have chosen to be vaccinated and call upon all others to take the initiative and contribute to protecting society."

The briefing heard that Tahajjud prayers – an optional prayer performed during the night – could be held in line with precautionary measures.

"It was decided to limit the length of the tahajjud prayer to a maximum of 30 minutes, and the timing would be at midnight until 12:30am in all the emirates of the country," Dr Al Dhaheri said.

"We stress the need to adhere to all precautionary measures in place in advance, and to close mosques immediately after the prayer."

The elderly and those with chronic illnesses were advised to pray at home.

The President's Cup – which has been held since 1974 – will be held on May 16 with a 30 per cent capacity.

All fans wanting to attend the match must have been inoculated or have taken part in clinical trials for the vaccine.

Spectators must also present a negative Covid-19 test taken no more than 48 hours before.

A venue for the game, which features Shabab Al Ahli and Al Nasr, is to be announced.

"It is the first official event that only vaccine recipients and participants in clinical trials of the vaccine are allowed to attend," Dr Al Dhaheri said.

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 BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5