DUBAI // It was six years ago today that Sheikh Mohammed bin Rashid became Ruler of Dubai.
Since then, the completion of a series of major projects he inspired have transformed the city and the country.
The Palm Jumeirah, Burj Khalifa, the Dubai Metro and Meydan Racecourse stand out as particularly striking symbols of the new Dubai that Sheikh Mohammed, the Vice President and Prime Minister, mapped out during his years as Dubai's Crown Prince.
But the significance of such developments extends far beyond the city limits and, indeed, the country's borders, according to Nasif Kayed, general manager of the Sheikh Mohammed Centre for Cultural Understanding.
"Dubai is now a great city that people look to as a role model," said Mr Kayed. "His greatest achievement is the vision for the region at large rather than the vision for the individual city of Dubai.
"To give Arabs the hope and the vision that they can be great nations rather than remaining third-world countries, this is one of the most amazing things."
Mr Kayed said projects such as the Burj Khalifa and the Metro were vital to that vision
"To be recognised and to be part of everybody's itinerary you have to have something totally different, such as the tallest tower in the world," he added. "And the Metro makes it convenient. All these elements come together, it's a complete vision. Now we have a great pioneer city that encompasses 200 nationalities."
Mattar Al Tayer, chairman of the board and executive director of the Roads and Transport Authority, said Sheikh Mohammed had played a hands-on role in the creation of the Metro.
"During the design and implementation phases of the project, he would frequently inquire about the progress of the work and issue various directives regarding details such as the shape of the train, its colours and its internal design," said Mr Al Tayer.
"From the start he said the Dubai Metro should be the best and most advanced in the world."
Mr Al Tayer paid tribute to Sheikh Mohammed's efforts on behalf of the UAE. "He has the interests of his country and his people at the top of his priorities. His vision for the future is always 20 years ahead of anyone else's, and he doesn't know what the word 'impossible' means."
Sheikh Mohammed's years as Ruler have not been marked only by massive development projects. In 2007, he demonstrated his commitment to philanthropy by launching the humanitarian organisation Dubai Cares, which has since raised many millions of dirhams to support education around the world.
Tariq Al Gurg, the Dubai Cares chief executive, said: "The initial goal was to provide a million children with access to quality primary education. Owing to the tremendous support of the UAE community, individuals, corporations and government entities, we have so far reached out to over five million beneficiaries in 24 developing countries."
This support has enabled the organisation to build and renovate more than 1,000 schools, drill more than 1,000 wells, distribute over a million books written in local languages and train over 20,000 teachers. Mr Al Gurg said the UAE and all its current and past leaders had been extremely supportive of humanitarian and charitable causes.
"Sheikh Mohammed has continued on this path and is admired locally and around the world for his generous contributions and philanthropic and humanitarian initiatives," he added. "The phenomenal success and growth of Dubai in the past six years is attributed to his vision, leadership and efforts."
Another innovation has been the way Sheikh Mohammed has embraced the internet, in particular the social networking website Twitter.
His tweets have attracted nearly 600,000 followers, and he is using the site to encourage people to make mothers the focus of the celebrations of today's landmark.
He tweeted: "I don't wish to be celebrated personally. Instead, each year, a deserving group in our society shall be recognised. Last year, we celebrated the orphans. This year, we shall celebrate mothers, the force behind all our successes."
Yesterday, the Dubai Twitter user "Admiring Sheikh Mohammed's visit to two Arab mothers celebrating his accession as Dubai Ruler. Other leaders should follow similar path!"
csimpson@thenational.ae
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
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Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
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From Nov 23-27
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 End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
