ABU DHABI // Members of the FNC, local analysts and a Minister of State say Islamists in the UAE do not represent the country's interests and have a limited following.
Al Islah, the branch of the Muslim Brotherhood in the UAE, violated the constitution and posed a threat to the nation by paying allegiance to outside powers, they said.
They were reacting to an opinion piece written by the head of Islah and published on The Guardian newspaper's website, alleging that its members have been persecuted.
The article also calls for "reforms" to the UAE ruling structure.
"The problem with Islah is foreign funding, which makes their goals in the interests not of the country, but of their organisation," said Dr Ebtisam Al Ketbi, professor of political science at UAE University.
The Government has approached members of Al Islah several times to cut its foreign ties but they have refused to do so, Dr Al Ketbi said.
"No country would accept such an organisation operating within it."
In July, authorities arrested 60 members of the group, charging them with forming a political organisation, and with establishing an organisation that compromises state security and the principles on which the state is based.
They are also charged with holding connections with foreign bodies to harm the political leadership.
They have allegedly confessed to plans and given details of the group, its operations and its intention to establish an Islamist government, an official said last month. Their trial is expected to begin in several months.
"They have declared that they are a secretive political society, therefore it is within the UAE's right to take measures against them," said Dr Abdulrahim Al Shahin, an FNC member from Ras Al Khaimah.
Dr Al Shahin said Al Islah had worldwide ties with Islamist organisations that have violent histories.
Another worry was the organisation's allegiance to higher leadership in the international Muslim Brotherhood, based in Egypt.
"Their allegiance cannot be inside and outside the country at the same time," he said.
The Muslim Brotherhood has proved its goal is ultimately to control society, Dr Al Ketbi said.
"In the '80s, the ministers of justice and education were from the Muslim Brotherhood," she said.
"They started to control everything - students, student unions - all according to their ideas."
Dr Al Ketbi said the ministers were given authority as the country supported pan-Arabists and assumed that their membership to the Brotherhood was harmless.
They promoted several measures limiting the rights of women, and sought to impose strict controls on many social issues.
"Back then [the Government] did not know of their intentions," Dr Al Ketbi said. "Later they changed the ministers but the damage they caused was big, so big that we are still suffering from it."
In the 1990s Brotherhood members, particularly in education, were told to renounce the group or find jobs outside the ministry and refrain from promoting their ideology.
Dr Anwar Gargash, the Minister of State for Foreign Affairs and FNC Affairs, tweeted yesterday in response to the article.
"A fair person will realise that the UAE public and the leadership and experience is worthy of love and allegiance and gratitude. Few are the countries that are like us," Dr Gargash posted.
Dr Sultan Al Moazen, a former member of the FNC, questioned Al Islah's relevance to Emirati society.
"Why would we want to destroy our home with our own hands?" Dr Al Moazen asked. "If the Rulers' doors were closed then we can give them an excuse, but anyone here can visit the Rulers."
osalem@thenational.ae
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.”
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