Khalifa: UAE on path of peace and prosperity



ABU DHABI // Sheikh Khalifa, the President of the UAE and Ruler of Abu Dhabi, told citizens and residents on the eve of the 38th National Day that the country would continue on a path to peace and prosperity. He said the UAE had come a long way in terms of safety and security since it was established in 1971. "On this occasion, we wish to reassure everyone that our nation today is stronger and better off," Sheikh Khalifa said, as reported by WAM, the state news agency. "Our economy is in a good state and our society is in a good state."

UAE diplomacy, he said, had earned itself a significant position in the international political arena through initiatives in Iraq, Lebanon, Sudan, Yemen, Somalia, Afghanistan and other places. He expressed his "absolute support" for any effort that aimed to revive the "original [Emirati] practices", stressing that families were "the backbone of society, where young people learn compassion, solidarity and patriotism".

Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, reiterated in his address that the country was determined to develop and prosper. He spoke as Dubai's economy has come under international scrutiny with the announcement that Dubai World would seek help in managing its debt. "Ambitions will remain the ally of our plans, big goals will remain our objectives, nobility of our nation and welfare of the citizens will remain the compass that guides us and directs our work," Sheikh Mohammed said.

Sheikh Saud bin Rashid, the Ruler of Umm al Qaiwain, said the country had positioned itself on the world map through remarkable achievements, many by Sheikh Khalifa during his first term. They include enhancing the role of the Federal National Council through the election of half of its members, empowering women in politics, successfully dealing with the financial crisis and moving to establish the first nuclear plant for energy production.

"I pray to God Almighty to help and protect our beloved country and grant health and wellness to their highnesses the President, Vice President and Supreme Council members and rulers of emirates, and to help them to continue their efforts for the success and development of our country," he said. Dr Sheikh Sultan bin Mohammed, the Ruler of Sharjah, said uniting the seven emirates had helped to create a powerful and prosperous nation.

"This should inspire every citizen, whichever role he or she occupies, to work with determination to bring our the best for himself and his family," he said. "He or she should become an active element in his or her society, not only with words but with action, participating in the creation of a more glorious future for the country." Sheikh Saqr bin Mohammed, the Ruler of Ras al Khaimah, said the last decades had seen drastic improvements in education and standards of living.

"The uae has made bold and great strides in the last decade in all fields of development," he said. "Thanks to Allah and the determination of the leadership and the unity of its people, we have been successful." Sheikh Hamad bin Mohammed, the Ruler of Fujairah, called the UAE federation a model for the region. "Under the union," he said, "the UAE built industry, educational, sports and cultural premises as per international standards in a way that surprised the world. Today, the UAE is ranked among the civilised countries in light of its recent record achievements. We have a right to be proud of what God endowed on us."

Sheikh Humaid bin Rashid, the Ruler of Ajman, said the UAE's modern history marked it as a cohesive, homogeneous and stable country that was able to lead and help others in the region develop. "The UAE has contributed in the development of many Arab countries," he said, "whether through grants or financial assistance, or participation of the UAE companies in major investment projects in those countries with huge capitals."

hhassan@thenational.ae

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  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
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  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The 12 Syrian entities delisted by UK 

Ministry of Interior
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The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

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Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Name: Kumulus Water
 
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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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