National Day an opportunity to pay tribute to UAE’s remarkable progress and its Rulers


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ABU DHABI // This National Day, a celebration of 45 years of the UAE, is an opportunity to pay tribute to the country’s remarkable progress and its Rulers.

Around the country, Emiratis, residents and tourists are expected to flock to public places to celebrate the occasion.

Aziz Al Shamsi, 45, an Emirati, said National Day was a day of unity for all who live in the UAE.

“We all love the UAE,” he said. “Emiratis and non-Emiratis share the same love for and loyalty to this country. We are celebrating the Spirit of the Union and the huge achievements of this great nation.”

The role of Emirati women has expanded and evolved since the establishment of the union, said Mr Al Shamsi, who works for the police department.

“They are taking leadership roles in various fields and we take pride in their achievements,” he said.

Mansoor Meftah, 37, head of the application section at the Abu Dhabi Department of Economic Development, was full of praise and gratitude for the country and its Rulers.

“We wish many more years of success for the UAE, a future of peace and prosperity for all,” he said.

“Emiratis and expatriates are all part of this union. We all belong to one community and as one family, we are celebrating this special day.”

Faisal Al Moussa, from Egypt, has lived in Dubai for almost 15 years.

“When you look at how stable and safe the UAE compared with elsewhere in the region then that is down to the foresight of the leaders of the country,” he said.

“I know that National Day is an important time for Emiratis but it should also be an opportunity for expatriates to give thanks and appreciate what we have here.

Joanna Ferguson, from the UK, has been living in Dubai for five years and agreed with those sentiments.

“National Day gives us all a chance to say thanks for what this country has given us because the lifestyle we have here is much better than what we are coming from,” she said.

“It’s important for expatriates not to be so enclosed within our own communities and be more aware of the country as a whole.”

This year, there will be 219 official events throughout the Emirates, with cultural performances in malls and public spaces, according to the Ministry of Culture and Knowledge Development.

Families will be picnicking on the grass along the Corniche, while others will come and watch the parades, fireworks, heritage attractions, concerts and other events on offer during the National Day holiday.

Al Maryah Island will host performances such as the ayyala and yola dances, traditional drummers, a National Day parade, a police marching band on Friday and Saturday.

At 9pm on Friday, a spectacular fireworks display will light up the skyline in the colours of the UAE flag.

A range of free family activities are taking place at the Yas Marina Circuit on Friday, from 2pm to 7pm, while patriotically-decorated cars are taking part in the annual car parade just outside the circuit on Saturday, from 4pm to 9pm.

The Al Jahili fort in Al Ain is hosting a programme of workshops and performances on Friday from 4.30pm to 10pm.

Planes will paint the skies with the colours of the UAE flag, while martial music is performed by Abu Dhabi Police.

In Dubai, the City Walk festival is hosting 30 international folk bands, as well as traditional fashion shows and art shows, and on Friday, residents can catch a fireworks show.

The first ‘UAE-themed running race’, will take place at 7am on Friday at Meydan. All runners will have UAE flags “on their clothing, in their hands, painted on their faces, and attached to their baby strollers,” organisers said.

Throughout the weekend, families and tourists can catch cultural shows, musicals, a Hollywood stunt show and street performances — all with a National Day twist — at Dubai’s Global Village.

rruiz@thenational.ae

* Additional reporting by Nadeem Hanif

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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.”

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What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
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In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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On sale: now  

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Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

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Name: Hassan Mohsen Elhais

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