ABU DHABI // Pakistanis are wrapping up their three-day Independence Day celebrations on a high note, hopeful of a brighter future for their homeland.
Today marks the day Pakistan was established as a separate nation in 1947, and the UAE's 850,000-strong Pakistani community has been celebrating with flag-hoisting ceremonies, traditional folk dance and songs.
The Pakistani government, however, urged its embassies to tone down official celebrations and send the money they would have spent to those suffering in the Swat Valley. More than two million people in that region have been displaced during the Pakistani military's operations against the Taliban.
Unofficial celebrations here included a formal dinner on Wednesday hosted by the community leader Izhar Haider, who has lived in the capital for more than 30 years.
"On this day, 62 years ago, Pakistan came into being," he said. "There was tension with India and we were having a lot of problems. We needed a separate homeland and we like to give thanks to the founder of our country, Quai-e-Azam Muhammad Ali Jinnah."
Yesterday, the Pakistan Association Dubai marked the occasion by laying the first brick of its new building.
Shakila Zubair, 32, said: "I wanted to come because it stirs a feeling of national pride in you. It's also one of the few opportunities for everyone to get together."
Afsheen Farooq, 29, attended with her four children and her husband, Farooq Ali, 37. It was the first time they had attended any Pakistani events since moving to Sharjah four years ago.
"We were really missing Karachi, and that's why we came today," she said. "Plus we felt it was important to celebrate Independence Day. We heard there was a big function going on so decided to mark the occasion."
Her husband, an account manager, added: "We were excited about coming today as they are laying the first foundation. We wanted to see how they celebrate outside Pakistan. But Dubai matches up with the homeland any day."
Association officials said it was as much a celebration of the nation itself as its independence.
"However precarious the situation in my homeland may be, I am convinced about one simple fact: our nation has all the ingredients, including vision, faith, determination and talent, to fight out the current turmoil and bring back peace, justice and respect for the common man," said Muhammed Khaleeq, the general secretary for the association.
"Today is a day of thanksgiving," he added. "It reminds us of great sacrifices that our forefathers offered for us to breathe in an independent state and form a society based on Islamic principles."
This morning, the Pakistani ambassador to the UAE, Khurshid Ahmed Junejo, plans to raise a national flag at the embassy during a small celebration open to all Pakistanis.
"Let us resolve on this occasion that we will work together for the prosperity, sovereignty and progress of our nation so that we attain the ideals of the father of the nation," Mr Junejo said. "Pakistan is a vibrant nation with tremendous human and natural resources."
Dr Saeed Mohmand Khan, the consul general of Pakistan in Dubai, said Pakistanis, the UAE's second-largest community after Indians, should strive for unity during difficult times.
"Keeping in view of the prevailing environment, internal unity is far more important then ever before in the entire history of Pakistan," he said.
"It is therefore our foremost duty to demonstrate firm determination for upholding the unity of the nation and strengthening integrity and solidarity of the country. It is predominantly a unique day for us to celebrate in UAE, our very close and brotherly Islamic state."
Sheikh Khalifa bin Zayed, the President of the UAE and Ruler of Abu Dhabi, sent a cable of congratulations to the Pakistani president, Asif Ali Zardari, according to WAM, the state news agency. Other government officials, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, sent similar messages, WAM said.
Pakistan's ambassador at large, Javed Malik, will also hold a celebration at the Westin hotel in Dubai today.
asafdar@thenational.ae
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
UAE currency: the story behind the money in your pockets
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