SHARJAH // Dr Sheikh Sultan bin Mohammed Al Qasimi, the Ruler of Sharjah, has been made a member of a prestigious and centuries-old scientific and educational group.
Dr Sheikh Sultan, who holds a bachelor’s in agricultural engineering as well as his PhD in history, was welcomed into the Academy of Sciences of Lisbon, an institution that dates back to 1779 and is dedicated to the advancement of science and learning.
The invitation was extended while the Ruler is visiting Lisbon, the capital of Portugal.
Manuel Pechirra, president of the Luso-Arab Cooperation Institute, said Sheikh Sultan was chosen as a member of the Academia das Ciências de Lisboa as a clear indication of the scientific and cultural status held by the ruler of Sharjah, reported state news agency Wam.
He was presented with the Academic Medal, given to those who contribute to efforts in the service of cultural exchange and cooperation.
Dr Sheikh Sultan was in Lisbon for the opening of the Sharjah Cultural Days exhibition, which aims to create a cultural dialogue between the UAE and other countries, particularly in the West.
At the launch on October 3, Dr Sheikh Sultan said Sharjah believed in the importance of cultural communication and building bridges of knowledge to promote understanding and tolerance among all cultures, reported Wam.
Citing the historic Arab-Portuguese relations, Dr Sheikh Sultan said the civilisations had been “parallel and sometimes intersected” and “contributed to the contemporary sciences and arts”.
Human civilisation is a wide and cultural fabric, he said, and the patterns interact with each other.
Dr Sheikh Sultan presented copies of his translated books to the Portuguese foreign minister, Rui Machete, at the launch, which was also attended by UAE Ambassador to Portugal, Saqr Nasser Al Raisi; Abdullah bin Mohammed Al Owais, head of the Department of Culture and Information; Dr Omro Abdul Hamid, adviser to the Ruler of Sharjah for Higher Education; and other senior officials.
Portugal’s deputy prime minister, Paulo Portas, met Dr Sheikh Sultan on the sidelines of the exhibition, and discussed cooperation in cultural, technical and academic domains.
Mr Portas welcomed Dr Sheikh Sultan and his delegation, expressing thanks for choosing Lisbon to be one of the destinations for Sharjah Cultural Days.
He said the event helped to increase and consolidate cooperation between the countries, reported Wam.
Jorge Barreto Xavier, Portugal’s secretary of state for culture, accompanied Dr Sheikh Sultan on a visit to the National Archives in Lisbon, which house a large collection of manuscripts and original documents from as far back as the 16th century.
Dr Sheikh Sultan examined a collection of documents and manuscripts from 1515 that showed the history of the Arab region, especially the Julfar area, which now makes up part of modern day Ras Al Khaimah.
At the end of the tour, Dr Sheikh Sultan and his delegation were presented with a rare collection of maps of the world and the Arabian Gulf region from 1571.
The Ruler also visited the National Library of Portugal, the Antique Automobile Club of Portugal and the Calouste Gulbenkian Foundation and Museum.
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UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
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Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
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At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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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.”
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
RESULT
Bayern Munich 0 AC Milan 4
Milan: Kessie (14'), Cutrone (25', 43'), Calhanoglu (85')
