A soldier of the US 82nd Airborne Division maintains order as a crowd of people line up for water distribution in Port-au-Prince.
A soldier of the US 82nd Airborne Division maintains order as a crowd of people line up for water distribution in Port-au-Prince.
A soldier of the US 82nd Airborne Division maintains order as a crowd of people line up for water distribution in Port-au-Prince.
A soldier of the US 82nd Airborne Division maintains order as a crowd of people line up for water distribution in Port-au-Prince.

Security needed before aid delivery


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In his opinion article Securing disaster (January 22), Peter Hallward argues that the American-led mission to Haiti is repeating past mistakes. I wonder if he has thought the matter through when he accuses the US of putting military stability ahead of humanitarian aid. The news here in the US is full of reports from Haiti of looting and attempts to commit various crimes. Before the US (or anyone else) can begin to distribute humanitarian aid, the people delivering it must be safe from assault and murder. If the volunteers of the American Red Cross or the Red Crescent or anyone else are in danger of being attacked, will they deliver needed food, water, and medicine? Bob Morris, US

In reference to the article Survey finds most UAE residents have unhealthy lifestyles (January 22), no surprise there. Traditionally in UAE society the father was the primary bread winner. Due to the rising cost of living and ridiculously high rents, mothers have had to seek work opportunities to support their households. Unless you are exceptionally fortunate, it is becoming increasingly difficult to live in Abu Dhabi on a single income. Some of us parents work 12-16 hour days. Yet we do not earn enough to be able to pay the rent, send our kids to good schools or provide them with the standard of living that our parents did. Our parents worked much less and may have earned less, but what they earned was more than enough to live on comfortably while we had our mothers at home cooking and caring for us.

Where are parents today supposed to find the time to provide their children with the quality care they deserve? Parenthood is not a part-time job. It should be treated and approached as a career that requires real life-changing decisions, and it cannot be held in second place after individual career goals. These are all problems of modern day living and a society that is too focused on material appearances and not enough concerned for the family unit. The obesity rates, the divorce rates, the traffic accidents, the stress levels and any increase in youth crime are all related. They need to be approached responsibly as a collective set of symptoms of a disease currently afflicting UAE and GCC societies. BuAhmed al Hashimi, Abu Dhabi

I was pleased to read the article UK Muslims in battle for hearts and minds (January 20) and to note the positive feedback to the public awareness campaigns in support of Islam. I would like to add that as an expat from the UK, now living in Dubai, I have found that there is definitely a general negative impression about Islam presented in the media there.

We should all support such initiatives, as this shows the true, peaceful nature of Muslims and Islam, and after all this is why many of us are Muslims today. We need to be much more focused on showing these positive messages about Islam in the media and all work together for this goal. The UAE is a perfect example of how people from various backgrounds and religions can co-exist peacefully, but it requires projects like the "hearts and minds" campaign in the UK to show others that this is the reality. R Malik, Dubai

In reference to the news article Dubai's bijou hotel is forced to close (January 23), I cannot express how appalled I am by this news. My husband and I, and two other couples, were starting to talk about visiting the UAE, and were only beginning our search for just such a place to stay as this. It sounds like it was not only idyllic, but also a brilliant business idea that succeeded by the innovation and hard work of its proprietors. How could the municipality, in such a global economic climate as this, choose to discourage such brilliance? This story has taken us all aback and certainly raised eyebrows on this end. Rachel Rivera, US

Why give a licence in the first place if you're going to decide not to renew it two years later? It's not like the street they were on was not residential when the hotel first opened. It's arbitrary decisions like this which make people feel very hesitant to invest large sums of money in the UAE. Overnight your life savings can be lost through no fault of your own - just like that. Ritesh Tilani, Dubai

In reference to UAE residents choose cheap petrol over climate (January 22), I am surprised that a nation that was founded by nomadic tribes who were as close as possible to the environment in their lifestyle and habits should forget the dictates of their own people, culture and religion and adopt the bad habits they have today. It is baffling. Mita Srinivasan, Dubai

If you go...

Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.

Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.

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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.

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE