A giant UAE flag was yesterday raised up a 123-metre tall flagpole to mark the 41st National Day celebrations in Sharjah.
The flagpole, the seventh tallest in the world, was inaugurated by Dr Sheikh Sultan bin Mohammed Al Qasimi, the Ruler of the emirate, yesterday to celebrate more than four decades of unity.
"The UAE flag is a symbol of the country's dignity and prestige that must always be held high, just like its people," said Sheikha Bodour bint Sultan Al Qasimi, chairwoman of the Sharjah Investment and Development Authority (Shurooq).
"The UAE has witnessed throughout the 41 years of the Union numerous landmark achievements in its developmental, economic and social spheres, taking its place as a regional and international leader and becoming a global example to be emulated by others."
Sheikha Bodour urged citizens and expatriates to protect the country's achievements and work faithfully to support the country's leadership in pressing ahead with development.
The huge flagpole, the same size as the one in Abu Dhabi, will form the centrepiece of a tourist attraction on one side of Al Jazeera Island.
The area will be extensively landscaped and the island will be encircled by a pedestrian walkway that will include a new theme park and amphitheatre.
The project has been undertaken by Shurooq in collaboration with the Sharjah Department of Public Works and a number of government bodies and departments.
The flag-raising ceremony began with the arrival of Dr Sheikh Sultan, accompanied by 41 children who gave the oath of loyalty.
The crowds also enjoyed an operetta performed by students from the Children and Girls centre in Sharjah, patriotic songs sung by youngsters and live music by the Sharjah Police band.
A photography exhibition highlighting the history and achievements of the UAE was also organised, during which Dr Sheikh Sultan honoured the Emirati who, on the Direct Line programme aired each week on Sharjah Radio, suggested building the flagpole
The inauguration ceremony ended with the release of 41 pairs of white carrier pigeons and balloons decorated with the colours of the UAE flag.
"The police's participation in the opening of Flag Island comes in line with our eagerness to be present at all activities, especially National Day, that instill the values of loyalty towards the nation and its leaders among the younger generations," said Maj Gen Humaid Mohammed Al Hudaidi, chief of Sharjah Police.
Marwan bin Jassim Al Sarkal, the chief executive of Shurooq, said December 2 was a treasured occasion for Emiratis and expatriates, as it offered the opportunity to express their love, appreciation and admiration for the country and its leaders.
"It is also a great chance to reaffirm our allegiance and gratitude to the nation and its leadership, as well as to consolidate the meanings of loyalty and patriotism in the hearts of the people of this great nation," Mr Al Sarkal said.
He expressed his pride in the completion of Flag Island as a national symbol.
ykakande@thenational.ae
How to increase your savings
- Have a plan for your savings.
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- Carol Glynn, founder of Conscious Finance Coaching
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
Key facilities
- 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
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- 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
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Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
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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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