Sheikh Saud bin Saqr marks 10 years as Ruler of Ras Al Khaimah

The government of Ras Al Khaimah on Wednesday marked 10 years since the appointment of Sheikh Saud bin Saqr as Ruler of the emirate and member of the UAE’s Supreme Council, the country’s highest federal authority.

Sheikh Saud bin Saqr became Crown Prince and deputy ruler in 2003.

In the decade that followed, the population more than doubled to 438,000 and its geography has been transformed.

Working closely with the federal government, the emirate completed large scale infrastructure projects, including thousands of homes for citizens and investment in roads, electricity and water supply to meet the demands of a quickly growing population.

Residential projects included the construction of the coastal Mina Al Arab and the expansion of the gated Al Hamra Village, which is home to 10,000 residents.

Additionally, two new sprawling desert suburbs, Mohamed bin Zayed City and Khalifa bin Zayed City, provided thousands of homes for Emiratis.

The emirate’s GDP grew to Dh35.1 billion by 2016, after rising between five to seven per cent annually from 2011.

Sheikh Saud guided the emirate through these changes.

Manufacturing remains Ras Al Khaimah’s largest economic sector, contributing to about a third of its GDP. In the past decade, its two largest quarries, Stevin Rock and RAK Rock, expanded their annual output from 48 million tonnes to about 80 million tonnes.

Completion of the Jebel Jais road opened up Ras Al Khaimah for outdoor sports. Victor Besa / The National

To attract entrepreneurs, the emirate’s two free zones merged in 2017 as RAK Economic Zone, which hosts 15,000 businesses.

The emirate has sought to capitalise on its natural beauty by developing its tourism sector. Visitors increased from 390,000 in 2011 to more than a million in 2019 amid the opening of new tourist sites, including the man-made Marjan Island archipelago on the south coast.

The long anticipated completion of the 20-kilometre Jebel Jais road opened up Ras Al Khaimah’s mountains and wadis as a destination for outdoor sports.

The final section of the Dh90 million RAK Ring Road, a 30-km bypass that connects the E311 to communities and quarries north of the city, is expected to open soon.

Born on February 10, 1956, Sheikh Saud was the fourth son of Sheikh Saqr and is married to Sheikha Hana, the daughter of a prominent Emirati businessman, Juma Al Majid.

Prior to becoming Ruler, he set up a number of local companies, including RAK Ceramics.

His son, Sheikh Mohammed, succeeded him as Crown Prince.

His father, the late Sheikh Saqr bin Mohammed, was a founding father of the UAE and ruled Ras Al Khaimah for 62 years.

His greatest legacy was education for men and women and, from the 1950s, he appealed to Arab states such as Kuwait and Egypt to send teachers and develop some of the first modern schools in the Trucial States.

When Ras Al Khaimah joined the UAE in January 1972, many of the country’s first ministers and leaders were drawn from the emirate’s educated population.

Tuesday was the 10th anniversary of Sheikh Saqr’s death.

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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The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

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