Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, has reassured the people of the UAE about the well-being of his son, who was among the soldiers injured in last Friday’s missile attack in Yemen.
Sheikh Ahmad bin Saud was among the Emirati troops caught in an attack that killed 45 UAE soldiers stationed in Marib province as part of operations against the Houthi rebels.
Ten Saudi and five Bahraini soldiers also lost their lives.
Sheikh Saud said during a bulletin on the Oluom Al Dar TV news show that his son had “chosen the military life and knew of its circumstances” and was one of the injured soldiers.
Sheikh Ahmad is now receiving treatment for injuries, which have not been specified.
“[Sheikh] Ahmad chose the military and he is aware of the circumstances and duties. He chose to defend his homeland. As soon as I saw him in the hospital, he was asking of his friends. He said, ‘When the country takes care of my friends, I am fine’. What I saw from our brothers who are injured is a model. What I saw, honestly, is a new spirit that I did not know of but read about,” Sheikh Saud said.
“A brotherly spirit that is selfless, putting others first, and they felt better once they knew their friends were doing well.
“My son told me to assure my brothers and the families that had lost a martyr, to mourn and cry in pride, and that he is honoured to have brothers like them. Ahmad is my son, but they are all our children, and we do not differentiate between them. He didn’t go for himself, he went in defence of his nation’s honour and he and his brothers were one family, they are all proud of each other and will sacrifice themselves for the other.”
The soldiers have shown “a new face of sincerity and unconditional love to one another”, Sheikh Saud said, adding they have taught the country the true meaning of love and support.
“All those who were martyrs and injured are our children, and those who remain at the front-line are our children as well. September 4 is a date in the UAE’s history, which will show who its children stood for its right and coming together in the welfare of the nation. This day showed the true feelings of the UAE people and it is a good chance for us all to learn from our heroes so we can reach their level of bravery,” he said.
“Those who have been martyred or injured have become our role models, and they represent our love and faithfulness to the nation. Allah has granted us these children, who had stood for justice and they have served the nation greatly. They have proved to be a great example of a loving society.”
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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.”
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.