Franz-Michael Skjold Mellbin, Danish ambassador to the UAE, will be cheering on his country's athletes at the Special Olympics World Games. Leslie Pableo for The National
Franz-Michael Skjold Mellbin, Danish ambassador to the UAE, will be cheering on his country's athletes at the Special Olympics World Games. Leslie Pableo for The National
Franz-Michael Skjold Mellbin, Danish ambassador to the UAE, will be cheering on his country's athletes at the Special Olympics World Games. Leslie Pableo for The National
Franz-Michael Skjold Mellbin, Danish ambassador to the UAE, will be cheering on his country's athletes at the Special Olympics World Games. Leslie Pableo for The National

Danish ambassador proud to lead out nation at Special Olympics World Games


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Denmark’s ambassador to the UAE will be glowing with pride when he leads out his nation at the Special Olympics World Games next week.

Franz-Michael Skjold Mellbin champions the humanitarian values of the Special Olympics movement, having seen at firsthand how his own country supported people with disabilities.

His older sister suffered brain damage at birth, but thanks to the values of equality and inclusivity cherished by the Games, it hasn’t held her back from reaching her goals.

It is a story that will be echoed by many of the thousands of athletes from all corners of the world descending on Abu Dhabi for the first Games to be held in the Middle East.

“Fortunately, because Denmark has a high degree of support for people with mental disabilities and inclusion, my sister has been able to have a fairly normalised life,” the ambassador says.

“This is what is important about the Special Olympics; it has given people an opportunity to go out and do something special.

“Every time you jump higher and score a goal, it is not only a victory against your opponents but a victory for yourself,” he says.

Mr Mellbin is delighted that Denmark will have a larger squad in Abu Dhabi than any other Nordic nation, with almost 90 athletes representing the country.

“I was happily surprised that we have the largest team,” he says.

“I think there are two reasons for that. One, that in Denmark we try to have inclusive societies, through the social structure and the way we try to include people of determination in society as active participants.

“The other thing is that we have facilities and support systems that allow them to pursue their passion in sports.”

Mr Mellbin says the unifying power of sport will be on display in Abu Dhabi.

Whatever difficulties they have overcome and challenges they have faced, every athlete taking part in the Games will have his or her eyes on victory.

“It is the sweetness of victory, the bitterness of defeat – it is all these human passions that we all feel and share and they will be brought out at the Special Olympics,” he says.

“You have this shared human feeling, so when you have a Special Olympics all of us can see these strong human emotions playing out in the individual.”

The ambassador says inclusion and acceptance are at the heart of the Games and are in line with the UAE’s vision, highlighted by the Year of Tolerance.

“The whole idea of the Special Olympics is bringing people of determination out of the shadows and into society, and making sure that we have this connection between acceptance and inclusion which I also think goes beautifully well with the Year of Tolerance,” Mr Mellbin says.

“It is a great of way combining an international event with the national drive.”

The ambassador will lead out the Denmark team at the opening ceremony of the Games on Thursday and is looking forward to being part of the sporting spectacle.

He has a lifelong love of sport and went to school with one of his country’s footballing heroes, Soren Lerby, who represented Denmark at the 1986 World Cup.

“Of course I could never compare myself with his level,” the ambassador says.

“Once you’ve seen that level you understand why you are not a world-class soccer player yourself but still the sport brought immense pleasure to me and this human passion it brings out is so strong.”

That passion will be evident as Special Olympics athletes compete across 24 sports.

The ambassador says hosting the Games is a milestone for progress in the UAE.

“The UAE has taken a tremendous step forward. We have seen that in many ways.

“The fact the Special Olympics is being hosted here is a great show of tolerance but I also think that there are further steps to be taken in the culture and the traditions of the entire region. But having this event here is a game changer.”

Mr Mellbin took up the post of Danish ambassador to the UAE in September.

The country is home to about 2,700 Danish residents and almost 250 Danish companies operate here, such as shipping group Maersk, diabetes care leader Novo Nordisk and water security company Grundfos.

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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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.