Saeed Al Ghafli, fifth from right, chairman of the Department of Municipality Affairs, greets Khalid Abdullah Omran after Inaugurating the street on Al Reem Island in Abu Dhabi to honour his father Abdullah Omran Taryam. Ravindranath K / The National
Saeed Al Ghafli, fifth from right, chairman of the Department of Municipality Affairs, greets Khalid Abdullah Omran after Inaugurating the street on Al Reem Island in Abu Dhabi to honour his father AbShow more

Streets on Reem and Al Maryah named after prominent Emiratis



ABU DHABI // Two main streets on Reem Island and Al Maryah Island have been named after two Emirati men who contributed to the UAE’s development under Sheikh Zayed.

Abdullah Omran Taryam, former chairman of the board of Al Khaleej Publishing and Printing, and Hamouda Ali Al Dhaheri, an adviser to the founding father, were honoured. New signposts with their names were unveiled on both streets on Tuesday.

Saeed Al Ghafli, chairman of the Department of Municipal Affairs (DMA), said: “Honouring these two persons shows the keenness of our Government to reward citizens who contributed in different social, economic and security fields, and devoted their work and services for the nation-building process.

“This honour is meant to commemorate them; a practice that is not new to our Government, which developed the practice of rewarding its loyal servants who delivered their responsibilities in the interests of serving the nation and citizens,” Mr Al Ghafli said.

Under the DMA's ongoing Onwani (My address) project, it named two streets after them to recognise their prominent roles and devotion to the country.

Hamouda bin Ali Al Dhaheri Street is on Al Maryah Island, while Abdullah Omran Taryam Street is on Reem Island.

Their sons, along with top municipal officials, were at the unveiling of the street signposts.

Ali Al Dhaheri, son of Hamouda, thanked the Government, sheikhs and the ruling family of the emirate.

“My father was the Interior Minister in Sheikh Zayed’s time and was very much involved in the foundation and unification of the United Arab Emirates,” Mr Al Dhaheri said.

Musabbah Mubarak Al Murar, acting general manager of Abu Dhabi Municipality, said: “The decoration of citizens by commemorating their names is a true expression of these patriotic values and a tribute of respect and appreciation of citizens who have left indelible marks in the development drive and urbanisation of the UAE.”

Taryam’s son, Khaled Abdullah Omran, was present at the ceremony.

Taryam, who died in January last year, also shaped and steered Al Khaleej, a local Arabic daily newspaper, where he became chairman of the board after the death of his brother in 2002.

Taryam was a co-founder of Al Khaleej in 1970, which resumed publishing in 1980 and then developed into a publishing house that publishes six daily, weekly and monthly publications.

Read about the honoured men's accomplishments here: Honour for eminent Emiratis

anwar@thenational.ae

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.”

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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2.15pm: Handicap Dh90,000 1,400m
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2.45pm: Maiden Dh75,000 1,000m
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4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar