ABU DHABI // The UAE was in party mood yesterday as the nation celebrated its 37th birthday.
Across the country, thousands of people gathered in parks and beaches to commemorate the anniversary, while cars, houses and shopping centres were decorated with balloons and green, white, red and black flags.
Traditional boat races, parades of cars emblazoned with images of the country's leaders and a record-breaking fireworks display were among the highlights.
Ahmed Shareef, undersecretary of the Department of Municipal Affairs, summed up the mood when he paid tribute to the country's founder.
"On the 37th anniversary of the UAE National Day we can all be inspired by the values and the remarkable efforts and accomplishments of the late Sheikh Zayed bin Sultan, the architect of the nation," he said. "His contribution and enlightened vision that shaped the nation have been instilled in our current leaders."
There were concerts, plays and other events across the emirates.
At Abu Dhabi's Heritage Village, Emiratis and expatriates gathered on the breakwater in the afternoon for a taste of Emirati culture.
"Here people can feel the UAE heritage and experience the way people lived in the days before oil," said Rashed al Romaithi, head of media for the village.
On the waterfront, lines of men dressed in white khandouras faced each other waving wooden canes in a traditional Bedouin dance, as women dressed in multicoloured embroidered robes flung their hair back and forth to the beat of large wooden drums.
Haithem al Balushi, 19, a college student, was among a group of more than 50 who had travelled to the capital from Al Ain to perform the dances.
"On National Day it is important to remember the old times," he said.
In front of the Corniche, hundreds of young Emiratis competed in a traditional boat race organised by the Emirates Heritage Club. More than 50 wooden boats with crews of 15 oarsmen took part in the four kilometre race, finishing outside the Heritage Village.
The race is a National Day tradition. This was the first year that a group from the Abu Dhabi Club for Special Needs competed in the whole race; previously, the group joined for only the final kilometre.
"It's really special for us as we've been able to properly share in this tradition," said Ayman Bachi, who works with the club.
Mohammed al Mihairbi, who helped organise the boat race, stood with his 11-year-old son. "It's amazing to think what we have done in 37 years because our rulers are smart and wise we have achieved so much," he said.
"In only 37 years we have built up from the desert to the sky.
"I'm not just celebrating for myself but for my children because I know everything is all right and peaceful for their future."
The city's Corniche had a carnival atmosphere. Traffic travelling towards the Emirates Palace hotel slowed to a walking pace, and drivers sounded their horns and revved their engines.
Abdul Rahman, an Indian selling souvenirs, said he sold more than 1,000 flags in 10 hours. "Business is good. I think I will sell 5,000 flags in four days."
Many people said they had arrived early to find parking spaces and a good vantage point for the fireworks display. Some had set up tents in parks along the Corniche.
"I've never seen the celebrations go to this extent," said Marie Roberts, an Australian who has lived in the UAE for 18 years. "It's certainly a lot louder than it used to be."
By the evening, the Corniche crowd had grown to around a million people, awaiting the largest fireworks display ever in the capital.
Abu Dhabi hoped to enter Guinness World Records "for the largest and most artistically detailed fireworks display in the history of the world".
In Dubai, there were theatre productions and opera at Zabeel Park. Competitions, children's activities and cultural events took place at Jumeirah Park and Mamzar Park.
At Dubai Creek, several thousand people gathered in the afternoon for a boat show, which included a parade of about 75 fishing boats painted in the colours of the national flag.
Saeed Hareb, the director of the Dubai International Marine Club, said, "The reason we are putting this parade on is because it means a lot to be part of the Emirates. The UAE gives a lot to its people."
Arif al Zafin, a member of the Victory 1 powerboat racing team who attended the event, said, "I am proud to be Emirati. Dubai is a very safe place. The Government has done so much for my country and everyone works hard to make it a better place."
Saqar Ahmed al Kassimi, aged 10, from Sharjah, who had travelled with his parents to watch the parade, said, "In 37 years, our country has done a lot for its people and this is where we live and die."
In Al Ain the municipality constructed a 500,000 sq m heritage village with a souq and mud huts to mark the day. The village, opened yesterday, will be a permanent feature in the city.
The general manager of the municipality, Awad Khalifa bin Hasoum al Darmaki, said, "We were trying to imitate the old Al Ain which was an oasis surrounded by villages. We were trying to offer something to the new generation to see what Al Ain used to be and for old people to remember."
The best thing about National Day, he said, was "to see a smile on a kid's lips. It's nice to see everyone uniting."
In Ras al Khaimah, Emiratis spent the day decorating their 4x4s for a parade along the Corniche that lasted well into the night.
Al Ain celebrated with a light and sound show.
In Madinat Zayed, in Al Gharbia, a "cultural tent" featured local crafts, a "fire eater", traditional Emirati dancing and a photo exhibition.
Khalifa al Mansoori, the executive director of area services for the Western Region Municipality, said, "It is important to show what we have accomplished over the last 37 years.
"In going back to our roots we have to admire the wisdom of the rulers. It is also important to show the new generation how our parents lived."
* The National
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Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
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Mohammed bin Zayed Majlis
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
The specs
- Engine: 3.9-litre twin-turbo V8
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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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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Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Mobile phone packages comparison
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.