Thousands of people turned out in Abu Dhabi on Thursday as a spectacular fireworks display capped off an incredible day of celebrations for the UAE's Golden Jubilee.
Crowds cheered as the dazzling drone and pyrotechnics show lit up the sky as the UAE turned 50.
Groups gathered on the Corniche and across the capital in advance of the setpiece moment.
“It was great, very special,” said Liguri Jego, from France who was with his wife and child at the Corniche.
“Every time we thought it was over, there was more. It really was beautiful to watch.”
Trit Kiriratnikom, from Thailand, agreed. "It was amazing and spectacular," he said. "It’s very peaceful and safe and my son really enjoys living here. I have no doubt the country is still capable of a lot, we’re looking forward to it.”
The festivities started early in the day. At Sheikha Fatima Park, which officially opened to the public on National Day, Dr Nisma Mohammad brought her four children to take part in celebrations and watch the fireworks
The future has only just begun
Saif Al Ali
"We’ve lived in the UAE for 6 years so these celebrations mean a lot to us," she said.
Inside the park, families rested on green bean bags and shared food, while a performer played soothing tunes on a guitar. By sunset a carnival atmosphere had developed with the good weather adding to the happy vibes.
“There’s been a vast change over the years," said Maria Lyka, from the Philippines, who has lived in the UAE for the past 10 years. She said she encourages her two boys, aged 7 and 8, to take part in National Day celebrations.
"Every National Day, we make it a point that we have to buy something symbolic. Just a small gesture to say thank you to the UAE," she said.
"This year we bought them t-shirts and caps with the UAE 50 logo."
Just down the road, Abu Dhabi’s Corniche was thronged with families with not a single car space left. People adhered to Covid-19 restrictions but, for the first time since the pandemic began, it felt normal life had returned. Many had set up picnics on the side of the road, drinking coffee, munching on snacks and watching decorated car parades pass by.
“Every year we come to Corniche, except for last year because of Covid restrictions," said Angelie Filosoto, 41, from the Philippines.
"I lived here for 12 years. The UAE is my second home and I'm excited to be part of it.”
Saif Al Ali, 20, an Emirati, said he was very proud. "There’s still a lot more we’re going to do. The future has only just begun," said Mr Al Ali.
Pomp and pageantry were not reserved for just the Corniche, however.
One of the oldest structures in Abu Dhabi, Qasr Al Hosn, was transformed to honour the UAE turning fifty.
Music, arts, crafts and even classic automobiles were on display at the Al Hosn festival representing the UAE’s journey from the last 50 years.
As traditional songs were sung throughout the evening, the sound of stamping of passports could be heard throughout the venue. The passports, similar to the idea of the Expo 2020 passports, allowed visitors to commemorate visiting areas of the festival.
“I love meeting new people,” said Alyazia, a volunteer for the festival helping to pass out and stamp the passports. “I’m really enjoying the celebrations and I’m doing it to give back to my community.”
She reflected on how the celebrations taking place amid one of the oldest buildings in the UAE helped to reinforce the the nation’s path.
“We kind of forget our traditions and our culture as we get older,” she added. “So this helps take us back 50 years ago, it really helps remind me.”
The festivities also stretched to Al Wathba, where the Sheikh Zayed Heritage Festival marked the UAE’s 50th anniversary.
A special "Year of 50" area showcased rare photos and video of the UAE and the Founding Father, Sheikh Zayed. Fireworks, music, food and crafts were also in abundance at the annual festival as the UAE celebrated its Golden Jubilee.
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
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
The%20Super%20Mario%20Bros%20Movie
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Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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.”
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
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ITU Abu Dhabi World Triathlon
Brief scores:
Toss: Rajputs, elected to field first
Sindhis 94-6 (10 ov)
Watson 42; Munaf 3-20
Rajputs 96-0 (4 ov)
Shahzad 74 not out
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills