ABU DHABI // A mobile app that allows users to donate directly to UAE charities has proved to be more popular than ever during the month of giving.
This week, the amount of donations made through the Khayr application since its launch in mid-2013 reached Dh5 million. Though donations have increased each Ramadan, this year they have reached almost Dh1 million in less than a month and the number of donors jumped from 7,800 to 19,100.
The developer of the app, Fares Al Ali, 42, an Emirati who studied electrical engineering technology and has 20 years of experience in digital content and digital marketing, said what makes the app different is simplicity.
“Simplicity makes the app unique and different from others. I always believe in Albert Einstein’s quote, ‘If you can’t explain it to a six-year-old, you don’t understand it yourself.’”
Khayr – which translates to “good” – uses technology that facilitates a peer-to-peer communication between the user’s mobile and the charity’s SMS short code, informing the user of how much each short code costs.
“The app is not complicated, easy to use, with a neat user interface, allowing users to easily donate with three clicks only,” Mr Al Ali said.
Mr Al Ali also designed a leading app called Athkar, a dua’a app with a million downloads on Apple’s App Store.
“Following the success of Athkar app and watching its growth motivated me. I thought, ‘Why not create something new again, something for the people and society, a simple app with new idea?’” he said. “I invited two of my friends to brainstorm and we came up with Khayr.”
The app is updated for users to participate in campaigns such as Reading Nation, announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at the start of the holy month. It was aimed at giving five million books to refugee and underprivileged children.
“The app content is up to date. For instance, we immediately add new campaigns, such as Reading Nation and other important campaigns, and we promote it through social media.
“It is also smart enough to know the user’s mobile network, so it will present only supported charities and SMS short codes in that mobile network.”
Users in Qatar and Saudi Arabia can also use the app, and Mr Al Ali plans to extend this support to other countries in the GCC and promote the application there.
“People who used the app are the main reason behind this huge success. People here in the UAE love to contribute to the society and love to donate to charity in their will,” he said. “I thank everyone used the app for their support and trust.”
The app will soon have an English-language interface, Mr Al Ali said.
aalmazroui@thenational.ae
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
Russia's Muslim Heartlands
Dominic Rubin, Oxford
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Brief scores:
Kashima Antlers 0
River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
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Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
