From the shores of the Indian Ocean to the salt flats of Abu Dhabi, citizens and residents gathered together on Monday to celebrate the country they call home.
The impromptu National Day parades have been replaced by formal ceremonies and concerts but above all, National Day remains a time for families to gather around the campfire or in the majlis.
Bashar Saad, an Iraqi raised in Sharjah, hit the dunes south of Dubai with the UAE Pajero Club for their annual National Day drive. The drivers camped dune side the night before.
“First and foremost it’s a holiday so everybody’s free and we love the desert. We have to be in the desert. If you ever spend a night in the desert, it so quiet. It is the best thing for you.”
Melanie Sanchez, her husband Jesse and their three year old child, packed up their car the night before and headed for a family camping trip at Al Qudra Lakes.
For Ms Sanchez, who lives in Abu Dhabi, the long weekend was a rare chance to reconnect with her sister’s family, who live in Dubai. Both Ms Sanchez and her sister met their husbands in the Emirates and had their children here.
We love the UAE like we love our home country and celebrating this great day is one of the ways to show our respect and appreciation to the country and the leaders
“That’s why the UAE is very special for us,” said Ms Sanchez.
“It’s a big love story for us,” said her brother-in-law, Jojo Sanchez, who is 41.
Nearby, Sarannya Arun, who was born in Kerala but raised in Sharjah, explored the manmade lakes with her three-year-old son, husband and in-laws. “The holiday is a chance together get with the family,” said Ms Arun, who is 33. “Otherwise we wouldn’t have the time, actually. We’re in work daily, we never get the time to come here.”
For her, National Day marks the foundation of the country she has always called home. Her father worked at Sharjah International Airport.
“It’s our second home, actually,” she said of the Emirates. Her sisters returned to India at a young age to study but she stayed on. “What to say? I just got settled here.”
In the Northern Emirates, National Day celebrations began the night before with picnickers lining the dunes alongside Sheikh Mohammed bin Zayed motorway, celebrating the holiday with firelight and cardamom-infused tea alongside the road that connects the country.
In downtown Ras Al Khaimah, a free concert titled Ambition of a Nation, featuring Emirati superstars Hussain Al Jassmi and Eida Al Menhali, lit up the downtown.
Folklore bands and food trucks offering Emirati dishes parked at Mina Al Arab lagoon walk, where people danced to the rhythms of local music.
“This day is a glorious one and represents the birth of our beloved country, and we are all here to celebrate our country,” said Ahmad Al Zaabi, an Emirati father of two who came to RAK with his family from Abu Dhabi. “We all live in a great country that has developed tremendously throughout the years, and what better day to celebrate our unity, accomplishments and progress other than the National Day.”
Abdullah Bin Badr, a 14-year-old Emirati, drove up with his family to enjoy the festive atmosphere from neighbouring Umm Al Quwain.
“I came to celebrate with my family and show my love to the country and how proud I am of its achievements,” said Abdullah.
Kamal Hassan, an Egyptian father of two, looked on while his children played games and ate sweets.
“We love the UAE like we love our home country and celebrating this great day is one of the ways to show our respect and appreciation to the country and the leaders,” said Mr Hassan, who is 38. “The children are enjoying their time, and we are enjoying the traditional Emirati dances and treats.”
In Sharjah, people flocked to the Sharjah Maritime Museum for a maritime parade of dhows, yachts, motorboats, and vessels owned by the police and coastguard.
Waiting to board one of the vessels with her daughter, Iraqi Nawal Yaseen said National Day was a celebration of her home.
“I don’t just encourage my kids to celebrate the day but I join them because I consider UAE my home,” she said. “My family has been living here for more than 20 years, my sisters married Emirati men, and my daughters were born here. This is our home.”
Bibinor, an Uzbek mother, had brought her nine and ten-year-old daughters to join the parade.
“It brings people together,” she said. “I came here years ago and didn’t know I would meet the man with who I will spend the rest of my life with.”
“The UAE unifies us all,” she said. “I’m Uzbek and my husband is Iraqi and my daughters feel as proud as Emiratis.”
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
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.”
Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
