Denmark's King Frederik X acceded to the throne on Sunday, ushering in a new era after his mother Queen Margrethe abdicated, with more than 100,000 Danes turning out for the unprecedented event.
After a final procession in a horse-drawn carriage through the streets of Copenhagen, Margrethe, 83, signed a declaration of abdication at Christiansborg Palace – a first in 900 years in Denmark – ending her 52-year reign and automatically making her son monarch.
She then left the Council of State, also attended by the government, the new king and queen, and their eldest son, the new Crown Prince Christian, 18.
She left the room with tears in her eyes, saying: “God bless the king.”
In front of a sea of Danes waving red-and-white flags, Prime Minister Mette Frederiksen then proclaimed 55-year-old Frederik the new king on the balcony of Christiansborg Palace, the seat of parliament and government.
Wrapped up against the cold, a visibly moved Frederik, clad in his gala admiral's uniform with gold epaulettes, blinked back tears and smiled as he waved to the crowd, estimated at more than 100,000 people by media outlets.
Like his mother, Frederik is hugely popular, enjoying the support of more than 80 per cent of Danes.
“My mother succeeded like few others in becoming one with her country,” he told the crowd.
“My hope is to become a unifying king for the future … It's a responsibility I assume with respect, pride and a lot of happiness,” he said, repeatedly placing his hand on his heart as the crowd cheered.
Frederik was then joined on the balcony by his Australian-born wife Mary, wearing a white dress with her dark hair swept back in a bun, and their four teenage children.
Mary is the first commoner to become queen in Denmark.
The crowd erupted in loud cheers as the new king and queen kissed on the balcony.
It is only the second time a Danish sovereign has stepped down. The last one was Erik III, almost nine centuries ago in 1146.
“Soul of the nation”
Aske Julius, a 27-year-old Copenhagen resident, called Margrethe “the embodiment of Denmark … the soul of the nation.”
“More than half of the Danish population has never known anything else but the queen,” he said.
Portraits and banners around the capital thanked the queen for her years of service, with cheeky signs in the metro declaring: “Thanks for the ride, Margrethe”.
Others read: “Long live the king”.
No foreign dignitaries or royals were invited to Sunday's succession, in line with Danish tradition, and there was no coronation or throne for the new monarch.
Margrethe chose to abdicate exactly 52 years to the day after she took over from her father, Frederik IX.
The queen stunned Danes when she announced her abdication in her annual televised New Year's Eve address, after having repeatedly insisted she would follow tradition and reign until her death.
Even her own family was only informed three days prior.
She attributed her decision to health issues after undergoing major back surgery last year.
Margrethe will retain her title of queen and may represent the royal family on occasion.
Experts say that passing the baton to her son now will give him time to flourish in his role as monarch, after gradually taking on increasing responsibilities.
“She thinks the crown prince is totally ready to take over. And she wants to avoid a situation like in Great Britain where Prince Charles became King Charles after the age of 70,” historian Lars Hovbakke Sorensen told AFP.
He is expected to bring his own style to the monarchy, which dates back to the 10th century Viking era.
“He understood that he could not copy (the queen) and has managed to define his own image, his own ties to the Danish people,” another historian, Bo Lidegaard, said.
While his mother is known for her love of the arts and is an accomplished writer and artist, Frederik is an avid sportsman who champions environmental causes.
In Denmark the monarch's role is largely ceremonial, but he or she does sign legislation, formally presides over the forming of a government and meets with the cabinet regularly.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
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Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
UAE currency: the story behind the money in your pockets
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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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.”
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
