Malaysian Prime Minister Mahathir Mohamad arrives for a welcoming ceremony for Pakistan Prime Minister Imran Khan (not pictured) in Putrajaya, Malaysia, 21 November 2018. EPA
Malaysian Prime Minister Mahathir Mohamad arrives for a welcoming ceremony for Pakistan Prime Minister Imran Khan (not pictured) in Putrajaya, Malaysia, 21 November 2018. EPA
Malaysian Prime Minister Mahathir Mohamad arrives for a welcoming ceremony for Pakistan Prime Minister Imran Khan (not pictured) in Putrajaya, Malaysia, 21 November 2018. EPA
Malaysian Prime Minister Mahathir Mohamad arrives for a welcoming ceremony for Pakistan Prime Minister Imran Khan (not pictured) in Putrajaya, Malaysia, 21 November 2018. EPA

Malaysia says it won't host any more events involving Israel


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Malaysia's foreign minister said Wednesday that the government will not budge over a ban on Israeli athletes in a para swimming competition and has decided that the country will not host any events in the future involving Israel.

Malaysia, a strong supporter of the Palestinian cause, is among the predominantly Muslim countries that do not have diplomatic relations with Israel. The government has said Israeli swimmers cannot join the competition in eastern Sarawak state in July, which serves as a qualifying event for the 2020 Tokyo Paralympics.

Foreign Minister Saifuddin Abdullah said the Cabinet affirmed last week that no Israeli delegates can enter Malaysia for sporting or other events in solidarity with the Palestinians.

"The Cabinet has also decided that Malaysia will not host any more events involving Israel or its representatives. This is to me, a decision to reflect the government's firm stance over the Israeli issue," Saifuddin said after meeting a coalition of Muslim groups.

The groups submitted a memorandum urging the government to stick to the ban and not to repeat past instances of allowing Israel delegates into the country.

Mr Saifuddin said the Palestinian cause was not just a religious issue but also one of human rights.

"It's about fighting on behalf of the oppressed," he said.

Israel's Paralympic Committee said later Wednesday that together with the International Paralympic Committee, it hopes "to find the right solution before July."

"We believe that any additional statements at this stage may only be harmful," Leah Schneider, an official representing the committee, said in an email.

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Malaysian Prime Minister Mahathir Mohamad has said the International Paralympic Committee can withdraw Malaysia's right to host the July 29-August 4 championship involving athletes from some 70 countries if they wish to do so. The committee has said it was disappointed with Mr Mahathir's comments but hopes to find a solution to the issue.

This is not the first time Malaysia has stopped Israeli athletes from competing in a sporting event. In 2015, two Israeli windsurfers had to withdraw from a competition on the resort island of Langkawi after they were refused visas to enter. The following year, Malaysia decided not to host a 2017 conference of the world football governing body Fifa because an Israeli delegation was scheduled to participate.

But earlier this year, the government allowed a high-level Israeli delegation to attend a UN conference in Kuala Lumpur, sparking widespread anger among Muslim groups.

Some 60 per cent of Malaysia's 32 million people are ethnic Malay Muslims. Many have taken to the streets in the past to support the Palestinian cause.

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About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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.”

UAE currency: the story behind the money in your pockets
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  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
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Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.