Egyptian imam Sheik Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo on February 18, 2011. Khalil Hamra / AP Photo
Egyptian imam Sheik Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo on February 18, 2011. Khalil Hamra / AP Photo
Egyptian imam Sheik Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo on February 18, 2011. Khalil Hamra / AP Photo
Egyptian imam Sheik Youssef Al Qaradawi speaks to the crowd as he leads Friday prayers in Tahrir Square in Cairo on February 18, 2011. Khalil Hamra / AP Photo

Influential cleric attempts to soothe Gulf rift


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DOHA // An influential Qatar-based Islamist whose fiery sermons strained ties between Doha and its neighbours sent a conciliatory message to countries he has criticised in an apparent attempt to help end a rift between the Gulf Arab allies.

Youssef Al Qaradawi, an Egyptian-born cleric whose sermons have often admonished the authorities in Saudi Arabia and the UAE, said all views expressed in his sermons were his own and not those of Qatar.

“My personal position does not reflect the position of the Qatari government ... I do not take on an official position, but just express my personal opinion,” he said in an emailed statement on Sunday.

The ageing cleric used unusually placatory language about Qatar’s neighbours, some of whom he has accused of a variety of failings including being insufficiently Islamic.

“I would like to say I love all the countries of the Gulf, and they all love me: Saudi Arabia, Kuwait and the United Arab Emirates, Oman, and Bahrain. I consider them one country and one house,” he said.

On March 5, in an unprecedented move, Saudi Arabia, the UAE and Bahrain recalled their ambassadors from Qatar, accusing Doha of failing to abide by an accord not to interfere in each other’s internal affairs. Qatar denies the charge.

The three states were especially angry at Qatar’s support for the Muslim Brotherhood, an Islamist movement that reveres Mr Al Qaradawi and whose ideology challenges the principle of conservative dynastic rule long dominant in the Gulf.

Since the withdrawal of the Gulf ambassadors, Mr Al Qaradawi has refrained from preaching during Friday sermons, a move seen as an attempt to calm tensions.

In his statement, the cleric noted that he had been awarded prizes in Saudi Arabia and UAE for his work, adding he valued the awards highly.

Mr Al Qaradawi said the opinions he expressed in his public statements were only delivered as a means of constructive criticism.

“What I said, and I say, is a matter of sincere advice, which will prove its sincerity after a while,” he said.

The UAE summoned the Qatari ambassador in February over what it said were insults by Mr Al Qaradawi in a Qatar state television broadcast in which he condemned the UAE as anti-Islamic.

In a sermon shortly afterwards, Mr Al Qaradawi apparently addressed the UAE: “Were you angry at me because of two lines I said about you? What if I gave an entire sermon just on your scandals and injustices?”

In his statement, Mr Al Qaradawi denied media reports that he would be leaving Qatar soon. He said: “I am part of Qatar, Qatar is a part of me ... I am now 88 years old, and I will stay in Qatar to be buried in its soil.”

* Reuters

Ways to control drones

Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.

"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.

New measures have now been taken to monitor drone activity, Geo-fencing technology is one.

It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.

The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.

The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.

Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.

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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.”

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Series info

Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday

ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23

T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29

Tickets Available at www.q-tickets.com

Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.

Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.

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MATCH INFO

Manchester City 1 Chelsea 0
De Bruyne (70')

Man of the Match: Kevin de Bruyne (Manchester City)