Mahmoud Ahmadinejad, Iran's president, arrives in Caracas to attend the late Venezuelan President Hugo Chavez's state funeral on Friday. EPA
Mahmoud Ahmadinejad, Iran's president, arrives in Caracas to attend the late Venezuelan President Hugo Chavez's state funeral on Friday. EPA
Mahmoud Ahmadinejad, Iran's president, arrives in Caracas to attend the late Venezuelan President Hugo Chavez's state funeral on Friday. EPA
Mahmoud Ahmadinejad, Iran's president, arrives in Caracas to attend the late Venezuelan President Hugo Chavez's state funeral on Friday. EPA

Ahmadinejad wipes away tears as Venezuela bids farewell to Chavez


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CARACAS // Some of the world's most notorious strongmen wept openly yesterday at the lavish state funeral of Hugo Chavez, the Venezuelan leftist whose revolution won him friends and foes at home and abroad.

The Venezuelan conductor and Los Angeles Philharmonic maestro Gustavo Dudamel led an orchestra's rendition of the national anthem to open the ceremony as Chavez lay in state in a flag-covered coffin after a 14-year reign.

Chavez's political heir, Vice President Nicolas Maduro, placed a replica of the golden sword of South American independence hero Simon Bolivar on his mentor's wooden casket as more than 30 heads of state applauded.

Presidents Mahmoud Ahmadinejad of Iran and Alexander Lukashenko of Belarus sat next to each other, wiping away tears as a band played one of Chavez's favorite sentimental songs, typical from his native land.

Mr Ahmadinejad, looking emotional, hugged Venezuela's foreign minister, Elias Jaua, and pumped both fists in the air toward the Chavez loyalists.

When he had landed early Friday, the Iranian leader, whose nation's nuclear programme has it locked in a diplomatic stand-off with the West, said "Chavez will never die, his soul and spirit are alive in the hearts of fighters".

Several Latin American leaders, including Cuban President Raul Castro, were invited to stand around the coffin, which was closed and covered in the yellow, blue and red colors of Venezuela, in an honor guard.

As well as alliances with a motley crew of anti-Western autocrats, Chavez had also built friendships with some Hollywood stars, including the Oscar-winning actor Sean Penn, who attended the funeral.

Chavez's body will lie in state for seven more days and officials said his body will be embalmed and preserved "like Lenin" to rest in a glass casket in the military barracks where he plotted a failed coup in 1992.

Venezuela is giving Chavez a long farewell, with hundreds of thousands of people filing past his open casket nonstop since Wednesday. Though popular among the nation's poor, his policies alienated the upper-middle class.

Mr Maduro was due to be sworn-in as acting president pending elections. But the opposition, which is gearing up to challenge Mr Maduro in upcoming elections, said it would boycott the event.

Leaders from Africa and the Caribbean attended the funeral but European nations sent lower-level delegations while the United States was represented by its charge d'affaires and two Democratic Party politicians.

Spain sent the heir to its throne, Prince Felipe, while Russian President Vladimir Putin, another close Chavez ally and opponent of the West, dispatched his foreign minister, Sergei Lavrov.

For the public viewing, Chavez was in a half-open, glass-covered casket in the academy's hall, wearing olive green military fatigues, a black tie and the iconic red beret that became a symbol of his 14-year socialist rule.

People blew him kisses, made the sign of the cross or gave military salutes as they walked by. A four-man honor guard and four tall candelabras flanked the coffin, with a golden sword at the foot of it.

In a country divided by Chavez's populist style, opinions of his legacy vary, with opposition supporters in better-off neighborhoods angry at the runaway murder rate, high inflation and expropriations.

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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
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On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

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.”

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

Lazio v Spezia (5pm)

Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)