US singer-songwriter Dolly Parton seen waving after performing onstage at the 2019 MusiCares Person Of The Year gala at the Los Angeles Convention Centre. AFP
US singer-songwriter Dolly Parton seen waving after performing onstage at the 2019 MusiCares Person Of The Year gala at the Los Angeles Convention Centre. AFP
US singer-songwriter Dolly Parton seen waving after performing onstage at the 2019 MusiCares Person Of The Year gala at the Los Angeles Convention Centre. AFP
US singer-songwriter Dolly Parton seen waving after performing onstage at the 2019 MusiCares Person Of The Year gala at the Los Angeles Convention Centre. AFP

Dolly Parton rejects bill to erect statue in home US state


Patrick deHahn
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Famed performer Dolly Parton has respectfully declined a Tennessee state bill that would erect a statue of her, citing "all that is going on in the world".

John Windle, a state representative, put forth the bill, which praised Ms Parton and suggested there be a statue of the star placed on the grounds of the state capitol in Nashville.

"I want to thank the Tennessee legislature for their consideration of a bill to erect a statue of me on the Capitol grounds," she wrote in a tweet.

"I am honoured and humbled by their intention but I have asked the leaders of the state legislature to remove the bill from any and all consideration."

Mr Windle's bill passed the state's House Naming and Designating committee unanimously last week and was on the way for final approval in higher local and state legislative levels.

"Given all that is going on in the world, I don't think putting me on a pedestal is appropriate at this time," wrote the Tennessee native.

"I hope, though, that somewhere down the road several years from now or perhaps after I'm gone if you still feel I deserve it, then I'm certain I will stand proud in our great state capitol as a grateful Tennesseean," she added.

The bill outlined plans for the statue to stand facing the famous country music space Ryman Auditorium, where she has performed several times.

Local newspaper The Tennesseean reported that Mr Windle's bill is scheduled to go before the House state government committee for a vote next week. It is unclear if plans will go ahead after Ms Parton's statement.

"With all this going on now, we need people like her more than ever. To some degree, our political leaders and the political system have failed America in both parties," Mr Windle told The Tennesseean. "I would encourage people like Dolly to become more involved in the public place as opposed to less."

Nashville recently removed statues and busts praising leaders from the Confederate era, and Ms Parton's name came up as the local community looked into putting up new statues honouring modern figures.

The singer has received a string of accolades over charitable contributions in the US and globally.

With the pandemic specifically, Ms Parton donated $1 million to Vanderbilt University for coronavirus research in April 2020, which in part funded the creation of the Moderna Covid-19 vaccine.

Her donation to the university was in the name of physician Naji Abumrad, who helped her recover after a 2013 car crash.

Her financial contribution, titled "the Dolly Parton Covid-19 Research Fund", was part of the funding sources for the vaccine, The Washington Post reported.

Ms Parton was also offered the Presidential Medal of Freedom twice by the Trump administration, she told NBC News, but declined due to complications each time.

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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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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.

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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.


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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
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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)

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