Kenyan family members of Barack Obama, including his step-grandmother Sarah Obama, centre in red top, celebrate after his victory, in Kogelo village.
Kenyan family members of Barack Obama, including his step-grandmother Sarah Obama, centre in red top, celebrate after his victory, in Kogelo village.
Kenyan family members of Barack Obama, including his step-grandmother Sarah Obama, centre in red top, celebrate after his victory, in Kogelo village.
Kenyan family members of Barack Obama, including his step-grandmother Sarah Obama, centre in red top, celebrate after his victory, in Kogelo village.

Jubilation in Kogelo as history is made


  • English
  • Arabic

KOGELO, KENYA // Kenyans cheered, beat drums and danced when they learnt that Barack Obama, who has roots in their East African country, would become the first black president of the United States. With Kenya's flawed election and violent aftermath still fresh in many minds, Mr Obama's victory was finally a chance to celebrate. Sarah Obama, Mr Obama's 86-year-old paternal grandmother, watched the election results with other Obama family members at her modest house in the western Kenyan village of Kogelo, near Lake Victoria. She said her grandson would unite Americans, and that she planned to speak to him later in the day. "He works hard and he loves people," she told a crowd of journalists outside her house. "He unites people, like his father." Mr Obama's father, Barack Obama Sr, was born in Kogelo. He met the president-elect's white American mother while studying at university in Hawaii. The elder Obama, who did not bring up his son, died in a car crash in 1982. Kenyans closely followed the US election, and many openly displayed their support for Mr Obama with T-shirts, hats and buttons. His image was splashed on billboards and minibuses all over Kenya. Radio stations played songs written about him in the local Luo language and even a beer was named after him. At 7am local time yesterday, a group of about 100 Kenyans, who had gathered around a television in a sports grounds in the town of Kisumu, threw their hands in the air and screamed when the election was called for Mr Obama. Many chanted his name and shouted "Yes we can", a campaign catchphrase. Many Kenyans think an Obama administration will be a boon for Africa, and they hope Mr Obama will focus on African issues as president. "We expect to get better terms of trade and funds from America," said Otieno Gedion, a 37-year-old salesman from the Luo tribe, the same ethnic group as Mr Obama's father. "His victory means a lot not only to Kenya but all over Africa. Every country in Africa depends on what they get from America and we hope he will look upon us and help." Members of the Luo tribe made up Mr Obama's strongest supporters in Kenya. A Luo politician from Kisumu recently proposed lengthening the runway at the town's airport to accommodate Air Force One, hoping that Mr Obama would decide to fly in and visit his family's nearby village. Mr Obama has travelled to Kenya several times, most recently in 2006. No US president has visited Kenya while in office. Many Kenyans were jubilant for the first time since their own election in December. Mwai Kibaki, the president, claimed victory over Raila Odinga, a Luo, in the poll that was widely seen as flawed. Luos thought the election was stolen from them and rioted in towns in western Kenya, including Kisumu. In two months of bloody tribal violence that followed, more than 1,000 people were killed. "People were dying, they were shooting people," said Joseph Omowya, 20. "They shot at people who voted. Now this election we can celebrate to relieve our pain. No one can shoot at me now." Mr Kibaki declared today a national holiday in honour of Mr Obama's triumph. The president-elect's relatives planned to slaughter a cow and have a feast in Kogelo. Some of Mr Obama's seven half-siblings had gathered at their grandmother's compound, including George Obama, Barack's youngest half-brother. "I am feeling happy," George Obama said. "I am very proud of my brother." Auma Obama, Barack's half-sister, said the family did not expect any favours from their famous relative. "We support him as a family, but we have no expectations," she said. "We don't think that our lives will change." She said her half-brother was special because he transcended race in America to win the election. "All of America voted for Barack," she said. "It's got nothing to do with colour. It's about him as a person. It would reduce what Barack is if it was about colour." A fence was recently erected around Sarah Obama's house and Kenyan police have started guarding the compound to keep curious onlookers away. The president-elect's grandmother said she would like to visit Mr Obama in the White House, but she did not know if she would make it to the inauguration in January. "Of course we will be visiting, we are family," she said through a translator. "When, we don't know." Auma Obama played down the significance of becoming the only first family to come from outside of the United States. "We're just a normal family," she said. "Barack is just doing a civil government job. We aren't making a big deal out of it." mbrown@thenational.ae

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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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COMPANY%20PROFILE
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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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 

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

The%20specs%20
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