UAE voters follow the drill



ABU DHABI // Americans living in Abu Dhabi are more likely to have voted for the Republican candidate, John McCain, in today's US presidential election than those in Dubai, a Democratic activist says. A large proportion of Americans in Abu Dhabi work in the oil industry, which typically votes Republican in US elections, Chris Hansen, head of Democrats Abroad UAE, said.

"The mix of Americans in Dubai is substantially different than Abu Dhabi, because of its oil industry," Mr Hansen said. "Overall, a higher proportion of Americans in Abu Dhabi work in oil, and the oil industry tends to favour McCain because of his stance on oil and offshore drilling in the US." In Dubai, Mr Hansen said, there was a wider diversity of people from all parts of the US who worked in various industries such as law, banking, equity trading and more.

This made it more likely that a greater percentage of American voters chose the Democratic candidate, Barack Obama, in Dubai than in Abu Dhabi. "You probably will see a higher percentage of people of Dubai's population voted for Obama than McCain," Mr Hansen said. Although the elections are being held today, Americans living abroad must cast their votes days or even weeks in advance, filling out an absentee ballot and sending it to their state election commission.

Though Mr Obama has surged ahead in the polls, one oil worker, Jeff Percival, said he hoped Mr McCain would stage an upset. Mr Percival, 38, said many American expatriates in the oil and gas industry were cheering on Mr McCain, who has proposed increases in domestic oil production, including the lifting of a ban on offshore drilling, which has irked environmental groups. "Drill, baby, drill" and other oil production slogans are common sights at his campaign rallies.

Mr Obama has shown more scepticism on domestic oil production and favours promoting alternative sources of energy such as wind and solar power. "A lot of them think the outcome of the election could have an effect on the oil and gas business," said Mr Percival, who moved to the UAE from Texas. "A lot of the guys who I know in the industry are saying they want McCain to win because Obama's bad for oil and gas."

The US embassy estimates 30,000 Americans live in the UAE but there are no official statistics of how many work in the oil and gas sector. An Abu Dhabi resident, Jeff, 43, who moved from California over a year ago, also said oil workers in Abu Dhabi had been saying they would vote for Mr McCain, but he chose the Republican candidate because of his tax policies. "Obama wants to raise the capital gains tax, which is going to kill me," he said. "I'm concerned about foreign policy issues, for sure, but in this election I'm definitely focused on how the elections play out domestically."

Jeff, who declined to give his last name or his place of work, is involved in the US real estate market and earns more than US$250,000 (Dh918,338). Although he favours Mr Obama's plans to withdraw US troops from Iraq and the Illinois senator's penchant for diplomacy, Jeff said he would be more comfortable with Mr McCain as president. "Bush has damaged America's image and we're not pulling out of Iraq soon enough; that country will never be a democracy," he said. "I'm hopeful the next president will fix the economic situation but if Obama wins, I'll be wiped out."

hnaylor@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.”

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Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free

Buy tickets at: wbworldabudhabi.com/en/tickets

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Sand storm

  • Particle size: Larger, heavier sand grains
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  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
The years Ramadan fell in May

1987

1954

1921

1888

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Glossary of a stock market revolution

Reddit

A discussion website

Redditor

The users of Reddit

Robinhood

A smartphone app for buying and selling shares

Short seller

Selling a stock today in the belief its price will fall in the future

Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

An illegal practice  

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7.05pm: Meydan Classic Listed (TB) ) | $175,000) | (Turf) 1,600m
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8.15pm: Nad Al Sheba Trophy Group 3 (TB) ) | $300,000) | (T) 2,810m
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ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

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Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars

AUSTRALIA SQUAD

Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.

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Top 10 locations for inquiries from US house hunters, according to Rightmove

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Can NRIs vote in the election?

Indians residing overseas cannot cast their ballot abroad

Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency

There are about 3.1 million NRIs living overseas

Indians have urged political parties to extend the right to vote to citizens residing overseas

A committee of the Election Commission of India approved of proxy voting for non-resident Indians

Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.

This option is currently available for the armed forces, police and government officials posted outside India

A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians

However, this did not come before the upper house or Rajya Sabha and has lapsed

The issue of NRI voting draws a huge amount of interest in India and overseas

Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online

The Election Commission of India then clarified that NRIs could not vote online

The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation