US vice presidential rivals set to clash


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ST LOUIS // The Republican vice presidential candidate Sarah Palin and Democrat rival Joe Biden will share the same stage in a debate tonight, but the spotlight will be on the untested Mrs Palin as she tries to ease doubts about whether she is up to the job.

The lone matchup of the vice presidential contenders before the Nov 4 election promises more than the usual drama, most of it supplied by Mrs Palin's debut in an unscripted format.

The encounter could draw a larger television audience than the 52 million who watched last week's first debate between the presidential candidates ? Republican John McCain and Democrat Barack Obama. Mr McCain's surprise choice in August of the relatively unknown Mrs Palin as his No 2 rallied conservative support for the Republican ticket and turned the moose-hunting Alaska governor into a political celebrity.

But her lack of national experience and her hesitant performance in rare media interviews have raised doubts about her readiness and prompted criticism even from some prominent conservatives. Mrs Palin hopes a solid debate performance can halt Mr Obama's momentum and erase doubts about her ability to step into the top job if needed. Mr McCain, 72, would be the oldest president to begin a first term.

In a Washington Post/ABC News poll released today, 60 per cent of the voters surveyed said Mrs Palin did not have the experience to be president, up from 45 per cent in a similar survey a month ago. "I look forward to tomorrow night, getting to speak to Americans about the very, very, clear choice that they will have on November 4th," Mrs Palin told conservative talk show host Sean Hannity on his radio program.

Mrs McCain lashed out in a testy interview with the Des Moines Register editorial board in Iowa on Tuesday when asked about conservative qualms about Mrs Palin. "I haven't detected that, haven't detected that in the polls, haven't detected that among the base," he said, wishing "good luck" to any "Georgetown cocktail party person who calls himself a conservative and doesn't like Palin." Mr Biden, 65, the chairman of the Senate Foreign Relations Committee, faces his own set of challenges as he tries to rein in his tendency to make mistakes and talk too much. He will have to tread carefully in challenging Mrs Palin without appearing condescending or aggressive. The encounter follows last week's first presidential debate between Mr Obama and Mr McCain. Opinion polls judged Mr Obama the winner, and the Illinois senator has since solidified his lead in national polls and gained ground on Mr McCain in some crucial battleground states. A flurry of new surveys showed Mr Obama with significant leads in traditional battlegrounds like Florida, Pennsylvania and Ohio, and building a solid edge in states like Virginia and Nevada where Democratic presidential contenders rarely do well. Mr Obama has picked up steam during the crisis on Wall Street over the last two weeks, with polls showing voters preferring his economic leadership. * Reuters

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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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Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

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.

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million