Britain’s Prince Charles has travelled to Barbados to attend a ceremony marking the Caribbean country’s transition to a republic and to highlight the “close and trusted partnership” between the two nations.
The Prince of Wales touched down at Grantley Adams Airport in the island’s capital Bridgetown where he was given a red-carpet welcome by president-elect Dame Sandra Mason, Prime Minister Mia Motley and Scott Furssedonn-Wood, Britain’s high commissioner to Barbados.
A military guard of honour greeted Charles and a 21-gun salute rang out across the city.
Charles, 73, was due to deliver an address to islanders shortly after midnight, local time, as Barbados begins a new chapter in its history on November 30 – becoming a republic on the country’s 55th anniversary of independence from Britain.
The country’s decision to remove the Queen as head of state will be watched closely by other members of the Commonwealth, especially in the Caribbean.
After announcing its intention to become a republic last year, Barbados will follow in the path forged by Guyana in 1970, Trinidad and Tobago in 1976 and Dominica in 1978.
The Prince of Wales will highlight the shared goals and enduring bonds between the UK and Barbados and tell the nation it was important for him to attend the ceremony to “reaffirm those things which do not change” as the constitutional shift takes place.
The prince, Queen Elizabeth II’s eldest child and heir to the throne, will go on to give examples of the ties that will remain – “the close and trusted partnership between Barbados and the United Kingdom as vital members of the Commonwealth”.
He will also touch on “our common determination to defend the values we both cherish and to pursue the goals we share”.
The ceremony will see service personnel march past Charles and give their final salute to the monarchy before the royal standard is lowered and the presidential flag raised.
Watch Prince Charles arrive in Barbados
Demonstrations are expected during the day, with some Bajans demanding an apology and reparations from the monarchy and UK government for slavery.
Jamaica has shown signs it may be next and Prime Minister Andrew Holness had said becoming a republic is a priority of his government.
Charles to affirm his Bajan bond
Charles is expected to attend events to highlight the cultural, social and economic bonds between the UK and Barbados, “the myriad connections between the people of our countries – through which flow admiration and affection, co-operation and opportunity – strengthening and enriching us all”.
He is expected to talk about reaffirming the friendship he has had with the island since he first visited as a young prince 50 years ago and praise the invaluable contribution of the Barbadian diaspora in the UK.
The royal will also receive the Freedom of Barbados, awarded for extraordinary service to the country, the Caribbean diaspora or to humanity at large.
The queen has served as head of state of Barbados since it gained independence from Britain in 1966. The island is one of the monarch’s 16 realms – countries where she is head of state – and in the Caribbean region others include Antigua and Barbuda, Bahamas, Belize, Grenada, Jamaica, Saint Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.
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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.”
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
