Jordan's King Abdullah II praises Queen Elizabeth as 'beacon of light'

King Abdullah II of Jordan has praised Britain’s Queen Elizabeth II as a “beacon of light” for the world as she celebrates her platinum jubilee.

He said the queen set a high moral standard in public life for all to admire.

King Abdullah, in an excerpt from an interview released by the BBC, spoke about the queen’s influence around the world.

For many decades there have been strong ties between the two royal families. Jordan adopted its constitution in 1952, as Queen Elizabeth's reign began.

“If you look at 70 years of British history, you have had good days and bad days. Her Majesty is a beacon of light and hope for your nation and for many around the world,” King Abdullah said.

“Our hearts will always have a big and warm place for the queen.”

Celebrations for the platinum jubilee begin in the UK on Thursday this week with a four-day public holiday.

Official events including the traditional Trooping the Colour parade, a thanksgiving service for Queen Elizabeth's 70-year reign at St Paul’s Cathedral, and a concert outside Buckingham Palace, one of her London residences.

Thousands of beacons will be lit, while street parties are being held up and down the UK, including one in a residential street near Buckingham Palace.

Stonehenge, the ancient monument near Salisbury, also had a royal makeover. At the Tower of London, a Superbloom event has turned the moat area into a field of plants for the first time in its 1,000 years.

A towering Tree Of Trees sculpture, a 21-metre platinum jubilee centrepiece featuring 350 British-grown trees, has been placed in front of Buckingham Palace.

Queen Elizabeth is Britain's longest-serving monarch.

Queen Victoria, her great-grandmother, served 63 years, and George III spent 59 years on the throne until 1820.

Globally, Louis XIV is out in front having ruled France from May 14, 1643, to September 1, 1715 — more than 72 years.

Another British tradition — the warning of travel delays for people planning to drive in the holiday period came on Monday.

Queen quiz

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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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Translated from the German by Charlotte Collins
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Season/club/appearances (substitute)/goals

2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
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DUBAI SEVENS 2018 DRAW

Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers

Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
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Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
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Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC

Gulf Women
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Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers

Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins