Queen Elizabeth II waves from palace balcony to mark end of platinum jubilee celebrations


Soraya Ebrahimi
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Queen Elizabeth II, 96, stepped on to the balcony at Buckingham Palace to bring her historic platinum celebrations to a close with a brief final appearance.

Filled with poignancy, it was a moment for the history books, as the frail one-of-a-kind monarch, resplendent in vivid green, bid farewell to the vast crowds from the palace.

As the monarch walked slowly and careful on to the famous frontage, Prince Charles placed his hand on his mother’s elbow, guiding her as she used her walking stick.

The queen wore a Stewart Parvin outfit — a vibrant green double crepe wool dress and coat, adorned with the Bow Brooch.

She teamed it with a Rachel Trevor-Morgan hat with a black pom-pom.

Her 70-year milestone is unlikely to ever be repeated and tens of thousands crammed into The Mall to take their chance to serenade their sovereign with the British national anthem in unison.

Flanked by her three heirs — son, grandson and great-grandson — it offered a glimpse into the monarchy’s future.

She shared the stage with just seven of her family — the Prince of Wales, Prince William and Prince George, as well as two future Queens — Camilla, Duchess of Cornwall and Kate, Duchess of Cambridge — and Princess Charlotte and Prince Louis.

As the anthem was sung, the Queen surveyed the scenes before her, deep in thought.

Then with smiles and a few waves of her white-gloved hands, she turned and was gone, back through the doors, achieving her aim of being seen to be believed in less than three minutes.

Immediately after the event, Queen Elizabeth issued a written message about the four days of celebrations, saying: “When it comes to how to mark 70 years as your Queen, there is no guidebook to follow. It really is a first. But I have been humbled and deeply touched that so many people have taken to the streets to celebrate my platinum jubilee.

“While I may not have attended every event in person, my heart has been with you all; and I remain committed to serving you to the best of my ability, supported by my family.

“I have been inspired by the kindness, joy and kinship that has been so evident in recent days, and I hope this renewed sense of togetherness will be felt for many years to come.

“I thank you most sincerely for your good wishes and for the part you have all played in these happy celebrations.”

She signed off her message with the signature Elizabeth R.

The queen served as the uniting focal point for the four days of festivities — glowing tributes were paid, her image projected on to the palace and prayers said.

But in reality, it was a jubilee without its leading lady for much of the time, unsurprising given her age and her mobility difficulties, as she missed the thanksgiving service, the Epsom Derby and the pop concert.

Queen Elizabeth was on public view in person for just over 27 minutes throughout the weekend.

Her sanctuary as she rested was Windsor Castle, where, her granddaughter Zara Tindall said, she watched the Epsom Derby in her “comfy clothes”.

But her presence was felt large — and the pre-recorded comedy sketch with Paddington Bear shed fresh light on her humour and love of fun.

With the monarch confessing to not being able to move, observers will be questioning whether Elizabeth II will be asked to take to the balcony again as she continues with her lifelong pledge to serve.

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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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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.

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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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Updated: June 06, 2022, 3:40 AM