Queen Elizabeth II and the Duke of Edinburgh visited the UAE in February 1979, arriving on the Royal Yacht Britannia, and dropped in on a lecture by a pioneering academic on England's best-known playwright, it can be revealed.
The encounter with Prof Amel Amin-Zaki, professor of Shakespearean drama, was a highlight of the royal tour of the United Arab Emirates University in Al Ain.
Now the lecturer's son, Feisal al-Istrabadi, a lawyer and former diplomat who was Iraq's deputy representative at the UN from 2004 to 2007, has recalled the circumstances from his home in the US state of Indiana.
Prof Amin-Zaki and a colleague were asked to prepare special talks appropriate for a royal visit alongside the UAE Founding Father, Sheikh Zayed. The idea was to give the queen a flavour of academic life at the fledgling university.
"For my mother, the choice of topic was obvious," Mr al-Istrabadi said. "She was an expert on the translations and performances of Shakespeare’s works in Arabic. She focused on her favourite play, Hamlet, and the debut performances of it in the Arab world.
"The first translators knew that Hamlet was a tragedy and knew how it ended. But the first Arab producers of the play for the stage did not like Shakespeare’s ending.
"I recall my mother saying that they did not think their audience at the time would appreciate a denouement in which every major character apart from Horatio dies.
"So the first Arabic production of Hamlet was cleaned up. Hamlet kills Claudius, ascends the Danish throne and announces his intention to marry the very-much-alive Ophelia. As the play ends, the ghost of Hamlet’s father appears on stage, smiles and nods approvingly.
"It is at this instant, just as my mother was finishing the lecture by describing the ghost’s reappearance, that the photograph was taken. The queen, seemingly genuinely delighted by my mother’s telling of the tale, appears to look back at the Duke of Edinburgh, who was slightly off camera."
Mr al-Istrabadi, a professor of Central Eurasian studies, says his father told him that the day his mother came home from meeting the queen was among the happiest he had seen her. A woman who was reserved by nature, she would say the monarch was even more beautiful in person, that photographs did not do her justice, always commenting on her penetrating blue eyes.
After the lecture, Queen Elizabeth spoke to the students. While she did so, Prince Philip asked Prof Amin-Zaki about her background and how she came to be interested in English literature.
"Later that day, as the visitors were leaving the university, my mother took her class to be among those lining the way when the party passed," Mr al-Istrabadi said.
"The duke saw her and said, 'There she is.' My mother responded, 'You remembered me, sir', to which he replied, 'Of course'.
"The photograph recording the encounter was framed and on display in my parents’ home and my mother would delight in recalling the details when asked. Meeting the queen and the duke was a lasting memory for her, one she cherished."
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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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2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
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2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
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Ministry of Health and Prevention – 80011111
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