Queen Elizabeth II dies — follow the latest news as the world mourns
Britain's military, civil service and police are working together to make sure that Queen Elizabeth II's funeral goes smoothly. Heads of state will attend, including US President Joe Biden and his armoured limousine known as the 'Beast'.
Security services will be under pressure, assisted by police officers drafted in to London from forces across the UK.
On Monday, King Charles III, accompanied by Queen Consort Camilla, visited Parliament in London before flying to Scotland for a service at St Giles’ Cathedral in Edinburgh. This was attended by other royals and where the crown of Scotland was rested on the queen’s coffin.
On Tuesday, thousands of people jostled to meet the couple outside Hillsborough Castle in Northern Ireland, as they exchanged laughs and smiles and received condolences in the sunshine.
On Wednesday, the queen, her coffin draped with the Royal Standard, was moved in a royal procession to Westminster Hall. She will lie in state there and hundreds of thousands of people will file past to pay their last respects before her funeral.
Thursday
The lying-in-state continues and another rehearsal of the state funeral procession takes place. By 10am on Thursday, the queue to view her coffin was about five kilometres long.
King Charles is spending a day of reflection at his 18th-century Highgrove estate near Tetbury, Gloucestershire, which serves as his private home.
The Prince and Princess of Wales, William and Kate, are going to Sandringham, in Norfolk, to view floral tributes left by the public.
The Earl and Countess of Wessex are travelling to Manchester, where they will light a memorial candle and view the floral tributes left in St Ann's Square.
Anne, the Princess Royal, and her husband Sir Tim Laurence, are visiting Glasgow to meet representatives of organisations of which the queen was patron.
Senior barristers, now known as King's Counsel after the queen’s death, are taking part in a wreath-laying ceremony at Gray's Inn Chapel, near the Old Bailey court complex in central London.
The world's leading insurance market, Lloyd's of London, is sounding the historic Lutine Bell to mark the death of the queen and the reign of Britain's new king.
Friday
King Charles will head to the Welsh capital Cardiff for a service in Llandaff Cathedral. He will also host an audience with Wales’ First Minister Mark Drakeford at Cardiff Castle.
On returning to Buckingham Palace, he will attend a meeting with faith leaders.
The king, Princess Anne, the Duke of York and the Earl of Wessex will mount a 15-minute vigil around the queen’s coffin as it lies in state at 7.30pm.
Saturday
The security operation will fully come into effect as royals from around the world and leading politicians arrive in London, with some scheduled to have audiences with the king.
He will also visit members of the police and military to thank them for their work, before hosting a reception for foreign dignitaries at Buckingham Palace.
Sunday
The final state funeral rehearsals will take place.
Prime Minister Liz Truss will have an audience with the king. Another reception will be held for heads of state.
The funeral's order of service, chosen by the queen, will be published.
Monday
At 10.44am, Queen Elizabeth's coffin will be moved to Westminster Abbey on a 123-year-old gun carriage.
A team of 98 Royal Navy sailors known as the Sovereign’s Guard — with 40 more sailors marching behind the carriage to act as a brake — will pull the carriage using white ropes.
The king will once again lead his family in marching behind the coffin.
About 200 musicians from the Pipes & Drums of Scottish and Irish Regiments, the Brigade of Gurkhas, and the Royal Air Force will join the procession.
At 11am, Britain will fall silent before the funeral service begins, lasting an hour, finishing with trumpeters playing the Last Post.
Afterwards, the king and his family will walk behind the queen’s coffin to Wellington Arch, near Green Park and a short distance from Buckingham Palace.
The coffin will be driven to Windsor for a committal service in St George’s Chapel at 4pm.
Finally, at 7pm, the queen's closest family will return to the chapel for a private burial service.
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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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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UAE currency: the story behind the money in your pockets
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
