Three coronation garden parties will be held at royal palaces to celebrate the crowning of King Charles III and Queen Consort Camilla, Buckingham Palace has announced.
On May 3, three days before the historic ceremony in Westminster Abbey, thousands of guests will gather on the lawns of Buckingham Palace and again on May 9 — three days after the big day.
On July 4, another garden party will be hosted at the Palace of Holyroodhouse in Edinburgh during Holyrood Week.
The garden parties — a staple part of the traditional royal calendar — will be the first of the king’s reign.
Many of the 500 Coronation Champions, recognised for their volunteering by the Royal Voluntary Service, of which Queen Consort Camilla is patron, have been invited to the garden parties, as well as one of the official coronation festivities.
The king has also given permission for two additional garden parties.
The Duchess of Edinburgh will host the Not Forgotten Association annual garden party at Buckingham Palace on May 16.
The tri-service charity provides entertainment, leisure and recreation for ex-servicemen and women with disabilities or illnesses and serving personnel who are wounded, injured or sick.
The UK prepares for the coronation of King Charles III — in pictures
And on May 24, the Duke and Duchess of Gloucester will host the Royal Kennel Club garden party to mark the charity’s 150th anniversary.
The Royal Kennel Club is the largest organisation in the UK devoted to dog health, welfare and training. Queen Elizabeth II, known for her love of dogs especially corgis, was patron for 70 years.
More than 8,000 guests usually attend each traditional garden party.
Members of the royal family enter from the West Terrace and stand for the national anthem, before circulating down lanes of people on the lawn.
Yeomen of the Guard, dressed in their red and gold ceremonial costumes, form part of the proceedings, and guests are free to stroll around the vast expanse of the gardens while a military band plays background music.
Garden parties have been held at Buckingham Palace since the 1860s when Queen Victoria began what were known as “breakfasts”, although they took place in the afternoon.
Guests also queue in tea tents and take their seats on nearby chairs. About 27,000 cups of tea, 20,000 sandwiches and 20,000 slices of cake are consumed at each party.
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UAE currency: the story behind the money in your pockets
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
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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