It's been a week since National Day, and the country is slowly coming back to Earth from its heady celebrations. What a time; certainly, the highlight event was the stunning, special-effects-laden show at Sheikh Zayed Stadium that was broadcast over television. People years from now will still be talking about that spectacle.
But away from that, the country celebrated like it does every National Day: with its cars. From elaborate and imaginative decorations on the vehicles themselves, to long, honking lines of slow-moving traffic on public roads, to organised classic car shows and motorcycle rides, Emiratis love their cars, and love celebrating with them. It's funny, but people here honour the birth of their country by burning barrels and barrels of the stuff that made the UAE what it is today - oil. Kind of poetic, in a way.
And it's one thing to see from the pavement or read about it; it's quite another to actually experience it firsthand.
Now, a lot of expats would be loath to sit trapped in their cars on the Corniche or some other motorway surrounded by a sea of giant SUVs and kids spraying silly string; it's really very foreign to many of us. And it was my intention last week to stay out of the revellers' way, too. The only way I planned to go out on December 2 was by motorcycle, so I could weave around the festooned cars and get to where I wanted to go, when I wanted to get there. Relatively speaking, of course.
But I needed to make a stop at Ikea up on Yas Island on the day before National Day for a few items, so I hopped into the car of a friend of mine, who was also looking for a few things for her own place.
Unbeknownst to me, however, my friend was keen on seeing the car parade that was set to head off from Yas Island that day. And, coincidently enough, she had also decorated her convertible with large decals of the UAE and slyly wanted to show it off.
Well, no problem; it would be fun to see the cars go by and honk a few horns. So with our shopping done and the car packed, we started roaming the Yas streets looking for the parade.
It didn't take long for us to find it; coming in the opposite direction - thankfully for us - was a long line of slow-moving, multi-hued SUVs with children sitting out of the sunroofs and people spraying foam at each other.
It was fun, and their festivities brought a smile to my face, but after a few minutes we took off, glad to have missed being caught up in the madness of it all.
But, not so fast. What we thought was the smart route down through Saadiyat brought us smack in the middle of a four-lane celebration that stretched for kilometres in front of us; there was no way out. And yet, by this time, I wasn't worried.
The honking, the cheering, the happiness - it was starting to rub off on me. And as we crept forward with the pack, metre by metre, people in the other cars - children and adults - would wave and take our picture, while we would do the same. One man handed us two confetti poppers to join in. We followed the horn beeping led by a lorry driver in the right lane and smiled at the children who were smiling at us.
It wasn't all pleasant; a few young men were a little too aggressive with their foam, and we were sprayed with bits of hot rubber as another guy did a burnout in an SUV in front of us.
But in all - in the two-and-a-half-hour ride that would normally take 20 minutes - we felt like a part of the celebration. And from the bucket seats of the convertible, in among the many families waving flags and honking horns from their own SUVs, we felt like a part of the country.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
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.”
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Bib%20Gourmand%20restaurants
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
'The%20Alchemist's%20Euphoria'
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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
Elvis
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COMPANY%20PROFILE%20
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
GRAN%20TURISMO
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