Long-time Bangladeshi residents in the UAE have spoken of the need for peace in their home country after weeks of turmoil.
An interim government led by Nobel laureate Muhammad Yunus is set to be formed after Bangladeshi prime minister Sheikh Hasina resigned and fled for India.
At least 300 people died in clashes with security forces and her supporters.
Bangladeshis in the Emirates, where hundreds of thousands reside, spoke of the need for a calm transition to democracy after years of single-party rule.
Community leaders further said there was a need to keep the politics of their home country away from the streets of the Emirates.
“All expatriate Bangladeshis living in the UAE are requested to show utmost restraint, remain calm, live in peace and harmony, and abide by the laws and regulations of the host country,” Bangladesh's embassy in Abu Dhabi said.
I tell them to pray for Bangladesh but don’t raise protests here and go on the streets – that is not allowed
H Rashid,
Bangladeshi businessman who has lived in Dubai for more than 30 years
It posted messages on social media reminding its citizens that – as per UAE law – meetings, processions and raising slogans were prohibited without permission from authorities.
The embassy also warned that recording and circulating video footage of demonstrations on social media was banned.
“We have issued advisories to restrain our citizens from taking part in any unlawful activities in the UAE,” a consular official told The National. "They need to be peaceful, stay at peace with other nationals and need to give high respect to the law here."
The embassy reached out to the community after groups of Bangladeshis last month organised demonstrations in the UAE protesting against the policies of their government.
The Abu Dhabi Federal Court of Appeal handed life sentences to three Bangladeshi citizens for inciting public protests, while 53 others were each jailed for 10 years each and another for 11 years for entering the country illegally to take part in the protests.
In the UAE, residents who have made the country their home for decades spoke out against violence spilling on to the streets.
The residents who spoke to The National to call for calm asked for their full names not to be disclosed.
'I just want my wife and children to be safe'
“There must be peace, that is the only way,” said H Rashid, a businessman who has lived in Dubai for more than 30 years.
“I have told my staff we are guests in this country.
“I tell them to pray for Bangladesh but don’t raise protests here and go on the streets – that is not allowed.
“We see on the news how people set fire to buildings and destroy property in Bangladesh – all this destruction is wrong.
“Also, we are foreigners here and that is a political matter far away, we should not get involved.”
This was echoed by Abdul, a transport worker who has been in touch with his family in Bangladesh to make sure they were safe.
“My son is a student and I told him to stay indoors or go back to the village,” said Abdul, a UAE resident for more than a decade.
“I check the news often and I’m sure the army will maintain peace until the new government comes in.
“I just want my wife and children to be safe at home.
“Here in the UAE, I tell my friends, ‘Let’s not talk politics, we came here to work'.
“This political problem is at home, not here.
“I feel there is no place for commotion in the UAE, we must live in peace with others and just continue with our work.”
Another Bangladeshi resident who has lived in the UAE for more than 40 years said violence had no place in the community.
“We came here to earn money, not to talk politics,” said the man, who asked to remain anonymous.
“We have been away for a long time, we hope for good things for Bangladesh.
“We must only look at spreading peace and calm.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
The five pillars of Islam
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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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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.
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
India cancels school-leaving examinations
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Our Time Has Come
Alyssa Ayres, Oxford University Press
Reputation
Taylor Swift
(Big Machine Records)
