The UAE's leaders have laid the foundations for a strong future. The portraits of the UAE's founder Sheikh Zayed bin Sultan Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, can be seen on DIFC's Gate Building / Reem Mohammed/The National)
The UAE's leaders have laid the foundations for a strong future. The portraits of the UAE's founder Sheikh Zayed bin Sultan Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and RuleShow more

National Day is an occasion to relive the glory of our past and remember the life of Sheikh Zayed



On the occasion of the 46th National Day of the UAE, I would like to extend my most heartfelt wishes and congratulate the wise leadership and people of the United Arab Emirates. The Emirates Center for Strategic Studies and Research (ECSSR) is always keen on being at the forefront when it comes to celebrating this great day, in gratitude and appreciation of the achievements by Sheikh Khalifa, the President of the UAE, and Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai. We owe much to them, as well as the members of the Federal Supreme Council, the rulers of the emirates and Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Sheikh Khalifa stated that National Day represents an opportunity to show feelings of loyalty, solidarity and closeness between the leadership and the people, something we feel every day. It is an occasion to relive the glory of our history and remember the life of the founder and builder of the UAE, the late Sheikh Zayed, and the era of modern civilisation he brought with him. He laid the first cornerstones for a notable, solid foundation. This is an occasion to walk with our wise leadership in the footsteps of the Founding Father.

Furthermore, the day is an occasion to commemorate the founders of the union and express our pride in them. The UAE is a beacon of their achievements. It is the good fortune of the UAE to have leaders with a wise vision stemming from deep-rooted beliefs in the importance of the role of all of society in its development. The most important factor is the deep confidence of our leadership in their people, values, customs, loyalty and ability to attain the best of achievements in all fields.

Sheikh Khalifa also stressed that the celebrations represent an occasion to exert concerted efforts in pursuing the leadership's directives by improving the quality of performance, qualitative excellence and creativity in work. It is an opportunity to double production and renew loyalty to the leadership and homeland. That, in turn, accelerates the process of sustainable development that the UAE has recently witnessed in the political, economic and social sectors. We should always look forward to being at the forefront among the world's nations. We have succeeded in achieving that goal and strive to preserve that achievement, endeavouring to reach higher and better goals.

We also use this time to honour our martyrs, who throughout history have sacrificed themselves in the defence of their homeland. They include our brave soldiers, who fell in Yemen to restore the legitimacy of the government. They sacrificed their lives so that the UAE’s banner could remain high. The UAE President said the most important lesson we have learned from the past is that our unity is the source of our strength and all that we have accomplished in terms of progress in an instable region is traced back to the fact that we are one nation united around a strong leadership. May our dear country continue to enjoy eternal peace, stability and progress.

Dr Jamal Al Suwaidi is the director general of the Emirates Center for Strategic Studies and Research

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

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Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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SPECS
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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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