On Wednesday, Sheikh Mohamed bin Zayed held one of the most consequential majlises of recent times. Ministry of Presidential Affairs
On Wednesday, Sheikh Mohamed bin Zayed held one of the most consequential majlises of recent times. Ministry of Presidential Affairs
On Wednesday, Sheikh Mohamed bin Zayed held one of the most consequential majlises of recent times. Ministry of Presidential Affairs
On Wednesday, Sheikh Mohamed bin Zayed held one of the most consequential majlises of recent times. Ministry of Presidential Affairs


After Covid-19, ‘normal’ is a welcome sight for the UAE


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October 08, 2021

Few Emirati traditions are older than that of the majlis, as regular gatherings between the country's rulers and their people are known. Whether they are held in tents or palaces, the ritual and significance remain the same: people are greeted with warm hugs, serious ideas are discussed and important announcements are made.

During the Covid-19 pandemic, the intimacy of the majlis was, like so many other traditions, disrupted by social distancing. But on Wednesday, a particularly consequential majlis was held in Abu Dhabi's Sea Palace, in person and indoors. By the time it ended, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, had declared that the UAE had “overcome the Covid-19 crisis”, and called for a return to a life that is largely normal, albeit adjusted for the fact that the pandemic remains a global challenge.

Some of those in attendance, while maintaining a social distance, were not wearing masks, a remarkable development for which Sheikh Mohamed praised God. "Thank God for everything and for seeing you all... I am blessed to see your kind faces today", he said.

A majlis chaired by Sheikh Zayed in Abu Dhabi during the late 60s. The National
A majlis chaired by Sheikh Zayed in Abu Dhabi during the late 60s. The National

The message extended to all UAE residents. "I announce to you that things are good; the health condition in the UAE is good", he said. The evidence in this regard is clear: infection rates have been dropping consistently since June, hitting an 18-month low of 156 new cases on Wednesday. More than 85.5 million PCR tests have been carried out and more than 20.2m doses of vaccine have been administered. Economically, even the most-affected industries in the country are talking about recovery. On Tuesday, the president of Dubai-based Emirates, the world's biggest long-haul airline, said that he expects his company to return to profitability as early as the 2022-2023 fiscal year.

Sheikh Mohamed extended his condolences to those who lost loved ones to the virus. There were still calls for caution, and an acknowledgement that "habits" might have to change. But the overall message was that 19 months on from when countries around the world started locking down, the UAE can have the confidence to continue daily life without fear.

In many areas, it is already busy doing so. Expo2020 Dubai, among the best known global events around, has been underway for a week. It brings together people from almost 200 countries – just below the number that attend the Olympics – something that would simply not be possible if the health situation was not secure.

Wednesday's majlis will be one that goes down in the country's history. It stands in stark contrast with the one held as the pandemic began, when Sheikh Mohamed, at a distance via video technology, called on people to stand together and face the great unknown of Covid-19. In hindsight, it is easy to forget quite how uncertain the future seemed at that point. Today, the country is celebrating the fact that just a year and a half later, this uncertainty is gone. Now, life can get back to normal, even if certain measures need to be kept to maintain the advances we have made.

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Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

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Transmission: Eight-speed auto

Power: 520hp

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Fuel economy, combined: 12.8L/100km

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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.”

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Ibrahim's play list

Completed an electrical diploma at the Adnoc Technical Institute

Works as a public relations officer with Adnoc

Apart from the piano, he plays the accordion, oud and guitar

His favourite composer is Johann Sebastian Bach

Also enjoys listening to Mozart

Likes all genres of music including Arabic music and jazz

Enjoys rock groups Scorpions and Metallica 

Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

Two products to make at home

Toilet cleaner

1 cup baking soda 

1 cup castile soap

10-20 drops of lemon essential oil (or another oil of your choice) 

Method:

1. Mix the baking soda and castile soap until you get a nice consistency.

2. Add the essential oil to the mix.

Air Freshener

100ml water 

5 drops of the essential oil of your choice (note: lavender is a nice one for this) 

Method:

1. Add water and oil to spray bottle to store.

2. Shake well before use. 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

The specs

Engine 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

'The Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

Updated: October 08, 2021, 3:00 AM