Saudi astronaut Rayyanah Barnawi floating inside the ISS after her arrival.
Saudi astronaut Rayyanah Barnawi floating inside the ISS after her arrival.


Rayyanah Barnawi: an inspiration for girls who dream of becoming astronauts



June 02, 2023

With reference to Sarwat Nasir's report Saudi astronauts return safely to Earth after historic space mission (May 31): This is such a proud moment for Rayyanah Barnawi and her family. Her achievement will long be a special source of pride for Saudi Arabia. A whole generation of Arab children, especially girls, will be able to look up to Ms Barnawi. Her journey to the International Space Station will be an inspiration to many. It conveys the all-important message that space is not just a man's world.

Raheema Naim, Muscat, Oman

A game for all seasons

With reference to the report Carlos Alcaraz made to battle as he beats Taro Daniel to reach French Open third round (May 31): Outstanding! It was a tough match against Taro Daniel and Alcaraz really shone. Great game.

Louise van Tonder, Cape Town, Western Cape, South Africa

Jebel Ali megaproject caters to growing population

With reference to the report Sheikh Mohammed approves master plan for Palm Jebel Ali mega project (May 31): New housing and added commuting lines, both road and metro lines, are essential to the growth of a metropolis. Going by the plentiful details, it is a sprawling project, one that those with an interest in architecture would like to learn about. As a part of the Dubai 2040 Urban Plan, the megaproject would cater to the needs of a cosmopolitan city and the growing numbers of residents. All the new entertainment and dining options apart, people who enjoy going to the beach will have much to look forward to as a big part of the plan too – to stretch the beaches in Dubai by 400 per cent by 2040 and to increase the services provided on public beaches by 300 per cent by 2025. It is an exciting time for the UAE.

Auwal Idi, Yola, Nigeria

The inauguration of India's new Parliament building

With regard to Chitrabhanu Kadalayil's op-ed India may have needed a newer parliament building, but did it really need a bigger one? (May 30): As an Indian, I was upset that 19 parties did not participate in the event, despite their reasons. India is a vast country comprising many states, languages and political parties. Such an event should not have been neglected by them. Domestic problems should not be visible on momentous occasions such as these.

K Ragavan, Bengaluru, India

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Updated: June 04, 2023, 5:35 AM