The challenges for Keir Starmer
With regard to Lemma Shehadi's article Keir Starmer calls Middle East leaders as new PM (July 7): I wish Mr Starmer well in his new role as Prime Minister. He has so much work ahead of him to sort the country that's been falling behind in so many ways. I hope he doesn't arm or fund Israel and instead uses the money to pay the NHS workers and create a better life for those living in the UK and contributing to British society.
Cynthia Boucher, Beirut, Lebanon
Now that the campaign is over and won, Mr Starmer should begin to do a lot more for the UK taxpayers than the Tories were doing. He should stop illegal immigration – millions of pounds are paid to house and feed immigrants. He needs to incentivise people to get back to work through job training, create more jobs, reduce free handouts, build new housing and prop up the NHS.
Stephen J Trindade, London, UK
Mr Starmer is likely to face even more pressure now from inside his party than outside. The fight to end the Gaza war, with a permanent ceasefire and the recognition of Palestine as a free state, goes on. Now there are many more voices inside Parliament echoing what's happening outside. The people of Palestine asked and the British people seem to have delivered. There may be a lot riding on Mr Starmer.
Elizabeth Cole, Surrey, UK
If Mr Starmer is a decent man, he should do everything in his power to stop the killing of children in Gaza.
Eric Zargoza, Zaanstad, Netherlands
I am sad that the Conservatives lost – except Liz Truss. I'm glad she lost. She was a disaster that brought the Tories down to this level.
Rachna Rajgopal Menon, London, UK
A treat for beach lovers in Dubai
With regard to The National's report Dubai to develop emirate's longest public beach to boost ecotourism (July 7): great to see this. Sustainable ecotourism that respects the natural world and is developed tastefully is the way forward. No country should deem it viable to exploit resources without proper planning.
Tahir Ahmed, Dubai
A new era for Iran
With regard to the report Reformist candidate Masoud Pezeshkian wins Iran's presidential election (July 6): this is heartening news for many, many people in the country. May it be the dawn of a new era in Iranian history.
Morteza Rashidi, Denver, US
He's an educated person and a heart surgeon. The people of Iran elected a moderate. That is an indication that there is hope.
Anna Uzarowska, Ras Al Khaimah
This is great news. Iranians are very talented people and they have a lot to contribute positively to the advancement of the world. They deserve a rational president to enable this. I wish Dr Pezeshkian all the best.
Abe Lawrence, Dubai
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
