Geitawi public library in Beirut, Lebanon, one of the three to be restored.
Geitawi public library in Beirut, Lebanon, one of the three to be restored.
Geitawi public library in Beirut, Lebanon, one of the three to be restored.
Geitawi public library in Beirut, Lebanon, one of the three to be restored.

Restoring libraries will help restore Beirut's history


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With reference to the story Bodour Al Qasimi steps in to restore three libraries damaged in Beirut explosion (September 8): Bravo. Reading opens doors. Libraries are a part of a nation's history and are responsible to a great extent for the education of its people. Good on her for helping out. It's a great initiative. I know the children of Beirut and the people over there will appreciate all the help they can get. Well done.

Angela P, Abu Dhabi

I love it. Otherwise people might never restore them since it is not a priority at the moment.

Yulia Hulia, Dubai

Free distribution of masks can help developing countries

This is with reference to Shireena Al Nowais's report Coronavirus: Social gatherings contributing to UAE's rise in Covid-19 cases (September 3). We know the use of face masks can help to fight Covid-19. Yet many citizens in developing countries do not wear them. Some wear it around the chin just to avoid a police query. Many people find it inconvenient to wear a mask because it can make breathing difficult. Perhaps a research body needs to improve the mask so that it offers protection and allows wearers to breathe comfortably.

The corporate sector could also help to research good quality masks, which improve oxygen flow. As part of their corporate social responsibility initiatives, companies could also produce masks at their costs and distribute them in small towns and villages in countries like India or the African continent.

They can even print the name of some of their products on the masks, to get some advertising mileage.

Masks are priced from Rs20 to Rs500 – that is, from about Dh1 to Dh20. In the villages of India and Africa even Rs20 is a big deal. Free distribution of masks can help people and countries fight Covid-19.

Rajendra Aneja, Dubai

Disqualifying Djokovic is an overreaction

I write to you regarding Steve Luckings's report Novak Djokovic: 9 times the world No 1 lost his temper during matches (September 8). The disqualification of Novak Djokovic from the US Open for hitting a line umpire with the ball is symbolic of a number of the problems the world faces.

It was a simple act of frustration and a lack of self-control that led to someone being hurt, although fortunately not seriously, and it is obvious that there was no intention to cause any harm. His apology included a realisation that he needed to consider his actions more carefully.

Dennis Fitzgerald, Melbourne, Australia

Futuristic planes evoke nostalgia for school days  

This is regarding Hayley Skirka's report Flying-V: model of futuristic sustainable plane completes maiden flight (September 7). Tidy shape. Used to make these out of paper in junior school classes.

Jeff M Evans, Abu Dhabi

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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.”

UAE currency: the story behind the money in your pockets
In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000