With reference to the news report TV included, whether you want it or not (June 22), my friend has had an Etisalat internet connection for more than two years whose speed is 1 MBPS, which is laughable. When he asked for an upgrade, Etisalat asked him to take their "talk, surf and call" option despite the fact that he didn't want a TV connection. He was told that he had no other option. So basically, even if one does not own a television, one has to take a TV connection to get internet services. It's a sorry state of affairs.
Kimberly Whittenberg Dezarn, Abu Dhabi
I wanted the internet and TV. No phone line. However, I was told that I had to have a phone line to have internet. They also gave me a choice of packages to pick. I did choose one and to this day since it was connected, my bill has always been above Dh1,500 a month. My package was half that amount. When I call and ask the reason, they say I have to go to their office as that information isn’t given over the phone. They charge me for the phone line even though the phone itself has never been plugged in. My internet is very weak and the television sometimes goes off, so there’s no TV until they can send a technician out to me in two days. However, they still charge for those two days of no internet or television. Are we all being played?
Favy Siasi, Dubai
Etisalat always charges for services that we don’t use. Our bills add up to amounts without justification. When we call them to ask for explanation, they give us reasons that are not convincing at all. Unfortunately we have no choice but to stick with their service.
Abeer Al Nowais, Abu Dhabi
In most cases, the landline is just as unwanted as the television. Currently, Etisalat (which is the only option) has its customers in a vice-grip. I hope this article can generate enough attention to spark change.
Alison Duhan, Ireland
Charity reflects the true spirit of Ramadan
The story Labour of love inspires is wonderful. The two businessmen who organised payment for the education of the two children of one of the five expatriates featured in the film A Place Called Home reflect the spirit of Ramadan.
Bikram Singh has spent 16 years in this country, earning Dh1,500 a month, most of which he spent on the education of his two children. I am sure the sacrifices he and his wife have made will be rewarded by the success of his children. I congratulate the gentlemen who came forward to help him.
Glenis Stevenson, Dubai
Animal protein not good option
I disagree with trainer and triathlete Roisin Thomas's opinion on Ramadan fasting (My Ramadan: An expat fasts for understanding, June 22). The suhoor should not contain animal proteins – meat, cheese or eggs – which do not contain any carbohydrates and therefore will not provide the consumer with any energy for the day.
It is imperative that complex carbohydrates or simple sugars (whole, fresh fruit) are consumed in the morning, which could include oatmeal, rice porridge, baked sweet or regular potato, or perhaps banana ice-cream. These will release energy throughout the day and ensure regulated blood sugar levels. They are much easier to digest than animal products, which are taxing on the digestive system and offer few benefits. There is more than enough protein in plant-based foods.
Soraya Beheshti, Dubai
Many reasons for bad parking
Regarding the editorial Think before you park (June 22), I think there's generally a lack of discipline in most people here and worse still, a lack of consideration for others.
Furthermore, a lot can be blamed on ignorance as well. I’m quite sure some people just don’t realise how badly they are behaving. And then there’s sheer arrogance which abounds.
Dave Pryce, Dubai
The Details
Article 15
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Directed by: Anubhav Sinha
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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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Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
UAE currency: the story behind the money in your pockets
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
