I shall spend today, National Day, as I did yesterday, engaged on a study of the country’s largest cave, deep inside Jebel Hafeet. It’s an absorbing task, inspecting beautiful stalagmites and flowstones that formed hundreds of thousands or even millions of years ago, and the study will gather valuable data about the past climate of Arabia. It’s one of many scientific projects under way throughout the country that are of international, not just regional, importance.
The project – and Jebel Hafeet itself – offer, to my mind, a vivid metaphor of the United Arab Emirates on the occasion of National Day. The mountain may fascinate those interested in its geology and its natural history, but, at a first glance, it’s a barren massif, with no indication of what lies therein.
So it was 43 years ago, when the UAE came into being. The seven emirates had an interesting history and the people had long been accustomed to struggle to survive in its harsh environment. Thanks to the commencement of oil exports from Abu Dhabi a few years earlier, it was evident that the country was well-endowed with natural resources. Yet, emerging into statehood in a troubled region, where modern development had only recently begun to get under way, few outsiders believed that it would survive – let alone that it would thrive over subsequent decades and become one of the most rapidly growing countries in the world.
The fact that it has been able to do so is not simply because of its natural resources or because of its fortunate geographical location between East and West, but because of an innate strength that outsiders were unable to perceive – that of its leaders and of its people.
The late Sheikh Zayed, the UAE’s founding father, along with his brother rulers, had the vision to recognise that although the country might seem, on the surface, to have an unpromising future, this could all be changed if the right attention was paid to what he described as its “real wealth”.
He set about the task of providing the people, men and women alike, with education, social services, employment, a modern infrastructure – everything they needed to equip them to play their part in the building of the new state.
He recognised, too, the need to bring in external expertise, just like the geologists now studying Jebel Hafeet, so as to make the best use of the resources available to the country, both natural and human.
Endowed with the capacity to take the tough decisions required from a leader and to inspire others to follow, Sheikh Zayed created the foundations of the modern UAE that we enjoy today. Never resting on his laurels, he continued throughout his life to encourage the people to make the best use of the opportunities offered to them.
His successor as President, Sheikh Khalifa, ably supported by Vice President Sheikh Mohammed bin Rashid, his fellow rulers and by his Crown Prince, Sheikh Mohammed bin Zayed, has continued on the same path, guiding a people that have recognised and are making use of the talents and determination that they, like their ancestors, have in abundance.
Few would have imagined, 43 years ago, that the UAE would become what it is now, thanks to the determination of its leadership and the ability of its people to rise to the challenges placed before them. As the country continues to innovate in the search for excellence, who knows what lies ahead?
So, back to my metaphor. There are, I am sure, many more surprises still hidden in the depths of Jebel Hafeet, to be revealed as our study continues. Together with this country’s dedicated leadership, the people of the UAE represent this country’s innate strength and there will certainly be more surprises in store for themselves and for the rest of the world, as they continue to grow and to thrive. Happy National Day.
Peter Hellyer is a consultant specialising in the UAE’s history and culture
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%20PROFILE
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
GCC-UK%20Growth
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The biog
Born: near Sialkot, Pakistan, 1981
Profession: Driver
Family: wife, son (11), daughter (8)
Favourite drink: chai karak
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
RIVER%20SPIRIT
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