DUBAI // One of the founding fathers of journalism in the UAE has passed away at the age of 66.
Dr Abdullah Omran Taryam, a former Minister of Education and Minister of Justice, died early on Thursday morning after suffering from a stroke.
He and his brother, the late Taryam Omran Taryam, established Al Khaleej newspaper in 1970, which became the Dar Al Khaleej group. The company now produces six publications.
Messages of condolence were sent to Dr Taryam’s family from across the UAE and Middle East.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the nation had lost a loyal son, reported the state news agency Wam.
“I offer condolences to our people on the death of Dr Abdullah Omran Taryam, Emirati loyal son, statesman and renowned media person,” he said.
“Today I lost a dear brother, Abu Khaled, and a loyal friend, known of good conduct, courage, clarity of opinion, intention and sense of belonging and loyalty to his homeland and leadership.”
Sheikh Mohammed said Dr Taryam had contributed to the UAE’s Union alongside the founding fathers, had occupied top posts in the Government and contributed to establishing a prestigious media group at local and Arab levels.
Dr Sheikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, also paid tribute to Mr Taryam.
“Abdullah was one of the national symbols who contributed to the Union. He also promoted local and Arab media. May Almighty Allah rest his soul in eternal peace,” he said.
The Speaker of the Arab Parliament in Cairo, Ahmed bin Mohammed Al Jarwan, said Dr Taryam was “a loyal Emirati and symbol of the UAE and Arab media”.
He also reiterated that Dr Taryam was among those who contributed effectively in the founding of the UAE.
Dr Taryam received a degree in history from the University of Cairo in 1966, then completed his doctorate in modern history at the University of Exeter in the UK.
He was the UAE’s first Minister of Justice from 1971 to 1972, then Minister of Education from 1972 to 1979.
Prayers for Dr Taryam will be held after Friday prayers at King Faisal Mosque in Sharjah. He will be buried at Jubail cemetery in Sharjah.
newsdesk@thenational.ae
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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.
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“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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