Today is the 10th anniversary of the passing of the founding president. He was instrumental in shaping the UAE's progress and improving the lives of millions.
It was the evening of the 19th day of Ramadan, on November 2, 2004, when the announcement was made.
"The presidential court announces to Arab and Islamic countries and the rest of the world the death of the leader of the nation Sheikh Zayed," the state news agency Wam reported.
According to official documents, Sheikh Zayed was nearly 86, born on December 1, 1918, in an age when events were recorded in words rather than written. His birth came just weeks after the end of the First World War and the shattering of empires, including that of the Ottomans, who until then had controlled much of the region.
At Sheikh Zayed’s funeral the following day, it was the rulers of the 21st century who assembled, including King Abdullah of Jordan, Hamid Karzai, the president of Afghanistan, Sultan Qaboos of Oman, and Prince Charles of Britain.
In the edition that recorded the passing of Sheikh Zayed, Al Ittihad, the Arabic-language sister paper of The National wrote: "We belong to Allah and to Allah we shall return. Zayed returns to his Creator, content and gratified."
On Dubai television, it was the task of senior newsreader Ali Khalifa to break the news. In an interview with The National in 2011, he recalled breaking down on air, unable to continue. “No amount of professionalism is there to help you repress your emotions or have control over the situation,” he said.
Through the following morning, the crowds gathered to mourn, filling the streets around the Sultan bin Zayed Mosque in Al Bateen. All pretence of normal life ceased; offices were deserted and shops shuttered. Many of those waiting and watching held up photographs of the man known to all as “father”.
In the mosque, members of the royal family and guests recited the funeral prayer, the salat al janaza. Afterwards, the sons of Sheikh Zayed carried his body to the funeral cortege.
A silver minivan carried the President on his final journey, to the then incomplete Grand Mosque where he was buried in the grounds.
For the next three days, Sheikh Khalifa bin Zayed received condolences, as he was appointed the UAE’s new President. For the country, there was 40 days of mourning, with flags at half mast across the seven Emirates.
Sheikh Zayed had been the Ruler of Abu Dhabi since August 1966, then the driving force in the creation of the federation of the United Arab Emirates, a dream that was realised on December 2, 1971. It was inevitable that he would become the country’s first President and that he would remain so until his death.
Ten years later, his legacy is still with us, not just in the buildings and roads that carry his name, or for the visitors who gather each day at the graveside in the Sheikh Zayed Grand Mosque, but in the astonishing progress of the country that he helped to create and the millions of lives that have been transformed by his leadership.
newsdesk@thenational.ae
Killing of Qassem Suleimani
ENGLAND SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
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Price: From Dh215,900
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if you go
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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- Disruption Lab and Research Centre for developing entrepreneurial skills
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
