Sheikh Humaid stresses importance of union



Sheikh Humaid bin Rashid, Ruler of Ajman, said on the 38th National Day, that the UAE has stood out in modern Arab history as the most successful case and the most cohesive, homogeneous and stable country. In his statement to Nation Shield Magazine, he said over the past three decades, the UAE has become a modern and prosperous state, where citizens enjoy prosperity and security. "I am pleased to mark the UAE's 38th National Day and would like to extend the patriotic warmest wishes, combined with sincere wishes for health and well-being and happiness of His Highness Sheikh Khalifa bin Zayed Al Nahyan - may God protect him - and to his brother, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai and their brothers Their Highnesses Supreme Council Members and Rulers of the Emirates, may Allah protect us all. My sincere wishes also go to the people of the UAE. "Filled with joy, we remember the founder of the UAE, the late Sheikh Zayed bin Sultan Al Nahyan, on whose hand the dream of union was grasped. That was also spurred by the political will and insight of his brothers Their Highnesses Rulers of the Emirates. "Following the declaration of the union, our country became an exception in modern Arab history as the most successful case and the most cohesive, homogeneous and stable country. "The rulers of the Emirates have always felt their need for a union, which has opened the door to unprecedented strides in all areas, notably, the good management of wealth and resources. Thus, the UAE has become during the past three decades a modern and prosperous state, where citizens enjoy prosperity and security. The infrastructure was built as a basis for the economic, social development and promotion of welfare of society so as to ensure decent life for our citizens. "The union developed the state as services reached the remote areas. Health facilities received their full share of attention. Hospitals and health centres were built in all the emirates to make the UAE one of the best countries in the world in providing health care. "Many modern road networks were constructed as per international standards to connect all the emirates. The ports and airports were constructed. "The state was not unmindful of heritage to connect children to the values, traditions and heritage of our ancestors. In this regard various marine sports tournaments are held through out the year. There is also focus on traditional sports, such as horse and camel racing. This coincides with the great interest in museums to reflect true picture of past generations to today's generation. "Our state has adopted Shura since its inception. The recent Federal National Council elections boosted our experience. Because of our union, the UAE occupies a distinguished position in the Arab world and its transparent balanced diplomacy based on non interference in the internal affairs of other countries, has earned the country credible respect. "The UAE has contributed in the development of many Arab countries whether through grants or financial assistance, or participation of UAE companies in major investment projects in those countries with huge capitals. "This federal-blessed process will continue under the leadership of UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan. This is the pledge we made and have just renewed it." * WAM

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.”

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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