UMM AL QUWAIN // Hundreds of children have converged in the emirate this week to enjoy a boost to their happiness factor.
All the activities at the five-day Children’s Happiness Festival at the UAQ Cultural and Knowledge Development Centre, which finishes on Thursday, are aimed at spreading joy in the community.
There were workshops and fun to be had in painting, reading, gardening, cooking and craft-making as well as musical and dance performances, competitions and a heritage corner.
“I sang and danced with my friends on the podium and coloured a happy face,” said three-year-old Kenzy Waleed, from Egypt.
Kenzy said it was her first visit to the festival where she was happy to have made new friends.
Her mother said the title of the event had caught her attention.
“When I knew the event was about happiness, I brought my daughter here to make her happy,” she said.
“This festival is very beneficial for kids because it makes them more social and have new friends.”
Maitha Al Marzooqi, an Emirati Grade 2 pupil, came with her mother to the festival.
“I loved the festival so much because it has different activities and traditional food,” said the eight-year-old.
“I came here to play in the playground and draw. I drew a girl and coloured a smiley face.
“Also I loved the heritage corner that gives us information about the heritage of the UAE.”
Maitha’s mother said the festival was a wonderful opportunity to bring children together and get them away from computer screens.
“It has amazing activities that make kids happy and benefit them,” the 45-year-old Emirati said.
“As well, it pulls them away for technology and leads them to get out and enjoy the outdoor activities.”
Naglaa Yousif, a Grade 1 pupil from Egypt, came for three days with her mum and siblings to participate in the festival’s workshops.
“I made a sandwich and juice in the cooking corner and it was so fun because I made food for the first time,” said the six-year-old. “Also, I enjoyed the painting corner.”
Abdullah Buosaibah, manager of the event’s venue, said the festival was aimed at providing cultural activities among families.
The theme the event wanted to get across, he said, was that happiness and positivity were a lifestyle.
“The event’s aim was to spread joy in the community,” he said.
“It is for all community members, kids and adults, and we even provided a free space where creative families could market their products.”
The festival concludes on Thursday with a workshop for adults about how to be positive in life and work, said Mr Buosaibah.
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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.”
Mohammed bin Zayed Majlis
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
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.
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