Condolences have poured in from across the country following the death of former US first lady Rosalynn Carter, wife of former president Jimmy Carter.
Ms Carter died on Sunday after being placed in hospice care alongside her husband. She was 96.
“First lady Rosalynn Carter walked her own path, inspiring a nation and the world along the way,” said US President Joe Biden.
“On behalf a grateful nation, we send our love to the entire Carter family and the countless people whose lives are better, fuller and brighter because of Rosalynn Carter.”
The current first lady, Jill Biden, expressed her condolences to the Carter family on X, formerly Twitter: “My love is with the entire Carter family, as they, and we, grieve our dearest Rosalynn.”
Another former first lady Michelle Obama spoke of Ms Carter as an inspiration: “Guided by her abiding faith and her commitment to service, Mrs Carter used her platform in profoundly meaningful ways. Her groundbreaking work to combat the stigma faced by those struggling with their mental health brought light to so many suffering in silence.
“She advocated for better care for the elderly. She advanced women’s rights. And she remained a champion for those causes – and many others like building affordable housing for those in need and caring for our nation’s caregivers – in the more than four decades that followed.”
Donald Trump and his wife Melania expressed their sorrow over the loss of the former first lady.
“Melania and I join all Americans in mourning the loss of Rosalynn Carter,” Mr Trump posted on his Truth Social media platform. “She was a devoted first lady, a great humanitarian, a champion for mental health and a beloved wife to her husband for 77 years, President Carter.
“Over a life spanning nearly a century, Rosalynn Carter earned the admiration and gratitude of our entire nation."
Outside Washington, organisations that benefited from the Carters' work also sent their condolences.
The Alzheimer's Association praised the former first lady for creating the Rosalynn Carter Institute for Caregivers and working “to improve the lives of family caregivers”, the association wrote on X.
“She leaves behind a legacy of inspiring action and change.”
Equal Means Equal, a national non-profit that advocates the Equal Rights Amendment, said it was heart-broken by the death of the former first lady, whom it called a warrior for equality and who “fought hard” for a level playing field for women.
Martin Luther King III, son of civil rights leader Martin Luther King Jr, also issued a statement, saying: “I hold the Carter family in our thoughts and prayers as they mourn the loss of a mother, grandmother and former first lady Rosalynn Carter. Truly a life well lived and a beautiful legacy. May her life continue to inspire us. Rest easy on the wings of eternity.”
Dr Tedros Adhanom Ghebreyesus, director general of the World Health Organisation, said in a post on X he was saddened by the former first lady’s passing.
“My deepest condolences to the Carter family and the American people,” he said. “The first lady was an outstanding champion for health and equity. Her legacy must not be forgotten.”
And philanthropist Melinda French Gates, also in a tribute on X, called the former first lady “an extraordinary woman” who left the world a better place and addressed mental health at a time when few public figures did.
“Rosalynn refused to let stigma be an excuse for silence. She took up the cause with courage and compassion,” she said. “I am grateful that I got to know her and for the legacy she leaves behind.”
The first lady's mark was felt even in Hollywood, with famous singer and actress Barbra Streisand calling the Carters an “amazing couple”.
“How many marriages last 77 years?”
The former first lady is survived by her husband, Mr Carter, their four children and 22 grandchildren and great-grandchildren.
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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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
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