It has been quite a year for Lubna Qassim.
In December 2010, she was brought in by Sultan Al Mansouri, the Minister of Economy, to oversee the passage into law of some of the biggest and most eagerly awaited economic reforms in the country in a generation.
In recent months, the 35-year-old lawyer's work has begun to bear fruit.
In November a draft bankruptcy law designed to support struggling companies was delivered to the Ministry of Justice, marking a final stage before it becomes law.
Then last month came the approval by the Cabinet of a new companies law, setting out guidelines for transforming business processes. It includes improved provisions for starting companies and protecting shareholders' rights.
This legislation opens the door to what many foreigners have been seeking for decades - a potential easing of ownership rules for international companies in certain industries.
The aim is to give the Emirates an advantage over other countries in the region in the race to attract foreign investment to bolster private-sector growth.
Despite carrying heavy responsibility, Ms Qassim shows no strain. "It's been a wonderful year, full of challenges," she says.
There has also been reason to celebrate in her personal life. Ms Qassim recently married, and her husband, she says, is fully supportive as she deals with the pressures her work entails.
In her role as director of the ministry's newly created economic legislations department, Ms Qassim has to ensure the economy's legal system is not only up to date and based on international best practice but is also tailored to the country's needs.
It is a huge task. The Ministry of Economy was overseeing 12 new pieces of legislation at the last count. "I'm very optimistic about what can be done to help make the business laws friendly," she says.
Ms Qassim is well qualified for the role. She has more than a decade of legal experience - including five years at the UK law firm Clifford Chance - and she speaks five languages.
She was also the first Emirati to work at Britain's House of Lords, as a law graduate. The two-and-a-half-months summer internship in the upper chamber of the UK parliament in 2000 helped Ms Qassim to cut her teeth in law.
She shadowed Lord Ahmed of Rotherham, the UK's first Muslim life peer and an often outspoken figure on issues relating to the Islamic community both in the UK and abroad.
During hours spent poring over legislation concerning issues such as arranged marriages and providing legal advice on racial issues, Ms Qassim developed a taste for a diverse and often controversial range of legal topics.
"It was electrifying," she remembers fondly. "I was assisting in writing speeches and researching laws of political interest at the time."
The internship taught her a lot, she says. "I learnt when dealing with a political figure like a lord or a minister you only have a minute or two to provide advice so you have to make it advice they can use to help them to make the right decision."
The experience also offered her first brush with senior political leadership, both past and present.
"It was quite an experience for someone so young to be bumping into [the former prime ministers] John Major and Margaret Thatcher in the red corridors," she says. "Meeting these people and exchanging notes on topics like the Middle East or the reason I was wearing a headscarf was an interesting experience."
She also met Tony Blair, the prime minister at the time. Nine years later, she would be invited to the White House for a meeting with President Barack Obama as part of a delegation of Middle Eastern business and political leaders.
Ms Qassim's choice of a career in law stemmed from her desire to serve people, she says. Medicine was her other option. Ms Qassim credits her parents with giving her the freedom to choose her own career. The eldest of four sisters, she grew up in Dubai.
"The biggest motivator in my life was my mother and father," she reflects. "What was beautiful in the way they raised my siblings and I was that they gave us the best education, taught us morals, ingrained trust in us and left it up to us to choose a career."
At 16, she left the UAE for a boarding school in Shrewsbury, England, where she studied for A levels. She then read law at Brunel University.
Her time in the UK sowed the seeds for what was to become an enduring relationship with the country. She now serves as UAE alliances director at the British Business Group (BBG) in Dubai, helping to foster links between the business communities of the UK and UAE.
"I was educated in the UK and privileged to have the opportunity to work in the House of Lords and a law firm in the UK, and when I came back home I always had this sense of wanting to give back to the British community," she says.
Her first full-time job after graduating was at Clifford Chance. It thrust her into the complexities of commercial and corporate law and working days of up to 20 hours.
She worked in both the London and Dubai offices of the firm, gaining a familiarity with laws across international borders.
It wasn't long, however, before the attraction of helping to shape laws in her homeland led to a move.
While working at Clifford Chance in London in 2007, she was contacted by the Dubai Economic Council.
The emirate's economic advisory body wanted Ms Qassim to help to create a legal affairs department, reviewing the impact of federal laws on Dubai. It was a big challenge as the Government sought to ensure the developing framework would not impede the emirate's rapid economic transformation.
At first she was unsure about whether to give up her blossoming career in the private sector.
"What made it happen was my recognising the real need for its existence, my passion for reforming laws and the call of my beloved emirate of Dubai," she says.
Her successes in the role were soon recognised, and it was not long before the federal Government came calling.
The biggest overhaul of the country's economic legal landscape was emerging, and Mr Al Mansouri wanted Ms Qassim to oversee the reforms. The role was another milestone in her aim to help to further develop her country.
"I don't treat it as a job as it's a challenge I enjoy doing," she says. "My career goals are very close to my personal goals, and that is to help and contribute in modernising the economic laws of the land."
In addition to her job and her role with the BBG, she is also a board member of Injaz UAE, an arm of the Jordanian youth organisation, and is a board member of the UAE Chartered Institute of Securities and Investment.
Despite being a young Emirati woman in a position of power, Ms Qassim is modest about her achievements.
"Whether we are UAE nationals or residents, we are extremely lucky to be working in this country," she says. "Women are encouraged to achieve, and the region can learn from this country."
tarnold@thenational.ae
Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Race card:
6.30pm: Maiden; Dh165,000; 2,000m
7.05pm: Handicap; Dh165,000; 2,200m
7.40pm: Conditions; Dh240,000; 1,600m
8.15pm: Handicap; Dh190,000; 2,000m
8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m
9.25pm: Handicap; Dh170,000; 1,600m
10pm: Handicap; Dh190,000; 1,400m
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
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.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers