I refer to the business article Sharjah bankers win raise (January 31) Gone are the days when profits and disbursements were clear and easy to understand. The facts are that the Bank of Sharjah Group operates under two independent entities and in two geographical zones: Bank of Sharjah for UAE operations and Emirates Lebanon Bank (EL) for Lebanese operations. Both entities are consolidated under one group financial statement.
Both banks have different boards and both boards receive remuneration. Under consolidation the total reached a higher figure than 2008 as at that time the Lebanese operation had started with effect from October 1, 2008 and no board remuneration was paid to the board members of EL Bank. In 2009 the group had registered a consolidated profit of Dh475.5 million versus Dh410 million in 2008.
Based on this improvement in 2009 profits, the Bank of Sharjah board remuneration was increased to Dh7.5 million and EL Bank Dh2.2 million (for the first time), compared to Dh6 million in 2008. These details are disclosed in our interim reports.
As to the profits of 2010 of Dh404 million, the board has decided to maintain the remuneration for both entities at the same level as 2009 but has considered it more appropriate, under the current market conditions and hoping that the UAE Central Bank will not repeat last year's condition of capping dividends to 50 per cent of net profits, to pay a dividend of 15 per cent (12 per cent in 2009) to shareholders who suffer from an ongoing crisis, an illiquid stock market and undervaluation of performing companies.
As per the company's articles of association, board remuneration could have reached Dh32.8 million for 2009 and Dh25.9 million for 2010.
Varouj Nerguizian, Executive Director and General Manager, Bank of Sharjah
Two perspectives on football
In addition to the factors detailed in Ali Khaled's opinion article If they want to be in Qatar, region's teams have work to do (January 31), there are many things reducing the possibilities of the Arab football capabilities.
For instance, the population of some of Arab countries include a large number of expatriates. They are just simple workers who come to work and are sent back to their countries of origin when not required.
The solution however could be if the team selection was not only from the local government schools, which is the trend now, but also from every school that operates in the Arab nations,
The grassroots level is very important. I think if 100 per cent of the population of the Arab nations with local citizens and expatriate residents are given equal opportunities to excel in football, they would have a better chance of having a more competent team come the 2022 Qatar World Cup. If they start now, they might have the future world player of the year from the UAE, Qatar or Bahrain.
Twelve years is a long time and our 10-year-olds today would be 22 then. I'm sure many people will agree with me and request Arab governments to support not only their young citizens but also their young residents in helping them to make true championship contenders. There is huge potential in every corner of the Arab nations' neighbourhoods. If not, then how did Zinedine Zidane become what he is?
Ali Kazmi, Abu Dhabi
It was with no small degree of amazement that I read the sports article A venue fit for a Super Bowl (January 30) about my Dallas Cowboys' stadium. In an otherwise benign piece of prose about the venue was a photo of the stadium decked out for a soccer game. How did this bizarrely inappropriate photo get into the paper? I doubt very much that the same mistake would be made about a story about association football. My only conclusion is that this is purposeful, or perhaps wishful thinking, by a paper that favours the round-balled cousin of real football.
The Green Bay Packers and the Pittsburgh Steelers will not be taking off their pads and prancing about the field in shorts and knee high socks this Sunday. They will be playing real football.
John Loving, Abu Dhabi
Prediction for future headline
I refer to Mobile users free to transfer number (January 25). Here's my prediction for the headlines after a month of launching this service: "Lost in migration: Users attempting to switch between operators face lengthy delays while their phones remain disconnected".
Ziad Q, Abu Dhabi
A case of heroic professionalism
I refer to Injured hiker finds help at hand on a mountain top (January 31). The very difficult rescue of a hiker on the Stairway to Heaven in Ras al Khaimah was carried out in the true traditions of mountaineering. It would not have been possible without the dedication, teamwork, selflessness and expertise of the mountaineers involved.
David Stelmach, Abu Dhabi
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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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.”
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
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
Company%20Profile
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
