We are blessed to live in a stable, prosperous and optimistic country, but our turbulent region and changing world pose many challenges to the UAE. They are problems that can only be solved through more cooperation, and yet we are living at a time when we too often see division and distrust in place of mutual respect and collaboration.
Therefore, it is imperative that we work to build greater trust and understanding with other countries and their people. Whether they are global challenges such as tackling climate change, regional ones such as countering extremism, or domestic ones such as diversifying our economy, all require that we work hand in hand with the international community.
To build the cooperation we need, it is vital that we give other countries a better understanding of our culture and values, as this can provide the foundation for long-term partnership on political, economic and security issues.
By communicating our progressive culture and values to other nations, we can give people in our region something hopeful to aspire to, which is what so many young Arabs desperately need.
By demonstrating that pride in our Muslim and Arab heritage and culture can also mean being modern and cosmopolitan, we can help to show people a positive alternative.
For this reason, I am honoured to have been asked by Sheikh Abdullah bin Zayed to establish an Office for Cultural and Public Diplomacy in the Ministry of Foreign Affairs and International Cooperation (MoFAIC).
My core mission will be to work closely with the Federal and local Cultural Authorities in the UAE to help our wide network of diplomatic missions abroad build international understanding of, and affinity for, the UAE’s culture and values, to enhance political, economic and security cooperation with other countries.
One of the ways we can do this is through cultural exchange, whether in art, film, literature or music. This is why Louvre Abu Dhabi and Expo 2020 Dubai are so important, because they facilitate a powerful dialogue about our common humanity. But it is also why we will look to help our brilliant artists and the creative sector of the UAE's economy to get exposure overseas.
The creative arts provide a powerful vehicle for conveying our culture and values. At their best, they engage people in a two-way conversation, tapping into emotions that all humans share and eliminating language barriers.
But the arts are not the only way we can communicate our shared values. We can also do so by bringing people to study in our universities and encouraging the study of our culture in foreign universities, by participating in international sporting events, or by finding new ways to engage the millions of people who visit the UAE each year.
I will work with colleagues inside and outside MoFAIC to connect the dots between our rich cultural tapestry and our robust foreign policy, and to ensure that the UAE’s embassies are doing as much as they can to support and amplify those efforts.
In addition, we will be exploring innovative new ways to expose people to the UAE’s culture and values. For example, we will consider how to build on the successful model of this year’s UAE-France Cultural Dialogue to engage young leaders from other countries in cultural exchange and to increase the visibility of our culture in foreign capitals.
We will also develop a "toolkit" for UAE embassies and work with the Emirates Diplomatic Academy to train our diplomats in cultural diplomacy. The priority is not on just communicating with political leaders but with opinion leaders in cultural, media, business, education and sports, as well as the wider public.
And our focus should not just be on Western countries, which the UAE has traditionally targeted. Naturally, countries such as the US and in Europe remain very important to us, but it is also a priority that we build stronger connections and cultural understanding in the major Asian countries, such as China and India.
Equally, we must do all we can to cement ties within our own region, working closely with our trusted allies and partners in the Gulf such as Saudi Arabia, and reaching out to strategic neighbours like Iraq.
Our cultural diplomacy should convey the non-sectarian and tolerant nature of the UAE’s values, thereby strengthening the UAE’s connection with all Arab people, whatever their religion or sect.
Despite the obvious transformations of our country over the last half century, our culture remains rooted in the same values as always: a commitment to women’s empowerment, to invest in the well-being of our people, to provide an open, economically attractive and culturally rich environment for expatriates and visitors, to constant innovation, to compassion for the less fortunate, to tolerance of other religions and cultures, and to respect and civility towards one another.
These values are demonstrated every day by the people of the UAE, whether they be Emiratis or foreign residents.
This makes my job easy: to give other countries a window into this culture and promote dialogue around a shared set of values.
For in a world in which too many people are closing doors, it is in the UAE’s national interest, and our national character, to keep pushing them open.
Zaki Nusseibeh is Minister of State in the UAE Government
UAE currency: the story behind the money in your pockets
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 warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
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The five pillars of Islam
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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