Sinan Al Awsi has planted 209 trees on Airport road, Abu Dhabi. Chris Whiteoak / The National
Sinan Al Awsi has planted 209 trees on Airport road, Abu Dhabi. Chris Whiteoak / The National


The man who planted 200 trees in Abu Dhabi is an inspiration



June 09, 2023

With regard to Ali Al Shouk's article Meet the Abu Dhabi resident planting hundreds of trees to make the UAE greener (June 3): What a beautiful initiative. The 200 trees he's planted benefit not only the neighbours who enjoy the shade and breathe cleaner air, but also other residents. It's nice to drive past pockets of green. Mr Al Awsi is right that anyone can do this once they take permission from the authorities. I hope more people are inspired and follow his example anywhere in the world. Collective community effort can really benefit the environment.

Kafui Kavi, Accra, Ghana

First Emirati woman to scale Everest

With reference to Nick Webster's report First Emirati woman conquers peak-to-peak Everest challenge (June 8): Climbing both Mount Everest and Lhotse in a day is awesome! many congratulations to her.

Karen Al Ali, Abu Dhabi

Accountability needed in India bridge collapse

With reference to Taniya Dutta's report Bihar bridge collapse: State's chief engineer is suspended (June 6): This bridge reportedly costs 205 million dollars. The authorities must run a thorough investigation into the cause of the collapse and examine how exactly the funds have been utilised. How is it that structural defects in the bridge were not detected earlier? An incident like this is damaging on several levels. An inquiry may reveal this to be yet another example of how typically some middle men may well be making large amounts of money, allocated originally to an infrastructure project, endangering the lives of the common people. Fortunately, this bridge was under construction and no one died. But it is a reminder of a tragedy last October when the 233-metre suspension bridge in the state of Gujarat killed 135 people. Accountability has to be sought.

Bipul Sharma, New Delhi, India

Seeing the video puts the matter into perspective. That this was the second time the same portion of the bridge collapsed could be a sign of poor contractors. Evidently, something was not done right.

Ephicien Mark, Douala, Cameroon

This is a sad state of affairs preceded by the Odisha train disaster. Opposition parties have been alleging lack of involvement by the authorities who were assigned to this mammoth project across the river, and questioning the quality of raw materials used for construction. Allegations of corruption have come up. But whatever the actual reasons, it is unacceptable that a bridge should collapse once, let alone twice. This is unacceptable. Administrators in Bihar will have to answer tough questions. The state should take responsibility for the projects in their region. Will this project will be carried on and good strategies employed by engineers in the future, and how long will it now take to complete is another question.

K Ragavan, Bengaluru, India

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.”

The specs: 2018 Jeep Grand Cherokee Trackhawk


Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)

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21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape
 

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)

Updated: June 09, 2023, 3:00 AM