I was glad to see your story about Sheikh Mohammed bin Saud Al Qasimi describing national service as "a medal of honour for the UAE citizens" (RAK Crown Prince enrols for national service, October 24).
This is a demonstration of the essence of true leadership – leading by example.
Sylvester Ajiloseda, Dubai
There’s just one word needed to describe the Crown Prince’s decision: respect.
Mohammed Aden Elmi, Norway
Rising rents are hitting budgets
With regard to your story, Rent rise a big concern for UAE expats, HSBC survey shows (October 23), it seems to me the odds are stacked heavily in favour of landlords.
This is because tenants find it very difficult to leave their property easily, including the possibility of handling the financial burden of breaking the contract.
Tenants then have to face the additional financial burden of entering into a new contract, including paying the fees involved in that. These costs tend to be higher in the UAE than in the expatriate workers’ countries of origin.
All this suggests to me that there ought to be more regulation to prevent greedy landlords from exploiting their advantage.
I find most expatriates working in the UAE respect the country and its citizens. They are simply seeking a better life, not just for themselves but for their families.
Jen Bishop, Abu Dhabi
The rental prices in Dubai are increasingly unrealistic.
Inflation goes up and rents go up – but salaries remain the same.
John Paravalos, Dubai
Is travel really the new Rolex?
Like the woman described in your story (Travel is the new Rolex for UAE residents, October 25), we too would rather spend our money on travel.
In three years in the UAE, we have travelled to 15 countries, not including my birth country Brazil (twice, and going again next month) and our adopted home (New York City, three times).
However, I would still like a Rolex!
Rejane Serao, Abu Dhabi
I used to be materialistic but we now spend a lot of our money to assist those who need our help, such as Médecins Sans Frontières and other causes that genuinely need financial support to keep on doing their great work.
When I was a young girl, we had big houses and servants and all that, but I outgrew such unnecessary splendour a long time ago.
I still have Jaeger Lecoultre watches and so forth, and could easily buy 10 Rolexes, but I know what is really important in this short life of ours: leaving the world a better place than we found it.
The UAE Government is doing an amazing job in financing so many great causes so I think we should all follow suit and forget about indulging ourselves day after day.
Brigitte von Bulow, Abu Dhabi
Abra attracts its first passengers
In response to your editorial about the new abra service in Khor Al Maqtaa (An abra to make Abu Dhabi's canal truly grand, October 24), I do think I will use it – but only in winter.
Shahin Iqbal, Abu Dhabi
Tradition is always beautiful. This service will bring a bit of romance back to Abu Dhabi.
Name withheld by request
Israel provokes Arab anger
Tel Aviv is using Arab anger at ongoing desecrations of Al Haram Al Sharif in Jerusalem to justify expanding its colonies (By hook or by crook, settlers rack up gains in East Jerusalem, October 24).
The deliberate provocation by Israeli extremists is encouraging radical Arab groups. The Israelis benefit from this by gaining an excuse not to deal with the Palestinians.
Israeli settlers who continue to build in the occupied West Bank make the two-state solution increasingly unlikely.
For Israel’s friends abroad, this, the military assault on Gaza and similar acts seem baffling and counterproductive.
These episodes have not undercut the fundamental commitment of Israel’s allies to its right to live in peace and security but, as the British Parliament’s overwhelming vote to recognise Palestine as a state shows, Israel has drained the patience and trust of its supporters. Many now believe Netanyahu prefers a permanent state of war to a difficult peace.
Samaoen Osman, South Africa
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.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
