AL AIN // Capt Hadif Humaid Al Shamsi, the Emirati hero who laid down his life to protect Emirates Red Crescent workers in Aden on Saturday, has been buried in Al Ain.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, extended his condolences to Capt Al Shamsi’s family at his mourning majlis in Zakher, Al Ain.
Sheikh Mohammed expressed his heartfelt sympathies to the family and prayed to Allah Almighty to bless the souls of all Emirati martyrs with mercy in Paradise.
Capt Al Shamsi died serving in the Saudi-led coalition’s Operation Restoring Hope in Yemen.
“All the families of the UAE are fingers on the hand of the Government – we are one and we stay that way,” said Mohammed Al Shamsi, the hero’s uncle and family elder.
Capt Al Shamsi, born in 1984, was attacked in his car by gunmen while parked at a supermarket in Aden. He is survived by his wife, two sons and a daughter.
Soldiers, citizens and residents joined the prayer at 1pm yesterday at the Martyrs’ Mosque in Al Ain. His body was then taken to Al Mutawa cemetery to be buried.
“We lose our boy but we are not saddened,” Mohammed said. “He is worth 70 of his kind and he brings honour to our family. If need be, if the sheikhs ask us, we will go to war, from the youngest of us to the eldest.”
Another uncle said that his nephew’s death, although difficult for the family, was a source of pride.
“This is the pride for us and this is our duty to the country and our people,” Ali Al Shamsi said. “I hope all Arabs unite. It is in our power to protect our lands. We are faced with a decision to defend Arab unity and this is what we must do.”
He said there were several members of the Shamsi family who had volunteered to fight and those who were already in the Armed Forces.
“The most important thing is that we know, and the UAE knows, that this will not deter us,” Ali said.
“We will keep our heads strong and we will do what our Government tells us.”
His said his son Manaa grew up with Capt Al Shamsi and considered him one of his best friends.
“What can I tell you, he was a standout young man, a great personality, a poet, and he loved being around people,” Manaa said.
“He was a man among men and now we remember him fondly.
“When you talked to him you got into his world, his stories. It saddens us but we take pride in his death.”
Also offering their condolences were Sheikh Hamdan bin Zayed, Ruler’s Representative in the Western Region, Sheikh Hazza bin Zayed, National Security Adviser, and Sheikh Nahyan bin Zayed.
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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
Fire and Fury
By Michael Wolff,
Henry Holt
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
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.”
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
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- 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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