20 appointed members named for the new FNC



ABU DHABI // The 20 new appointed members of the FNC have been named, and will meet the 20 elected members today to prepare for the council's first session tomorrow.
The appointed members were told of their new responsibilities in unexpected phone calls from the rulers' courts.
They include Dr Amal Al Qubaisi from Abu Dhabi and Dr Abdul-Rahim Al Shaheen - who were previously elected to the FNC in 2006 - Rashed Mohammed Al Shariqi from Ras Al Khaimah and Ali Al Jassem from Umm Al Qaiwain, who are also former FNC members.
This year six women were appointed, compared with eight in 2006.
In Dubai, two of the new members are colleagues, both happy that they will see a familiar face on the council. "This was unexpected," said Dr Mona Al Baher, the first Emirati social worker in the UAE and now deputy chief executive of care and rehabilitation at the Dubai Foundation for Women and Children.
Her colleague and "good friend" Afra Al Basti, executive director of the DFWAC, was also appointed to the council. "I was shocked and happy that the Ruler chose me," she said. "That means I am doing a good job, otherwise they would have not recognised me."
With two of the four appointed in Dubai from the DFWC, Ms Al Basti said she would focus on the women and children's portfolio.
"The fact that Dr Al Baher and I were appointed indicates that there is a direction on behalf of the government to concentrate on women and children's issues," she said.
Ahmed Al Mansouri and Mohmed Ahmed Al Mur were also appointed in Dubai.
In Abu Dhabi, alongside Dr Al Qubaisi, Noura Al Kaabi, Khalifa Al Suwaidi and Sultan Rashid Al Dhaheri were appointed.
"I am still trying to digest the news, but it is very overwhelming, and also a huge responsibility," Ms Al Kaabi said.
In Fujairah, Mohammed Saeed Al Raqbani and Aisha Mohammed Al Yammahi were appointed.
"I had a feeling, hints here and there, that this could happen," said Mrs Al Yammahi, who has been a school principal for more than 25 years at Dibba Fujairah Al Thanawiya. She is also a member of Fujairah Education Council. "But when you actually get the call, it is a great feeling and honour."
The other appointed member from Fujairah said it would be a challenge to find time in an already hectic schedule. "My time is already fully utilised, but I don't want my new position to be just a title. I want to be an active member and so will push myself to find the time somehow," said Mohammed Saeed Al Raqbani, 37, chief executive of Emaar Industries and Investments, a diversified manufacturing holding group.
Mr Al Raqbani is not new to politics, having been raised in a political family with a father who is an adviser to the Ruler of Fujairah, and a minister of agriculture and fisheries for more than 30 years.
"No reason is given when you are appointed by the Ruler of Fujairah," said Mr Al Raqbani.
"But I don't think it has anything to do with the job you are holding. It is about giving people a chance. In my case, it is maybe about giving a younger generation with a business sense a chance to have a voice at the FNC.
"It is a great honour for any Emirati citizen to get a chance at a seat in the FNC."
In Ajman, Brig Gen Ahmed Mohammed Al Shamsi, 60, now retired, and Ali Essa Al Nuaimi were appointed.
Federal education, social services and housing for Emiratis will be the retired brigadier's priorities. "I'm looking forward to promoting the role of the Federal National Council and for it to have a broader authority and mandate," he said. "We would like to work within the framework of the UAE constitution, this is simply what I'm looking for."
In Ras Al Khaimah, two of the three former members were appointed.
Rashed Mohammed Al Shariqi, 52, director general of Abu Dhabi food authority, said the focus of his second term would be education and health care so that UAE can set an example as a regional leader.
"Now 40 years have already passed for the UAE but there are very good opinions of what the UAE has done for the international community in education, health care and its use of natural resources," he said.
"We are very honoured by our leaders and very proud as citizens to look at what our government has already achieved, so we wish the FNC to contribute to the actions of the government."
Dr Abdul-Rahim Al Shaheen, 50, a political science professor, will also be serving a second term.
"I will continue what I did four years ago, to make something better for UAE people for health, and for housing, and for roads, and for education, and jobs for nationals," he said.
Abdulazziz Abdulla Al Zaabi is the third appointed member from the emirate.
osalem@thenational.ae

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

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

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

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Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

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

Managing the separation process

  • Choose your nursery carefully in the first place
  • Relax – and hopefully your child will follow suit
  • Inform the staff in advance of your child’s likes and dislikes.
  • If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
  • The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
  • Be patient. Your child might love it one day and hate it the next
  • Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.  

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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 PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

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Places to go for free coffee
  • Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day. 
  • La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
  • Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
  • Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
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

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

UAE currency: the story behind the money in your pockets