ABU DHABI // When he was in his mid-20s, Mohammed Al Mazrooei was appointed to the Federal National Council.
Other than mentioning the council’s work sporadically in his weekly columns for Al Ittihad, the Arabic-language sister paper of The National, the young journalist had little association with the council. So he was surprised when Sheikh Rashid bin Saeed, Ruler of Dubai at the time, appointed him to the FNC.
Although he was one of the youngest on the 40-member council, his job proved to be an advantage.
“The nature of journalism is that it sheds a light on local issues,” he said. “Working in media leads to familiarity with political issues. This helped me with getting to know issues in the country.”
Mr Al Mazrooei began his political career in 1984. For the next seven years he remained a member, and was reappointed twice, eventually becoming Secretary General.
At that time, the General Secretariat’s work was limited.
“There was no internet at that time, so every member was on his own in terms of going out and doing the work, whether collecting information or arranging meetings with ministries in preparation for the council’s work,” he said.
Mr Al Mazrooei left the council in 1991 to attend to his own business and was asked to return as Secretary General in 1996. His predecessor had fallen ill, and had taken early retirement.
After he took up the post, changes quickly followed.
“The country has witnessed a lot of changes, as a result it was reflected in the FNC,” he said modestly. Those around him in the council, however, say Mr Al Mazrooei was the reason for the amplified work of the council’s General Secretariat in research and media coverage, and introducing technology for the first time to the council. He opened a council library, now home to 12,000 titles, and brought in the first women to the General Secretariat. They now make up 60 per cent of staff.
The first step was to document everything that took place in the council chambers. Speeches made by presidents and others government officials have also all been stored in the council's archives, dating back to the day of the first session in 1972.
“I think the FNC, more than any other council, has worked to protect their documents and establish an archive,” he said.
Regional and international parliaments have applauded the council’s research centre and have occasionally asked for briefings to learn from their work.
“A month ago in a meeting with the Inter-Parliamentary Union’s Secretary General, he said that our work was a benchmark for the region,” said Mr Al Mazrooei, who holds a PhD in political science.
As a result of his work, the General Secretariat now has 32 Emirati researchers, more than any other entity in the country.
“We believe we are the best entity in terms of research,” he said.
Mr Al Mazrooei’s deep belief in the importance of research dates back to his days as a member in the council, where he distinctly recalls changing the Ministry of Higher Education’s name to the Ministry of Higher Education and Scientific Research.
"I have a strong belief that the role of the secretary general is not just an admin role, but in research as well," he said. "No nation can develop without research. Without research, you cannot make decisions, especially at a council."
The researchers, most of whom were hired fresh out of university, go through intense training and climb a career ladder based on their research, all of which follow American standards.
"When the council has a law, for example the Child Rights law, legal and social researchers work on it," he said. "We look at the law as if it is a phenomenon. The legal researchers look into the law, and the social researchers don't. Instead, they look for all child-related cases. At the end, the two teams join to make sure the law addresses all the cases found. In the end, we advise council committees working on the law. We are only advisers, they can take the amendments proposed or not."
Even with the regional recognition of their work, Mr Al Mazrooei said more needs to be done.
“Today we passed a crucial stage, but we have many more to pass,” he said.
As he continues to develop the work of the council’s backbench, the father and author has made he time to write a book examining the reasons for the low turnout at 2011 FNC elections. The book will be published this year.
osalem@thenational.ae
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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)
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Reputation
Taylor Swift
(Big Machine Records)
More from Rashmee Roshan Lall
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.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ARGYLLE
%3Cp%3EDirector%3A%20Matthew%20Vaughn%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Bryce%20Dallas%20Howard%2C%20Sam%20Rockwell%2C%20John%20Cena%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
