RAS AL KHAIMAH // The family of a serviceman who was killed in the line of duty in Yemen said his death brings sadness but also pride.
Lt Rashid Ahmed Abdullah Al Habsi, 34, a father of five, died while serving in the Arab coalition’s Operation Restoring Hope in Yemen.
However, he is not the first family member to give his life in service.
His cousin, First Corporal Fahim Al Habsi, also died in Yemen in August last year.
Lt Al Habsi’s uncle, Fahd Al Habsi, said his nephew would be remembered for “his generosity and kindness”.
“He was a brave soldier who loved his country. When we received the news of his martyrdom we were both happy and sad to lose him,” he said.
“He had a soft heart and loved his children very much. His children will be proud to be the sons of a martyr.”
Lt Al Habsi, who had been deployed in Yemen for two months, had three boys, Mohammed, Hamdan and Abdullah, and two daughters, Raheel and Sheikha.
He was one of 11 children, with three brothers and seven sisters.
His uncle said he had “a wonderful relationship with his parents and his brothers and sisters”.
Mr Al Habsi said his sister, Lt Al Habsi’s mother, was shocked by the death but was coping with the loss.
“She has accepted the fact that her son is now a martyr and in heaven,” he said.
“I hope she finds solace that her son died while securing the freedom of his brothers in Yemen.”
The General Command of the Armed Forces offered its condolences to Lt Al Habsi’s family, praying to Allah to rest his soul in peace and bestow solace on his family, the state news agency Wam reported.
Details of how and where Lt Al Habsi died have not been disclosed.
Operation Restoring Hope was launched last year by a regional coalition to restore the internationally recognised Yemeni government led by president Abdrabu Mansur Hadi.
The funeral will be held on Tuesday at Sheikh Zayed Mosque in RAK at 8am.
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1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
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Source: The National
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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.
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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.
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“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.
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