Every week, The National looks at the people and politics of the UAE, as the country steps more confidently forward on the world stage
August 22
UAE Ambassador in Italy meets mayor of Pisa
Saqr Al Raisi, the UAE Ambassador to Italy, took part in an economics seminar held in the Italian city of Pisa as part of the UAE Days in Tuscany event. The Ambassador met Marco Filippeschi, mayor of Pisa, and other officials and discussed strengthening relations between the UAE and Italy.
Sheikh Sultan attends wedding
Sheikh Sultan bin Zayed, the President’s Representative, attended a ceremony hosted by Nasib Al Khaili to celebrate the wedding of his son, Salem, to the daughter of Saeed Humaid Al Mansouri.
August 23
Sharjah census 2015 pilot phase dates set
A trial phase of the Sharjah census will take place from August 31 to September 3, the Sharjah Department of Statistics and Community Development announced. The trial will cover four areas – Al Majaz, Al Rahamaniya, Al Roula and the Industrial Area. Those involved in the pilot will not need to be enumerated during October’s official census.
Somali president receives UAE Ambassador
President Hassan Mohamud of Somalia met Mohammed Ahmed Al Osman, UAE Ambassador to Somalia, to discuss ties. The Somalian leader expressed his country’s thanks to the UAE Government for its efforts, particularly those in development projects, to support Somalia’s stability.
August 24
Dubai Government delegation meets Shanghai officials
A delegation from the Dubai Government met officials from the municipal planning, land and resources administration in Shanghai, China, along with Ibrahim Al Mansouri, the UAE consul-general there, and UAE real estate representatives. The Dubai delegation invited the Shanghai officials to take part in the World Land Registration Congress in Dubai early next year.
Defence under-secretary receives US army official
Mohammed Al Bawardi Al Falasi, under-secretary of the Ministry of Defence, received John McHugh, secretary of the US army, and his delegation.
Call for Innovation Lab ideas
As part of its Innovation Lab programme, the Ministry of Interior has called on the public to submit suggestions about ways to cut traffic accidents using social media. Contributions will be accepted until the end of the month and afterwards workshops will be organised to discuss how to implement the ideas. People can also submit suggestions via SMS to 3344.
August 25
UAE participates in Norway aquaculture exhibition
Representatives from UAE Government bodies participated in Aqua Nor aquaculture exhibition in Norway. The Ministry of Environment and Water, Dibba Al Fujairah Municipality and the Abu Dhabi Food Control Authority attended in line with efforts to encourage investment in aquaculture, one of the fastest-growing food production industries.
UAE, Gabon sign Open Skies Agreement
The UAE General Civil Aviation Authority signed an open-skies agreement with Gabon’s government. Any number of designated airlines can operate scheduled air services between the two countries.
August 26
Thai crown prince receives credentials of UAE Ambassador
Maha Vajiralongkorn, Thailand’s crown prince, has received the credentials of the newly-appointed UAE Ambassador to Thailand, Saif Al Shamsi. The Ambassador conveyed the greetings of President Sheikh Khalifa and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to king Bhumibol Adulyadej.
RAK Ruler offers condolences to Laamash family
Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, paid his respects to the sons of Abdullah Ali Laamash on the death of their mother at the family residence in Al Rams area of RAK. Condolences were also offered by Sheikh Saqr bin Mohammed bin Saqr Al Qasimi.
August 27
RAK Ruler receives Chinese consul-general
Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, received Li Lingbing, the new Chinese consul-general in Dubai. Sheikh Saud welcomed her, wishing her a pleasant stay and success in her role.
Abdullah bin Zayed meets German foreign minister
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, met Frank-Walter Steinmeier, his German counterpart, in Berlin. The ministers discussed efforts towards peace, and security in the Gulf region, and ways to address the emergence of organisations seeking to impose themselves as alternatives to states.
Maktoum offers condolences to Al Muhairi family
Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, has offered his condolences to Al Muhairi family on the death of Mariam Ali Rashid Al Kathiri, wife of Daher bin Hader Al Muhairi. Sheikh Maktoum expressed his sympathy to the sons of the deceased and prayed to Allah to bestow eternal peace on her.
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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
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- 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
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.”
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
