Sheikh Zayed's death on November 2, 2004 may have marked the end of an era, but his life was the foundation on which the future of the United Arab Emirates would be built. Although his death was felt as a personal loss by many, the phenomenal progress in the UAE since his passing serves as a reminder that, as he always maintained, the continuing successful development of the nation he founded four decades ago lay not in the hands of only one man, but in the hopes and ambitions of all those who call it home.
As Sheikh Abdullah bin Zayed Al Nahyan, now the Minister of Foreign Affairs but then the Minister of Information and Culture, remarked in his foreword to the 2005 UAE Yearbook, which was dedicated to Sheikh Zayed's memory, "The voyage that Sheikh Zayed began so many years ago continues today. He has charted the waters well and has given us a well-founded vessel in which we can continue to travel safely on the same course, and with the same objectives in mind ... We will continue to work hard to honour his legacy."
The person charged with the guardianship of that legacy upon Sheikh Zayed's death was his son, Sheikh Khalifa bin Zayed Al Nahyan, elected President by the Federal Supreme Council on November 3, the day of his father's funeral.
One month later, during his first National Day address as President, Sheikh Khalifa set his mind to the future. Sheikh Zayed's values and style of leadership would remain "the beacon which will continue to guide us as we strengthen our federation and maintain the achievements and gains that the country has made in various spheres of developments", he said. "As for us, we remain committed to serving this nation and to ensuring that even greater prosperity is achieved."
It was significant that two important - although, at first glance, apparently unrelated - milestones had been passed in 2004, in the evening of Sheikh Zayed's presidency. Sheikha Lubna Al Qasimi was appointed Minister of Economy and Planning, becoming the first woman to be appointed to the Council of Ministers, and the UAE earned its first Olympic medal - the shooting gold won in Athens by Sheikh Ahmed Al Maktoum, a member of Dubai's ruling family.
Together, Sheikh Abdullah noted in the 2005 Yearbook, the two achievements had neatly encapsulated Sheikh Zayed's vision of how the country should develop: "That women, like men, must contribute to the building of our nation and that each individual has a duty to strive for excellence."
This was the vision taken up by Sheikh Khalifa. "The training of all capable UAE nationals so that they may go into productive ventures is the country's major objective," he said, "and the one to which we give all our attention and concentrate all our efforts."
Like his father before him, Sheikh Khalifa was aware that the blessing of oil was not, by itself, enough to secure a prosperous future. As Sheikh Zayed had told university students in 1982, "the greatest use that can be made of wealth is to invest it in creating generations of educated and trained people."
Sheikh Khalifa, whose responsibilities during his father's reign had included the chairmanships of Abu Dhabi's Supreme Petroleum Council and Abu Dhabi Investment Authority, was especially placed to understand this. As a consequence, the central policies of Emiratisation and diversification away from reliance on fossil fuels have guided the UAE during the years since Sheikh Zayed's death - seven years that have seen the nation's physical, cultural, political and intellectual landscape transformed beyond all recognition.
The physical manifestations of progress are, of course, the most obvious. In Dubai, the Burj Al Arab - the city's original and still world-recognised symbol - has been joined since by the Palm Jumeirah, the city Metro and the Burj Khalifa, the world's tallest building, despite the impact of the global financial crisis. In Abu Dhabi, the determination to build upon Sheikh Zayed's vision found concrete form in the creation in 2007 of the Abu Dhabi Urban Planning Council, a strategic body chaired by Sheikh Mohammed bin Zayed, the Crown Prince, tasked with shaping the future of the emirate's urban environment.
The plan was vital because of the many challenges Abu Dhabi will face - challenges born of its development, but challenges nonetheless. Anticipating that the city's population could grow to anything from three to more than five million by 2030, the plan set out "a practical, flexible and sustainable view of the future". The council's brief was to "deliver upon the vision of His Highness Sheikh Khalifa ... for the continued fulfilment of the grand design envisaged by the late Sheikh Zayed ... and the ongoing evolution of Abu Dhabi as a global capital city".
Development now follows the road map laid down in Abu Dhabi's vision for 2030 and, as a result of this blueprint, the skyline has undergone dramatic transformation, from the creation of the still-evolving financial and business districts on the islands of Sowwah and Reem, and the Capital District, which will become the new seat of Government, to the unveiling of plans to transform Saadiyat Island into a world-class cultural destination.
Tough challenges have been met with bold solutions that will see the nation undergo an even greater transformation over the next decade. In 2008, for instance, the decision was taken that Abu Dhabi would seek to meet its imminent shortfall in electricity by turning to nuclear energy. To become the first Arab nation with nuclear capability was a daunting prospect. A huge task, both diplomatically and logistically, it was inaugurated on April 1, 2008, with the publication of the UAE Policy on the Peaceful Use of Nuclear Energy and in December 2009 the US and the UAE signed the historic "123 Agreement", formalising co-operation on nuclear energy.
The UAE has taken other significant steps to diversify its economy away from dependence on fossil fuels and to lead the way in developing alternative energy sources. Initiatives include the creation of Masdar, an incubator of alternative development and experimentation, a series of strategic investments in green-technology companies around the world and the hosting since 2008 of the influential World Future Energy Summit. Indeed, it was in recognition of Abu Dhabi's commitment to alternative energy that the International Renewable Energy Agency (Irena), founded in Bonn in January 2009, chose the capital for its headquarters.
Behind all of this, however, has remained the central tenet that Sheikh Zayed held so dear - the idea that the nation's greatest asset is its people. Over the past few years, in the belief that the future welfare of the country and its people depends on equipping Emiratis with the intellectual and practical tools they will need to continue the journey begun in 1971, Sheikh Khalifa has driven a programme of Emiratisation. It is the strategy at the heart of government policy, affecting thinking in every project, from Masdar to nuclear energy, and it is out of it that the future of the nation will take shape. "The strategy for the future," as Sheikh Khalifa said in his 2007 address to the nation, "will not depend on visions and ideas nor financial resources, but rather on the ability and commitment to implement the principles therein."
This, he said, could not be achieved "without a real programme to develop local young people who are able to shoulder responsibilities".
And, as they have been asked to take on more responsibility for their own futures, so in the past year have Emiratis been invited to shoulder responsibility for their nation. "We want to make the Federal National Council more effective so that it can deal effectively with issues that concern the country and to introduce our citizens to the concept of shura [consultation]," said Sheikh Khalifa in his 2005 National Day address. When the first FNC elections were held the following year, 6,595 voters were eligible to elect members of the council. On September 24 this year, almost 130,000 Emiratis were given the right to vote, while hundreds more submitted their candidacy for office.
For Sheikh Khalifa, this was the realisation of a vision he had spelled out at the inaugural session of the new FNC in 2007: "the road map on the path of shura, the sovereignty of law, accountability, prevalence of justice and the empowerment of all individuals in the community so that they may contribute effectively in building our future."
In much less than a lifetime, the UAE has progressed from being one of the poorest countries in the world to one of the richest. While holding true to the principles of the past - the qualities of endurance, loyalty and determination - its leaders have shown the way to a bright, modern future unimaginable in the difficult days before oil.
And, as the first generation of Emiratis born under the federal flag assume the responsibilities and grasp the opportunities now open to them, it is clear that, as it celebrates its 40th birthday, the UAE is a nation that has truly come of age.
match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
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.”
Read more from Kareem Shaheen
COMPANY%20PROFILE
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Bedu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaled%20Al%20Huraimel%2C%20Matti%20Zinder%2C%20Amin%20Al%20Zarouni%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%2C%20metaverse%2C%20Web3%20and%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Currently%20in%20pre-seed%20round%20to%20raise%20%245%20million%20to%20%247%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%20funded%3C%2Fp%3E%0A
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
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
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
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
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
'Jurassic%20World%20Dominion'
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