Dressed patriotically along with her brothers, Rowdha Al Sheikh, 4, of Abu Dhabi, shows off her Sheikh Zayed button while shopping with her family at Al Wahda Mall on Dec 2 2008.
Dressed patriotically along with her brothers, Rowdha Al Sheikh, 4, of Abu Dhabi, shows off her Sheikh Zayed button while shopping with her family at Al Wahda Mall on Dec 2 2008.

Khalifa stresses national identity



Abu Dhabi // Emiratis have a "legitimate right" to live in a country in which they are "the mainstream, the pioneers and owners of the common language and integrating identity", Sheikh Khalifa bin Zayed said in his National Day address to the nation. The President of the UAE and Ruler of Abu Dhabi identified the population imbalance as a major challenge, promised democratic reform and stressed the importance of preserving the nation's identity. Sheikh Khalifa also urged Iran to respond to the UAE's determination to regain the three islands which the Islamic republic has occupied since 1971, Abu Musa and Greater and Lesser Tunbs. He also stressed the need to bring an end to conflicts across the Middle East as a vital step to undermine terrorist activities. "When we called last year for dedicating the year 2008 for national identity, we did not intend to link our national identity to a timetable," said Sheikh Khalifa. "Identity is not a symbol for a specific period but a comprehensive frame in which our cultural and civilisation heritage serves as a compass that guides our interaction with our surroundings and preserves our uniqueness and character. "Our goal was to encourage initiatives and identify means and mechanisms that help the development of components of our identity." The need to preserve national identity has emerged in recent years as the most prominent challenge to the Emirati society. UAE leaders and intellectuals have warned that the growing impact of globalisation has been eroding the national heritage and culture. Sheikh Khalifa acknowledged that the "openness that characterised our development and the spirit of tolerance that permeates the Emirati society were a source of material and spiritual enrichment to our experience". He said, nonetheless, that openness had its costs and that there was a "population imbalance". However, investing in the capabilities of the nation, including those of Emirati women, would help overcome the problem. "All discussions about the strengthening forces of our national identity revealed that what deserves our prime attention is the work for the development of national capability. "That requires increasing the competitive capacities of individuals, institutions and sectors." On political reforms, Sheikh Khalifa said he was looking for people's participation in economic and social development. "The federation has gone a long way in economic and social development, which has resulted in deep-rooted institutions," he said. "As we work on continuing the building process with the same momentum, we are looking for people's participation in this effort. "This comes as part of our belief in the importance of building an interactive relationship between the two pillars of our political entity [the people and the Government]. Therefore, we are keen to continue the democratic process, and develop it, so we can bring it to the level of participation that we aspire." Since 2006, half of the Federal National Council has been elected. These members are chosen by a group of Emiratis hand-picked by the Government, who vote from a list of pre-approved candidates. The other half of the FNC is appointed by the rulers of each emirate. A number of the members have recently urged the Government to step up the democratic process by giving them more parliamentary powers and voting rights for citizens. Speaking of the three occupied islands, Sheikh Khalifa stressed the UAE's right to regaining them and said Iran had three options to pursue: direct dialogue, international arbitration or the International Court of Justice. "We have made a pre-commitment to accept the results of such arbitration whatever they may be." Sheikh Khalifa said continued construction by Iran on the three islands was "sorrowful" and a "losing bet". "We hope that Iran would respond to our peaceful pursuit. It is sorrowful to see the measures the Islamic Republic of Iran is taking to change landmarks of the islands and realities on the ground. Sheikh Khalifa also outlined the UAE's foreign policy efforts to maintain stability in the Middle East. He said he had hoped the recent decline in violence in Iraq would mark the "beginning of its exit from the whirlpool of violence". He referred to the UAE's initiatives to support the war-torn country, including the cancellation of its debt to the Emirates, which amounted to nearly US$7 billion (Dh25.7bn). On the Palestinian question, he said: "We see that the continued Israeli occupation of the Palestinian and Arab lands is a threat to the security and stability of the entire region. "We also believe that the failure in finding a just solution for this issue on the basis of the establishment of an independent Palestinian state with the Holy city of Jerusalem as its capital, will leave the region looted by instability and a source of threat to the regional peace." He urged the international parties, including the United States, to exert more efforts to "convince Israel to abandon its hostile policies and accept legitimate international resolutions." Sheikh Khalifa called on the international community to "work for solving explosive issues without leaving them for the terrorist groups to exploit for their private agendas, which have nothing to do with the supreme interests of the region." mhabboush@thenational.ae * with input from WAM

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.”

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Lecce v SPAL (6pm)

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Lazio v Inter Milan (11.45pm)

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AC Milan v Torino (11.45pm)

 

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Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.

 

Getting around:

Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com

What it means to be a conservationist

Who is Enric Sala?

Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.

What is biodiversity?

According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.