Denmark's King Frederik X acceded to the throne on Sunday, ushering in a new era after his mother Queen Margrethe abdicated, with more than 100,000 Danes turning out for the unprecedented event.
After a final procession in a horse-drawn carriage through the streets of Copenhagen, Margrethe, 83, signed a declaration of abdication at Christiansborg Palace – a first in 900 years in Denmark – ending her 52-year reign and automatically making her son monarch.
She then left the Council of State, also attended by the government, the new king and queen, and their eldest son, the new Crown Prince Christian, 18.
She left the room with tears in her eyes, saying: “God bless the king.”
In front of a sea of Danes waving red-and-white flags, Prime Minister Mette Frederiksen then proclaimed 55-year-old Frederik the new king on the balcony of Christiansborg Palace, the seat of parliament and government.
Wrapped up against the cold, a visibly moved Frederik, clad in his gala admiral's uniform with gold epaulettes, blinked back tears and smiled as he waved to the crowd, estimated at more than 100,000 people by media outlets.
Like his mother, Frederik is hugely popular, enjoying the support of more than 80 per cent of Danes.
“My mother succeeded like few others in becoming one with her country,” he told the crowd.
“My hope is to become a unifying king for the future … It's a responsibility I assume with respect, pride and a lot of happiness,” he said, repeatedly placing his hand on his heart as the crowd cheered.
Frederik was then joined on the balcony by his Australian-born wife Mary, wearing a white dress with her dark hair swept back in a bun, and their four teenage children.
Mary is the first commoner to become queen in Denmark.
The crowd erupted in loud cheers as the new king and queen kissed on the balcony.
It is only the second time a Danish sovereign has stepped down. The last one was Erik III, almost nine centuries ago in 1146.
“Soul of the nation”
Aske Julius, a 27-year-old Copenhagen resident, called Margrethe “the embodiment of Denmark … the soul of the nation.”
“More than half of the Danish population has never known anything else but the queen,” he said.
Portraits and banners around the capital thanked the queen for her years of service, with cheeky signs in the metro declaring: “Thanks for the ride, Margrethe”.
Others read: “Long live the king”.
No foreign dignitaries or royals were invited to Sunday's succession, in line with Danish tradition, and there was no coronation or throne for the new monarch.
Margrethe chose to abdicate exactly 52 years to the day after she took over from her father, Frederik IX.
The queen stunned Danes when she announced her abdication in her annual televised New Year's Eve address, after having repeatedly insisted she would follow tradition and reign until her death.
Even her own family was only informed three days prior.
She attributed her decision to health issues after undergoing major back surgery last year.
Margrethe will retain her title of queen and may represent the royal family on occasion.
Experts say that passing the baton to her son now will give him time to flourish in his role as monarch, after gradually taking on increasing responsibilities.
“She thinks the crown prince is totally ready to take over. And she wants to avoid a situation like in Great Britain where Prince Charles became King Charles after the age of 70,” historian Lars Hovbakke Sorensen told AFP.
He is expected to bring his own style to the monarchy, which dates back to the 10th century Viking era.
“He understood that he could not copy (the queen) and has managed to define his own image, his own ties to the Danish people,” another historian, Bo Lidegaard, said.
While his mother is known for her love of the arts and is an accomplished writer and artist, Frederik is an avid sportsman who champions environmental causes.
In Denmark the monarch's role is largely ceremonial, but he or she does sign legislation, formally presides over the forming of a government and meets with the cabinet regularly.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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.”
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
UAE currency: the story behind the money in your pockets
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
