After reading your report, It's not only Christians who get into the Christmas spirit in the UAE (December 24), I have to say that I love the festive spirit of Christmas and remember celebrating it with my grandpa when I was young.
If it wasn’t for him, I wouldn’t know what Christmas was. Every year, we went to see all the lighted houses on the street.
Every religion should see the wonderful festive side of this holiday.
Soad Elashrfi, Dubai
We celebrate Christmas with multiple nationalities who are Christians, Muslims and Hindus.
Bless the leaders of this country for encouraging this. The real message of Christmas is love.
Lata George, Dubai
I am sure Muslims are happy that one of their highly respected prophets was born and can understand perfectly why Christians celebrate his birth – even if they don’t traditionally celebrate it themselves.
Giles Heaton, Dubai
I really appreciate the UAE for its open door to the diverse beliefs of those living and working here.
Christmas is about peace and joy to all mankind.
Betty Sakalia, Abu Dhabi
According to my two little boys, any occasion involving toys being gifted to them is worth celebrating, no matter the occasion’s religious affiliation.
Nadim Karmoussa, Dubai
I was invited by my Christian friends for a Christmas party – just like so many Muslims invite non-Muslims for Iftar or Eid celebrations.
That is the spirit of sharing and it helps explain why the UAE is progressive, because of its religious tolerance.
Name withheld by request
Taxes would not leave much
With regard to your editorial, Remittances tax needs careful study (December 24), we are Abu Dhabi residents who already pay very high taxes to the USA.
No matter where we live, we have to declare every dirham or dollar we earn, even including interest from our bank accounts. If we now also have to pay more taxes here in the UAE, there will be hardly anything left.
As for the UAE, we contribute in many ways. One example is by paying high rents for our accommodation, eating at restaurants, going shopping, often flying with UAE-based airlines, making donations to the Red Crescent and special charity drives etc.
So that is how we as expatriates contribute to the UAE. So please do not start to add taxes for every expatriate in this country.
We all give back to the UAE in many positive ways, big and small. We all do our part.
Brigitte von Bulow, Abu Dhabi
I believe this would require increasing salaries to a reasonable standard in all sectors for all people.
How can you tax a person earning Dh800 or even one earning Dh20,000? Only those earning higher figures should feel the pinch.
Hasan Kato, Abu Dhabi
I think it will be a good idea to tax those who earn more instead of those who hardly earn. By contrast, remittances are mainly sent by lower-paid workers.
Gere George Kuruvilla, Dubai
Whose fault is a damp villa?
In relation to your news report, Dubai landlord insists tenant pays to fix villa swamped with damp (December 24), this is a health and safety issue and has nothing to do with the tenant.
It has to do with poor building quality, and tenants are not responsible for that.
Chris Reid, Dubai
Damp contains bacteria that can cause serious diseases.
Ahmed Adnan Shehadah, Abu Dhabi
Rabies jabs not needed in UAE
Dan's advice to take care with unfamiliar dogs (Dog bite yields a salutary lesson, December 24) is sensible, as is the advice to boost tetanus immunity following a bite – or any other wound, for that matter – if not recently vaccinated.
However in the UAE there is no need to embark on a lengthy course of rabies vaccination, as he seems to be doing.
Rabies does not exist in UAE pets, a fact recognised by authorities internationally. This is why pets may enter many countries directly from the UAE with zero or minimal quarantine periods.
Martin Wyness, British Veterinary Centre, Abu Dhabi
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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.”
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