An injured child is treated inside Nasser Hospital in Khan Younis, on January 12, following Israeli air strikes in southern Gaza. EPA
An injured child is treated inside Nasser Hospital in Khan Younis, on January 12, following Israeli air strikes in southern Gaza. EPA


The tragedy of Gaza's children



January 26, 2024

In reference to Nada Al Taher's report Father holds on to hope for Gaza boy, eight, blinded by two Israeli strikes (January 24): May God protect Ahmed and bring the Alattars together again, as also so many families tragically separated by this war.

Ashraf Maqld, Cairo, Egypt

My heart goes out to the people in Gaza but especially the children. I wish the world was doing much more to alleviate the suffering of Palestinians.

Shariq Jawed, Karachi, Pakistan

What does it take to beat the traffic?

With regard to Daniel Bardsley's article Is Dubai Salik road toll expansion the answer to congestion conundrum? (January 25): My suggestion would be to increase the toll, from Dh4 to Dh10. Then congestion would be reduced somewhat as more people would consider public transport. Traffic seems to be increasing by the day and so often there is a single car with just one person inside, which is not good for the environment either.

Tariq Aziz Khan, Dubai

On average, Shaikh Zayed Road users cross three Salik gates, but it does not seem to lessen the traffic. If the metro were linked to Sharjah, it could help reduce congestion on the highway.

Surendra Tamang, Sharjah

Cities must promote the use of public transport. RTA could consider increasing the number of buses and bus stations and plan more and better routes according to the traffic and demand. Their goal should be to run buses on all roads within Dubai every hour from every bus stop. And during rush hour and crowded areas, it should be every minute. Importantly, these buses should stop wherever a pick up is needed, like you see people on the highway or streets waiting for a lift.

Syed Tehseer, Dubai

Pleased about an address on the Moon

I write to you in reference to Sarwat Nasir's report Another US company aims for Moon landing after Peregrine failure (January 24): Moon landings are a very interesting subject, and I would like to share a related story. Recently, I received an email from Lunar Registry, headquartered in New York, concerning the "successful processing" of my application to "purchase a piece of land" on the Moon. "You are now the owner of property in the ‘Lake of Happiness’ on the Moon from The Lunar Registry", it says. (One acre in the "Lake of Happiness" costs $43.28.)

I had followed up on my application multiple times since last August, when I was inspired by India's successful soft-landing of the Chandrayaan-3 mission to, in my own way, have a small stake in the Moon.

To me, the concept of living on the Moon expresses a human desire to transcend, particularly in light of the challenges of global warming. It also represents hope for a brighter future and a consoling psychological element in the tough times we live in today.

The Luna Society claims that the proceeds from the "sale of land" go towards supporting the organisation's initiatives, such as the first non-governmental manned mission to the Moon and funding for educational initiatives and scholarships for students in every grade level. According to media reports, three US presidents in the past and more than 650 celebrities have owned extraterrestrial property on the lunar surface. Being a member of this diverse group of people, who have perspectives that extend beyond daily lives, makes me pleased.

After living in Oman for almost 35 years, I have finally arrived in a realm unimaginable to us as humans but one that could become a reality as science advances.

Ramachandran Nair, Muscat, Oman

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A

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 alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

How to donate

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UAE currency: the story behind the money in your pockets
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THREE
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The%20Beekeeper
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
Updated: January 26, 2024, 3:00 AM