Female Emirati staff at Etihad Airways before the start of panel discussion of Emirati Women in Aviation held at Etihad Airways Training Academy in Abu Dhabi. Pawan Singh / The National
Female Emirati staff at Etihad Airways before the start of panel discussion of Emirati Women in Aviation held at Etihad Airways Training Academy in Abu Dhabi. Pawan Singh / The National

Every field has its role models



The upcoming Emirati Women’s Day on August 28 provides us with an opportunity to celebrate female nationals at all levels. In its first year, the focus will be on women serving in the Armed Forces, national service, police and security as declared by the mother of the nation, Sheikha Fatima bint Mubarak, in May.

Those women deserve to be celebrated. They have chosen an unconventional field, which has been traditionally associated with maleness and masculinity. The same applies to women in science, technology, engineering and mathematics (STEM), women in media and women in business.

Any Emirati woman in an unconventional field is inspirational. Each one provides a role model for the younger generation of Emiratis. All of them open doors for more women to join the workplace and effectively participate in building this young nation.

In a recent panel ahead of Emirati Women’s Day, a group of Emirati women who hold different positions in Etihad Airways such as engineers, pilots, technicians, cabin crews and airport directors discussed the challenges they go through to alter the belief that women do not belong in the world of aviation. There is always the issue of convincing family members and other relatives of the meaningful contribution women can have in such an unconventional field as well as their male counterparts.

While a focus should be put on having more women in higher positions, women in lower level positions also deserve our backing and appreciation. We should support them on the way to reach higher positions, by introducing stronger maternity leave policy to help them strike a balance between career and family. No woman should quit her job because she is unable to reconcile her work and family responsibilities.

August 28 also marks the establishment of the General Women’s Union, which was introduced in 1975 to strengthen the role of women in society and public life. Today, it’s good to see Emirati women succeeding in fields that no one could have imagined a few decades ago. Their progress is progress for the whole nation.

The biog

Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

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Rating: 5/5

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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Liverpool 3

Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

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FA Cup fifth round

Chelsea v Manchester United, Monday, 11.30pm (UAE), BeIN Sports

UAE currency: the story behind the money in your pockets
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