The arrival of the body of the martyr Saif Al Falasi to Al Bateen airport in Abu Dhabi. Wam
The arrival of the body of the martyr Saif Al Falasi to Al Bateen airport in Abu Dhabi. Wam

Opinion

Fallen heroes deserve our appreciation

Martyrs’ Day will provide important context to the traditional National Day celebrations

National Editorial

August 20, 2015

The declaration by Sheikh Khalifa that November 30 will become a public holiday known as Martyrs' Day comes at a time when this country continues to entrench its strong sense of identity and common purpose. Every year, the country will take pause to honour Emiratis who have died performing their civil, military and humanitarian duties.

The recent deaths of Emirati servicemen in Yemen underscore the debt we as a nation owe to those who are prepared to defend our way of life. Moreover, having the day fall just before the annual National Day holiday on December 2 serves an important psychological function.

Before we celebrate the union, it is appropriate to mourn those who have given their lives for it. The first UAE martyr was a Ras Al Khaimah policeman, Salem Suhail bin Khamis, who was shot dead by Iranian invaders in November 1971 while defending our sovereignty on Greater Tunb in the Arabian Gulf. The most recent was Corporal Abdul Rahman Al Beloushi, who lost his life in Yemen while helping the Saudi-led coalition to restore that country’s internationally recognised government.

The transition from mourning to celebration will enable us to better acknowledge the fact that the protection of our country and our national interests sometimes requires individual sacrifice. By experiencing a range of emotions – from grief to pride – our country will come closer together. This is all the more important for the young people who paint their faces in the colours of the flag, for they will learn what it means to be a patriot.

Those who answer the call to, as Sheikh Khalifa has said, “keep the UAE flag flying aloft while they were performing their national duties”deserve proper, formal remembrance and recognition. Their names – and those of our other martyrs – will live on, written in our history books and etched in our hearts.

Martyrs’ Day will be a solemn and reflective event that will complement the traditional National Day celebrations. The exuberance that accompanies the latter will be all the more poignant because of what comes before.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Other IPL batting records

Most sixes: 292 – Chris Gayle

Most fours: 491 – Gautam Gambhir

Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Highest strike-rate: 177.29 – Andre Russell

Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)

Highest average: 52.16 – Vijay Shankar

Most centuries: 6 – Chris Gayle

Most fifties: 36 – Gautam Gambhir

Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)

 

Saudi National Day

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.”