George Santos leaves Central Islip Federal Courthouse in Central Islip, New York, on May 10. Reuters
George Santos leaves Central Islip Federal Courthouse in Central Islip, New York, on May 10. Reuters


George Santos: Accountability catching up with Republicans



May 12, 2023

Clashes in Manipur: violence is not the solution

With reference to Taniya Dutta’s article Thousands flee villages in India's Manipur after deadly ethnic violence flares (May 9): the ongoing crisis in India's North-Eastern state of Manipur was sad and painful to read. Despite local administration and the centre taking steps to control the violence, at least 60 people were reported to have been killed and more than 230 injured and 1700 houses were burnt. This is a deep wound for the state. It should be condemned by all. Violence is never an acceptable solution. Communal clashes can happen anywhere but mobs must be controlled before the situation gets heated. Community leaders should work towards promoting harmony and not allow hatred to breed. This clash between tribals and non-tribals shows deep animosity, which all parties must help heal. I hope normality soon returns to the state of Manipur and with time communities work to rebuild trust.

K Ragavan, Bengaluru, India

Accountability catching up with some Republicans

With reference to The National's report George Santos: US Congressman pleads not guilty to federal criminal charges (May 10): This is a good sign. Hopefully, one by one republicans with far from a clean record will be gotten rid of, one way or another. And they're doing it all to themselves.

Paul Deguglielmo, California, US

Watching orcas swimming in the Abu Dhabi waters

With regard to Ali Al Shouk's piece Some hotels advised against sea swimming after orcas spotted in Abu Dhabi waters (May 10):

It's good to see this. Orcas are such beautiful creatures.

Adam El-Balawi, Dubai

An unhealthy obsession with designer bags

With regard to Gemma White's write up TikTok video 'Handmaking A Birkin For My Girlfriend' goes viral (May 10): The consumerist mentality is a big problem worldwide, that too in a world with grave income inequality. It is senseless that people would pay $110k for what is just a purse, no matter how nice looking or fine the leather.

Gail Bracy, Texas, US

How to tell you’re a Dubai old timer

With reference to Selina Denman’s article Six signs you are a Dubai old-timer (February 4): I remember the iconic Hard Rock Cafe at SZR with two giant guitars in front.

Djamaliddin Umarkhodjaev, Tashkent, Uzbekistan

I’ve been watching it grow for 41 years, while living in Abu Dhabi.

Linda MacConnell, Abu Dhabi

The specs

Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8 
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k

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COMPANY%20PROFILE
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MEYDAN%20RACECARD
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THE SPECS

Aston Martin Rapide AMR

Engine: 6.0-litre V12

Transmission: Touchtronic III eight-speed automatic

Power: 595bhp

Torque: 630Nm

Price: Dh999,563

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Company%20Profile
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A German university was a good fit for the family budget

Annual fees for the Technical University of Munich - £600

Shared rental accommodation per month depending on the location ranges between  £200-600

The family had budgeted for food, books, travel, living expenses - £20,000 annually

Overall costs in Germany are lower than the family estimated 

As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640

Students are permitted to withdraw £720 per month

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.”

Updated: May 12, 2023, 5:19 AM