Doctor with a heart in the right place

With reference to Anjana Sankar's report Compassionate Dubai doctor offers free health care to low-income workers (July 24): That's a very noble cause and he's clearly a wonderful doctor and a great human being. The world would benefit with more people like him.

Jerry Almeida, Mumbai, India

This man's heart is in the right place. However, it would be great if pharma companies came forward as so often consultation is not enough and patients require medication as well but may not be able to afford them.

Nageen Murad Ali, Karachi, Pakistan

This is lovely and just the sort of news that makes you smile.

Samya Ashraf, Dubai

Sinead O’Connor: a troubled talent gone too soon

With regard to Soraya Ebrahimi's report Acclaimed Irish singer Sinead O’Connor dies aged 56 (July 26): A generally odd life, but a very interesting person for all the relationships she's had with people, fame, controversy and faiths. May she rest in peace.

Srinath Sambandan, Visakhapatnam, India

I want to thank her for the joy she's given us. May perpetual light shine upon her.

Annie Toribio, Manila, Philippines

So upset at this sad news. Hope she has found the peace now that it's all over. Condolences to her children.

Glenda Best, Saint Ann, Jamaica

Relief for Kevin Spacey and his fans

With reference to the report Kevin Spacey found not guilty in sexual assault trial (July 26): Thank goodness the jury saw through all the stuff that was being said about him. Given the findings, I think it’s a shame that the show House of Cards let him go. I also understand that other shows or movies waited to hear the verdict before they decided to hire Spacey. I wish him all the luck in the future.

Rocky Taravella, Pueblo, Colorado

Children will play but dangers need to be eliminated

I write to you about the report Miraculous moment child is saved from Indian well after six hours (July 25): Such incidents are horrifyingly common. Parents were understandably anxious about their son. Children playing is normal but unfinished wells can't be left open for children to accidentally fall into. Parents in villages can't monitor children all the time especially when they have to work on the farms. Periodical monitoring is needed from the municipal authorities to see that such dangers are avoided.

K Ragavan, Bengaluru, India

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.”

Padmaavat

Director: Sanjay Leela Bhansali

Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh

3.5/5

Racecard

6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m

7.05pm: Maiden (TB) Dh165,000 (D) 1,400m

7.40pm: Maiden (TB) Dh165,000 (D) 1,600m

8.15pm: Handicap (TB) Dh190,000 (D) 1,200m

8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m

9.25pm: Handicap (TB) Dh190,000 (D) 1,600m

The National selections

6.30pm: Chaddad

7.05pm: Down On Da Bayou

7.40pm: Mass Media

8.15pm: Rafal

8.50pm: Yulong Warrior

9.25pm: Chiefdom