People wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping centre was reopened as part of moves in the Gulf emirate to ease lockdown restrictions imposed last month to prevent the spread of the COVID-19 illness. / AFP / Karim SAHIB
People wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping centre was reopened as part of moves in the Gulf emirate to ease lockdown rShow more

Fit people over the age of 60 would like to go to malls



Engaging debate on the new interview series

With reference to Tonight's Chat: Ricardo Karam interviews Thomas Barrack, Jr with host Ricardo Karam influential businessman Thomas J Barrack Jr (June 13): congratulations on your new series and good work. Looking forward to a more refreshing interviews and debate. Thank you.

Nicholas R Stevenson, Abu Dhabi

As usual, you were amazing and to the point, Ricardo. Thanks.

Widad Abou Ghnaim, Zahle, Lebanon

The request of fit people over the age of 60 

Regarding Omar Owais's article Coronavirus has taken a toll on the mental health of students (June 13): I have read about the toll of the virus on the mental health of teenagers and students. But the toll on physically healthy people over the age of 60 needs to be considered as well. They have brought up families, been responsible for businesses and made everyday decisions about running their and their family's lives for decades.

Now if you are over 60 years, even if you are in better health than people aged, say, 30, you are not allowed to go and buy groceries or have your hair done or go to the gym or do other things that improve the mood and mind.

If younger people who are diabetic or suffer from a high risk condition are allowed in shopping malls, then perhaps people over the age of 60 who meet the health requirements could be given a choice as well.

Angela Murlowska, London, UK

I have been reading a few articles about children below 12 and elderly over 60 can't go to the shopping mall. What we tend to forget is that there is a lot of other activities we can't do. I am from Sweden and turned 60 in October. I am an active skydiver (over 500 jumps) and scuba diver. I like water skiing and go to the gym (and sometimes also like to step out to watch a movie).
Currently I can't do any of the activities I love to do. I do appreciate all the measures the leadership in UAE has done to protect the population, but not being able to continue an active life is hard. Maybe there is a possibility to implement a health pass for people over 60 who are fit and want to play a sport, with all safety precautions taken. I have started to train for a half marathon just to have something to do, so running around the Marina is my new hobby. But I truly miss the gym and skydiving.
Jan Blyckert, Dubai

Sushant Singh Rajput's death is a loss to the film industry  

Regarding Farah Andrews' report Bollywood actor Sushant Singh Rajput dies aged 34 (June 13): this was sad to read. Rajput was a good actor, especially remarkable in his role as the cricketer in M.S. Dhoni: The Untold Story.

K Ragavan, Bengaluru, India

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

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.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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