With reference to the report 97 dead after passenger jet crashes near Karachi airport (May 22): what a tragedy for all those on board and everyone who left to be with their beloved ones for Eid. I pray for the surviving families during this difficult time.
Irum Ashraf, Sialkot, Pakistan
This is so sad. The year 2020 is giving us the worst. May the souls of the passengers rest in peace. Deep condolences to the families.
Sanjay Prasad Nainwal, Sharjah
We are in tears. The only predictable thing about life is death.
Zeeshan Maqbool, Abu Dhabi
My heart is heavy with sympathy for the families who have to go through this.
Deneilia Pereira, Dubai
Doctors and nurses should get a leg up from governments across the world
In reference to the article by Justin Thomas A case for treating everyone with compassion, especially healthcare staff (May 18): doctors and nurses across the world have helped to buffer the immense damage that Covid-19 could have caused to human lives across nations, even more than it already has. Health workers have endangered their own lives to save all of us. Many health workers are working 12 to 14 hours at a stretch, neglecting their own health and their families to serve Covid-19 patients. Apart from showing due respect and appreciation to health workers, governments should review their salaries and allowances. They should also be insured generously at government expense.
Rajendra Aneja, Dubai
However unusual this year, Eid Mubarak to all
This weekend marks the end of Ramadan 2020, and what a peculiar period it has been for Muslims around the world. This year Ramadan was observed I can only imagine was a real test of faith. Normally, during Eid Al Fitr, families come together to break bread, to exchange gifts and most importantly, to pray and give thanks for all the good in their lives.
The expat community in Riyadh is keeping their spirits up by supporting each other, which is wonderful. We continue to work from home. Most of us don't leave the confines of our residential compounds. So it's hard not to feel a little like Pauline Collins from the movie Shirley Valentine, waking up day after day to say good morning to the kitchen appliances.
However, we realise that despite all the devices that keep us connected, a virtual hug will never replace a real hug from our loved ones. And equally, nothing will replace the excitement or the smells of a home perfumed by traditional and festive home-cooked food prepared for family and friends to gather together and enjoy around the kitchen table. And the same will be true and acutely felt by all our Muslim friends this Eid. Eid Mubarak to all.
Hilary McCormack, Riyadh, Saudi Arabia
While you're here
Samuel McIlhagga: William Dalrymple on the perils of empire nostalgia
Sholto Byrnes: When viewing colonialism, past feels like foreign country
Shelina Janmohamed: Britain must look forward, not pine for a lost past
COMPANY PROFILE
Why%20all%20the%20lefties%3F
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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.”
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
WTL%20SCHEDULE
JOKE'S%20ON%20YOU
COMPANY PROFILE
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
UAE currency: the story behind the money in your pockets
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.