An aerial photograph of green and desert in Liwa, where tourism development projects are planned.
An aerial photograph of green and desert in Liwa, where tourism development projects are planned.

Al Gharbia gives Hamdan a vote of approval



The government body in charge of regenerating Al Gharbia said the appointment of the new royal representative "couldn't have come at a better time". On Sunday night, the President of the UAE, Sheikh Khalifa bin Zayed, named his brother Sheikh Hamdan bin Zayed as Al Gharbia's Ruler's Representative.

Mohamed al Mazrouei, the director general of the Western Region Development Council, said the community had given the appointment hearty approval amid efforts to build the region's infrastructure and economy. "The appointment couldn't have really come at a better time for us," Mr al Mazrouei said. "We're looking at a lot of big projects now in oil and gas deals, and major projects to expand roads that would connect our towns."

Roughly 120,000 people live in Al Gharbia, only eight per cent of the emirate's population. However, the area, formerly the Western Region, takes up 83 per cent of Abu Dhabi's land mass and 70 per cent of the entire country. It also has the richest oil reserves and accounts for about 40 per cent of the emirate's gross domestic product. Mr al Mazrouei said he was especially excited with the appointment because Sheikh Hamdan, the former deputy prime minister, "is intimately familiar with the places and people of Western Region".

He added: "I've been in contact with a few of my cousins - the people of Western Region - and I can tell you this: They are super happy that Sheikh Hamdan will be on the scene with us." The Government has earmarked Dh98 billion towards the economic development of Al Gharbia. Among the major projects is an expansion of the road between Al Mafraq and Al Ghuwaifat that would be completed in three and a half years, as well as an 80km road connecting Ghayathi and Madinat Zayed.

"There are huge civil projects going on," Mr al Mazrouei said. "Schools being built here, hospitals, 780 villas in Madinat Zayed which will hopefully be completed in 2010 and there are plans to put about 780 villas in Ghaiyathi and 600 in Sila'a." The council also has plans for a burgeoning tourism industry, with projects such as the Mirage Palace desert resort in Liwa and the development of the Sir Bani Yas Island nature and wildlife reserve.

Mr al Mazrouei said he admired Sheikh Hamdan's work with other organisations, such as his role as chairman of the Environment Agency-Abu Dhabi. "He has an environmental side, and if you look at Western Region's map, there are a few spaces highlighted as environmental reserves, so we hope he'll be putting his environment hat on." Mr al Mazrouei said he was expecting Sheikh Hamdan to meet residents in the region soon.

"We know through history that he's a great communicator," he said. "He listens to the people and likes to be close to them. You find there is an intimacy there." Sheikh Hamdan is also president of the Red Crescent Authority, chairman of the UAE Foreign Aid Co-ordination Office, and head of the Emirates Falconers' Club. Formerly, he was the Minister of State for Foreign Affairs until 2005 and president of the UAE Football Association for nine years until 1993.

As the new Ruler's Representative in Al Gharbia, he succeeds Sheikh Mohamed bin Butti al Hamed. "Sheikh Mohammed al Hamed also worked very hard to establish all these accomplishments," Mr al Mazrouei noted. "He was appointed in the '70s and worked very hard to establish everything we have at this stage, because basically before it was just Bedouin life." He said the role of the Ruler's Representative is to help supervise and steer the vision for development.

"The main reason he is there is to basically help all entities work together," he said. One resident of the region, Fauzi Ibrahim, 35, said people were familiar with Sheikh Hamdan and agreed they were happy he had been appointed. "This is very good," he said at an office building in Sila'a. "And I am very happy because Sheikh Hamdan helps many people from outside the country and inside as well."

mkwong@thenational.ae

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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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.”

SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

Company%20profile
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Match info

Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

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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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

COMPANY%20PROFILE
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Company%20Profile
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
FULL%20FIGHT%20CARD
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Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

COMPANY%20PROFILE%20
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MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Blue%20Beetle
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