Workers assemble the stage on Dec 30 for Shakira's New Year's Eve concert in the Emirate's Palace hotel.
Workers assemble the stage on Dec 30 for Shakira's New Year's Eve concert in the Emirate's Palace hotel.

Clarification sought on New Year ruling



DUBAI // Officials were due to meet this morning to clarify the implications of a ruling by Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, that all New Year's celebrations in Dubai are to be cancelled. Sheikh Mohammed made the decision last night to show the emirate's support for the people of Gaza. In a statement issued by the state news agency WAM last night, he told authorities to take the necessary steps to ensure the cancellation of all planned events and "all forms of celebrations marking the New Year".

But it is still unclear whether the ruling in Dubai will have an effect on New Year celebrations planned in the hotels and venues in Abu Dhabi. So far, hotels and restaurants in the capital have not been asked to alter any of their plans to provide public firework displays or live music. "We have heard that only outdoor events are being cancelled in Dubai," said Elias Saad, organiser of the New Year's Eve celebration to be held at Sax nightclub in Le Royal Meridien hotel. "I have no idea what we'll do if we're asked to cancel tonight; people have bought tickets and I've flown the singer here and it could turn into a panic. Hopefully, things will continue as planned." So far, other major events planned in the capital, which include Shakira's live concert and Emirates Palace hotel's planned La Rumba event, are still scheduled to be held. Hotels in Dubai, with New Year celebrations planned for this evening, are awaiting clarification of the ruling from the Department of Tourism and Commercial Marketing (DTCM). A statement explaining what is acceptable for hotels is expected to be issued by the DTCM later today. A staff member at Le Meridien Mina Seyahi, in Dubai, said: "We are waiting for official news from DTCM. Yes, we have read the newspaper articles but we are not sure of the implications for us.

"Some people say there is no live music or fireworks, others say no celebrations at all. We are waiting for an official notice for the hotels about the announcement and then we will react accordingly." loatway@thenational.ae hkhalaf@thenational.ae

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Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

APPLE IPAD MINI (A17 PRO)

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

South Africa v India schedule

Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg

ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion

T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

The%20specs
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Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
BUNDESLIGA FIXTURES

Saturday (UAE kick-off times)

Cologne v Union Berlin (5.30pm)

Fortuna Dusseldorf v Borussia Dortmund (5.30pm)

Hertha Berlin v Eintracht Frankfurt (5.30pm)

Paderborn v Werder Bremen (5.30pm)

Wolfsburg v Freiburg (5.30pm)

Bayern Munich v Borussia Monchengladbach (8.30pm)

Sunday

Mainz v Augsburg (5.30pm)

Schalke v Bayer Leverkusen (8pm)