United Arab Emirates- Dubai - December 21, 2009:    NATIONAL: Mobisher Rabbani (cq-al), 26, of Dubai, poses for his portrait at Times Square Mall in Dubai on Monday, December 21, 2009. Rabbani was recently elected president of the UAE chapter of the Future Leaders of Pakistan, a nongovernmental organisation that aims to reach out to young Pakistanis for professional development. "We want to create more leadership skills for the community within the UAE," said Rabbani, who was born and raised in Dubai and educated in Oklahoma in the United States. "So that we can give back to our country." Amy Leang/The National *** Local Caption ***  amy_122109_rabbani_04.jpg
United Arab Emirates- Dubai - December 21, 2009: NATIONAL: Mobisher Rabbani (cq-al), 26, of Dubai, poses for his portrait at Times Square Mall in Dubai on Monday, December 21, 2009. Rabbani was recShow more

Dubai author provides passport to Pakistani life



DUBAI // Mobisher Rabbani was born and raised in Dubai but has never forgotten his heritage from Sialkot in north-eastern Pakistan.

A businessman and philanthropist, Mr Rabbani, 27, is writing a book about what it means to be a Pakistani expatriate in the UAE, aiming to dispel some of the misconceptions he says the world has about Pakistan.

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He is putting the finishing touches to Travelling with a Pakistani Passport and is looking for a publisher.

"The reason I started the book was because of the negative impression people have of Pakistan from outside of the country," Mr Rabbani says.

"I wanted to show people the benefits and disadvantages of having a Pakistani passport."

The story, which he expects to finish by the end of the year, takes the reader through his childhood in the Emirates during the 1980s.

"That was an interesting time because the Pakistani economy was doing well at that time and it was stable, and the GCC countries were on the way up," Mr Rabbani says.

He attended the English Medium Private School in Dubai, which is opposite the Pakistan School in Oud Metha.

"I was in Dubai during the 1990s when the Babri Mosque was destroyed and saw the reaction that had on Pakistanis living here," Mr Rabbani says, referring to the 1992 destruction of the 16th-century mosque in Ayodhya, India.

Babri was the subject of a decades-long ownership dispute between Muslims and Hindus. Pakistanis joined Muslims around the world in their outrage at the mosque's destruction.

"That had a very negative impact on Pakistanis here and I try to explain that in the book," Mr Rabbani says.

He then went to the US to study business administration at Oklahoma State University and was there during the September 11 terrorist attacks in 2001.

"That was a difficult time, not just for me as a Pakistani Muslim but for everyone," he says. "There had always been security measures but following the attacks it became increasingly difficult to go anywhere."

The book also looks at the impact those attacks had on the lives of Pakistanis and their country.

"But there are also many positives to being a Pakistani and carrying a Pakistani passport," Mr Rabbani says. "In countries like Turkey, Sri Lanka, the UAE and China you are welcomed."

He recalls one time when he was in a long line of cars waiting at a checkpoint in Sri Lanka. When the guards spotted his Pakistani passport he was immediately moved to the front of the line.

After university, Mr Rabbani has devoted most of his efforts to supporting human rights and humanitarian campaigns for victims of Pakistan's flooding and earthquake disasters.

He regularly meets ambassadors from other countries to try to bring people together through associations and groups. He splits his time between working for his family trading business and running a foundation that helps disadvantaged people in Pakistan.

"People in Pakistan think that those who live outside of the country have no interest in participating or helping the country, but that just isn't the case," Mr Rabbani says.

"Pakistani expatriates from all over the world have a deep affection for the country and that is one of the reasons I felt I had to write this book."

His uncle, Nawaz Rabbani, says the book will help to dispel some of the myths surrounding Pakistan.

"We call Dubai and the UAE home now as we have been here for 40 years, but your heart is always in your native land," Nawaz says.

"We might not be living in Pakistan, but we do have family there and take a great interest in what the country is going through."

Along with a growing number of young Pakistanis who have studied in western countries, Mr Rabbani is part of a generation with experience outside of the country, his uncle says.

"This means they can bring in new ideas from outside and help improve the situation in Pakistan," Nawaz says.

All of the proceeds from the book will go to the Rabbani Foundation, which carries out charity work in Pakistan, the author says.

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

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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.”

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Nayanthara: Beyond The Fairy Tale

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

Director: Amith Krishnan

Rating: 3.5/5

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The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports


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