Labourers attend a celebration to mark Non-Resident Indian Day at the Dulsco Village workers’ camp in Dubai’s Al Quoz area. Christopher Pike / The National
Labourers attend a celebration to mark Non-Resident Indian Day at the Dulsco Village workers’ camp in Dubai’s Al Quoz area. Christopher Pike / The National

Embassy holds Non-Resident Indian Day celebrations at labour camp



DUBAI // Sanjeev Kumar has worked in Dubai for more than 12 years, but it was not until this week that he joined celebrations for Non-Resident Indian Day.

For the first time, the Indian mission in the UAE celebrated the annual event with blue-collar workers at the labour camp in Dulsco Village in Al Quoz.

Hundreds of Indian workers participated in the event on Monday for the annual occasion, which marks the contribution made by the overseas Indian community to the development of their home country.

“We usually heard about such events taking place in five-star hotels,” said Mr Kumar, a security officer. “We are so happy that the Indian mission has also decided to invite us to join the celebration.”

Angrez Singh, 37, who has worked in Dubai for about a decade, said the celebration made him feel proud to be Indian.

“We live together with so many different nationalities here, but our embassy is the only organisation that works for its people. It is a great feeling when you are told that your country cares for you,” he said.

Blue-collar workers constitute 80 per cent of the Indian community in the UAE, said Bharatbhai Shah, a prominent businessman in Dubai who moved to the UAE in 1962. He said they represented their country with skills and hard work.

“This day is dedicated to all of you and all Indians who are working hard in the UAE,” he told the crowd.

Kapil Raj, second secretary at the Indian embassy, told the workers that the Indian government was creating a plan to educate Indians preparing to work overseas about the sensitivities of the countries where they will work as well as skills needed for their jobs.

“Indian workers are popular across the world not just because of their skills and hard work, but also because of their best behaviour,” Mr Raj said.

“It is always a proud moment for the country when its people are appreciated for their work and right attitude.”

During the event, the embassy showed films produced by the Indian government showcasing the country’s growth and prosperity, as well as government efforts to help overseas workers.

Pravasi Bharatiya Divas (Non-Resident Indian Day) is celebrated each year on January 9, and conventions for it have been held annually since 2003.

Officials say the conventions help Indian expatriates to engage with the government.

akhaishgi@thenational.ae

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The Lowdown

Kesari

Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra

 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

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New Zealand squad

Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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.”

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

The biog

Favourite food: Fish and seafood

Favourite hobby: Socialising with friends

Favourite quote: You only get out what you put in!

Favourite country to visit: Italy

Favourite film: Lock Stock and Two Smoking Barrels.

Family: We all have one!

THE SCORES

Ireland 125 all out

(20 overs; Stirling 72, Mustafa 4-18)

UAE 125 for 5

(17 overs, Mustafa 39, D’Silva 29, Usman 29)

UAE won by five wickets

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Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)

 

MONDAY 
Burnley v Newcastle United (midnight)