FNC candidate says members 'should not be afraid of media'



ABU DHABI // Rashid Al Kindi Al Marar, the only former Federal National Council member standing for re-election this month, says there are three types of candidates: the winners, the participants, and the distractions.

"There are ones who are in it to win, and then there are ones who want to take on the challenge, but do not want to win, and ones who are fillers - they are just there to distract voters," said Mr Al Marar, who is standing again in Abu Dhabi.

Video: what it means to be a FNC candidate

September 9, 2011 UAE

FNC candidate Monsour Al Faheem talks about running in the national election.

His 2011 campaign differs from his last, in that he now has a record to stand on.

"In my first campaign I wanted salaries to rise - and they have," he said. "I wanted health services to improve and the number of clinics to increase. That has all happened too, now there is a clinic everywhere."

Now he is calling for a new body to be established to track down corruption. "Through my experience on the FNC, I have noticed a high amount of corruption," he said. Previously, he says, this was easy to track because the FNC were sent audit bureau reports.

"But while the FNC has been on a break, they [the audit bureau] decided to be independent from the FNC. I want it to come back and work with the FNC. They gave us reports on government expenditure and violations. If a member of the FNC does not get these reports then how will they confront the ministers?"

He also wants a new body to follow up on the council's recommendations, to see which are followed. He wants more media coverage of the FNC too. "When I leave the room here, no one will recognise me," he said. "But, for example, in Kuwait, members of parliament are all well known. With no media coverage, an idea would die quickly. An FNC member should not be afraid of media. Whatever they see is right, they need to say it."

With a long business career, and as head of the economic committee during his first term on the FNC, he has plenty of suggestions about how business should be run. He wants greater Emiratisation of both the public and private sector, as well as more help for young Emiratis who want to start a business. All laws, he says, should be scrutinised to ensure they protect Emiratis' wealth.

He also wants Emirati salaries to be under continuous review, and for widows, orphans, the elderly and the disabled to receive a monthly income.

Unlike some of his opponents, Mr Al Marar is not relying on social media to gain an audience, but is instead travelling from city to city to meet voters.

"Facebook, Twitter, and YouTube - these new mediums have helped candidates with low budgets. But I do not recommend it always. Candidates need to have contacts, they need to go to people and tell them about themselves."

He said social networks could only help candidates communicate with one sector of the community. He was also wary of spending time communicating with "fake" voters.

He estimates that in Abu Dhabi, candidates will need around 5,000 votes to secure a seat on election day, September 24.

In 2006, with just 1,741 eligible to vote in Abu Dhabi and a 60 per cent turnout, he won his seat with 194 votes. This time, with an electorate of 47,444, he will need far more.

"With social media, you would be talking to 1,000 people [but] maybe only 500 vote for you - this is not enough to secure a seat. Candidates need to move from street to street.

"Having your pictures on the streets is not enough. People need to know your personality and what you are capable of and your experience. A member of the FNC needs to be a superman."

But some people, he has found, are still unsure what the council is there for. "The FNC has had a role in everything in our lives, people just don't know it. Smoking in the car where there are children, for example - who helped to ban that? The FNC did. What about fisheries? We asked for its protection. We discussed health, education, labour law, economy. The council has an impact everywhere in our lives."

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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

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.”

THE SPECS

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Power: 420kW

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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

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Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

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