ABU DHABI // Raising pensions for police and military personnel who retired before 2008, as well as housing allowances for Emiratis aged 60 and older will be debated at the FNC on Tuesday.
FNC members have tabled six question to five ministers ahead of the session.
Sharjah member Salem Al Shamsi said only police and army personnel who retired after December 31, 2008 benefited from a decree issued that year to raise their pensions.
“But those who retired before that date did not benefit from this decision,” he said.
A follow-up decree was issued to include everyone but it did not take effect, as it was not published in the official gazette.
“The Ministry of Justice is in charge of publishing it in the official gazette but it did not, and many nationals have suffered because of this issue,” said Mr Al Shamsi.
Although he did not have an accurate figure of those who were excluded from the pension increase, he said thousands of Emiratis were affected.
Mr Al Shamsi said the issue had been raised extensively in public and to him in person.
“And since I am the head of the defence committee, it is my responsibility to raise this issue,” he said.
Minister of Justice, Sultan Al Badi, was expected to answer the question either in writing or in person.
Azza bin Suleiman, an FNC member for Dubai, will be raising her first question since her appointment to the council.
She will ask Dr Abdulla Al Nuaimi, the Minister of Infrastructure Development and chief executive of the Sheikh Zayed Housing Programme , whether it was possible to amend regulations regarding housing allowances for Emiratis who are 60 and older.
Mrs bin Suleiman had served as a manager for several departments at the housing program before joining the FNC.
She will ask whether the Government could provide housing allowances instead of loans to Emiratis in this age group whose monthly salaries were less than Dh15,000.
“These amendments will have a positive impact on this segment of people and add happiness to their lives and those around them,” she said.
“It will also serve as an appreciation and gratitude for this group, who spent their lives building the UAE.”
Such an amendment would be in line with an initiative, called Our Family is United 2021, that was launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said Mrs bin Suleiman.
The FNC was also expected to pass a draft law on establishing the Emirates Sports Arbitration Centre on Tuesday.
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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.”
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World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
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