Leading one of the busiest FNC committees



ABU DHABI // One of the busiest FNC committees has been led by Salem Al Ameri for the past three years.

As it covers three major service sectors, Mr Al Ameri’s Health, Labour, and Social Affairs committee has viewed and discussed more legislative bills than many of the nine FNC committees.

The retired brigadier general, whose election advertisements ran almost daily in Al Ittihad newspaper, is among the few FNC members who have kept the election promises they made to Emiratis.

The committee chairman has been regularly raising issues pertaining to health, labour and social affairs to the FNC.

He is also known for his distinct approach to the media and transparency about the FNC’s work. For instance, he has asked for live-streaming broadcasts of FNC sessions.

On several occasions, he invited the media to attend closed committee meetings. He often did so despite the disapproval of federal bodies involved in those sessions. In his role, Mr Al Ameri often defended his committee’s reports during public FNC discussions and explaining its proposed legal amendments.

During one such meeting, an FNC member called for the removal of a clause that allows the authorities to remove children from their homes if they were found to be facing imminent danger. The FNC member said the clause was unconstitutional.

But Mr Al Ameri firmly and calmly argued that doing so could cost lives. He said his committee learnt that a girl was burnt to death because a court order for her removal came three days late.

Notwithstanding his committee’s efforts in demanding better healthcare services, questioning the Minister of Health, and seeking greater Emiratisation efforts, it has also been criticised for removing “Wadeema” from the Child Rights law, a change the FNC approved. The law was originally named Wadeema in memory of an eight-year-old girl who her father tortured to death.

osalem@thenational.ae

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Company name: Yeepeey

Started: Soft launch in November, 2020

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Based: Dubai

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Future plan: Raise $1.5m and enter Saudi Arabia next year

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Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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Director: Goran Hugo Olsson

Rating: 5/5

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.”