ABU DHABI // The Muslim Brotherhood trial has shown that the UAE should not shy away from confronting tough issues, experts say.
Abdulkhaleq Abdulla, a professor of political science at UAE University, said such groups had infiltrated schools and universities.
But they act on the margins, Prof Abdulla said, and the UAE was hitting back through curriculums and social skills, and the courts were doing their job.
He said the security measures taken by the UAE and other Arabian Gulf states were similar to the measures taken by the United States since September 11.
“The UAE had to deal with tough issues during the years 2012 and 2013 and basically the UAE, like the rest of the GCC states, had in mind the regional instability, volatility and uncertainties around them and they had to take measures during tough times. These cases fall into this exceptional time that the Gulf states, UAE included, are going through,” he said.
“Hopefully, this case gives enough reason to believe the courts are doing their jobs.”
Prof Abdulla said the Government handled the case correctly.
“We have in a way shown that we do not take security for granted and that security and stability are a top priority. Handling these cases might not be to the liking of many people, but the State has handled it,” he said.
“The UAE will remain – it is still the most stable country and it is better than all the countries around it,” he said.
Security alertness, said Prof Abdulla, was ensured in the country.
“These groups are acting on the margin. This case is a legal one and not political,” he said.
“A group of people violated the law and they had to be dealt with. Punishment is in order and that is what has happened.”
Ihab Hamouda, the Egyptian ambassador to the UAE, agreed with Prof Abdulla and said the case was not political and nor would it affect relations between the two countries.
“The case is simply that there is a part of an organisation that has harmed the interests of the country,” he said.
“The case is only regarding the laws that were violated and not about politics.”
He said he had trust in the court’s fair judgment, and “cannot object” to the verdict.
“They [the defendants] were held in accordance with the UAE’s laws. And we trust the judiciary system. We know it has been fair and transparent,” he said.
“Most of their requests were met and they were able to communicate with their families and lawyers,” he said. “We saw no shortcomings and such a case requires similar transparency as we have witnessed,” he said.
The defendants asked to receive case files, which took longer than expected, Mr Hamouda said.
“But they did get them in the end. And the defence lawyers proceeded with their defence testimonies.”
aalkhoori@thenational.ae
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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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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Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
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