DOHA // Qatar's emir is to transfer power to his son the crown prince, with an announcement expected as soon as today.
Sheikh Hamad bin Khalifa Al Thani "confirmed to members of the ruling family that he will step down and transfer power to his heir apparent" Sheikh Tamim bin Hamad Al Thani, 33, said Al Jazeera, the Qatari broadcaster controlled by the government.
The emir, 61, declared today a national holiday and is expected to address the nation this morning.
The news follows weeks of reports and rumours that a transfer of power was planned for before Ramadan. Thursday is the 18th anniversary of Sheikh Hamad's becoming emir.
The handover is expected to lead to the departure of the prime minister and foreign minister, Sheikh Hamad bin Jassim Al Thani, an indefatigable diplomat who took office in 2007 and has been the face of the small emirate's far-reaching foreign policy, especially during the Arab Spring in 2011.
Diplomats from the United States, Britain, France, and several other embassies are all thought to have been briefed on the transfer, some as early as six months ago.
The transfer, the first of its kind in the modern history of the Arab world, comes as Qatar continues an ambitious programme of building at home and vast investments abroad funded by the world's third-largest natural gas reserves, almost 14 per cent of the world's total.
In the past two years, Doha has emerged at the forefront of regional diplomacy from supporting the Muslim Brotherhood in Arab Spring states and backing anti-Qaddafi rebels in Libya, to bankrolling rebel fighters in Syria and most recently US negotiations with the Taliban.
It has also poured US$5 billion (Dh18.4bn) into Egypt's new Islamist government to stave off financial meltdown.
"The timing is very crucial because of how Qatar is playing a huge role in the region," said Reem Al Harmi, a Qatari writer. "The timing is very crucial because of how Qatar is playing a huge role in the region," said Reem Al Harmi, a Qatari writer.
"Qataris are getting very emotional because of the things we have seen in the past few years and seeing how our country has grown. Yet we have retained our culture and our heritage," Ms Al Harmi said.
Analysts said they expected only gradual shifts in policy rather than dramatic change under the new ruler, particularly as Qatar builds towards hosting the 2022 football World Cup.
The UK-educated Sheikh Tamim, the deputy emir and crown prince, is "already deeply involved in the political process", said Mahjoob Zweiri, the head of the humanities department at Qatar University. "He is aware of all the files and has already been part of the decision-making process."
Sheikh Tamim's profile has risen in recent months, particularly on domestic issues. He is the head of both the Qatar Olympic Committee and the Supreme Education Council. He also created Qatar National Sports Day, a popular annual event on February 14.
These positions have contributed to an impression that, as emir, Sheikh Tamim might focus his attention more closely on domestic issues such as education.
But one area of focus could be building up capacity within the government. Despite Qatar's prominent diplomatic role in recent years, decision-making is still concentrated in a few hands.
This could change if, for example, the roles of prime minister and foreign minister - now both held by Sheikh Hamad bin Jassim- were split into separate positions.
Meanwhile, the departure of the prime minister, known affectionately throughout the region as HBJ, could shift at least the presentation of Qatari foreign policy. Sheikh Hamad is known for his passionate and candid remarks as well as his close personal relationships with world leaders.
"HBJ is a unique individual who had a strong impact on policy and will be difficult to replace," said David Roberts, an analyst at the Royal United Services Institute in Doha.
"But Qatar still has impressive diplomats, especially at the top of foreign ministry, and the basic parameters of Qatar's engagement with the world are set. I don't foresee a sea change in foreign policy even if he departs."
Diplomats expect Sheikh Hamad bin Jassim to stay on as head of the Qatar Investment Authority, one of the world's largest sovereign wealth funds. As chief executive, he has overseen high-profile investments that have turned the emirate into a key dealmaker in London and Paris.
Sheikh Tamim, described by insiders here as confident and outgoing, has met a host of foreign officials passing through the city, including the United States secretary of state, John Kerry, with whom he held meetings on Saturday.
As the crisis in Syria has escalated, Sheikh Tamim has also coordinated extensively with Saudi Arabia, often travelling to Riyadh.
At the most recent Arab League summit in Doha in March, it was Sheikh Tamim, rather than the emir, who was seen greeting delegations as they arrived.
Qataris describe him as down to earth and close to citizens, often seen at public events mingling with children or shaking hands with elders. "He has deep roots in society. He was involved in all the tribal consultations, for example during National Day in 2012, when he attended events put on by different tribes," said Mr Zweiri.
Among the pieces of the transition that remain unsettled are questions about who would take on the role of crown prince.
Qatar's constitution stipulates hereditary transfer of power, but a special family-appointed Regency Council would take control if a crown prince were younger than 18 at the time the power passed to him. Sheikh Tamim's eldest son was born in 2008.
The change also comes just months before Qatar had promised to hold its first ever legislative elections, promised for the second half of this year.
News of the possible transition has been greeted with pride by many Qataris, who have splashed comments across social media.
A Twitter hashtag, #ThankYouHamad, appeared as users thanked the outgoing emir for turning Qatar from a small backwater to a global centre since he took power in 1995.
This will be the fourth time in Qatar's history that an emir has transferred power peacefully either to a son or brother.
edickinson@thenational.ae
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We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
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Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
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Sector: Water technology
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Investment raised: $4 million
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
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Date started: July 2020
Founders: Omar and Humaid Alzaabi
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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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8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
The Dark Blue Winter Overcoat & Other Stories From the North
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The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km