UAE has lowest level of public sector corruption in region, report reveals

The UAE has been named the country with the lowest level of public sector corruption in the Middle East and North Africa.

The Emirates was also ranked 23rd globally in the newly released Corruption Perception Index 2024 by Transparency International, an association dedicated to exposing corruption worldwide.

The UAE was particularly praised for its performance in the digitalisation of services.

“The UAE is building on previous strategic programmes with the 'UAE Digital Government Strategy 2025', designed to support cross-sectoral embedding of digital aspects into overall government strategies,” read a statement attributed to Manuel Pirino and Kinda Hattar, regional advisers for the Middle East and North Africa, Transparency International.

“The strategy has inclusiveness and user satisfaction among its measures of success, and aims to bridge the digital divide to help reduce inequality among citizens.”

The UAE scored 68 out of 100, with the next closest in the region being Israel with 64. The worst performing nation in the region was Syria with 12, with Yemen and Libya not far behind on 13.

“The state of anti-corruption efforts in the Middle East and North Africa region remains bleak,” read the statement.

“The region’s stagnation stems mostly from the near-absolute control of its political leaders, who benefit from the wealth they direct toward themselves, while clamping down on any dissent to maintain their power, allowing conflict to rage across a number of states.”

Not all bad news

While the report painted a challenging picture, there were some signs of encouragement.

“There are also positive trends, with coalition-building between like-minded actors becoming more frequent, in a transnational effort to counter corrupt forces,” read the statement.

“Unforeseen opportunities are also emerging. After the downfall of the Assad regime in Syria, there is a loud demand that the country works towards real democracy, that is truly inclusive and transparent.

“An encouraging development is the effort by countries within the Gulf Co-operation Council to invest in technological solutions in public administration – or 'e-governance'. This shift improves transparency and can help reduce corruption by removing middlemen and facilitators.”

Denmark topped the global rankings with a score of 90, followed by Finland, Singapore, New Zealand and Luxembourg.

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.”

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

RESULTS

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Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham

6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi

6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami

7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi

7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi

8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

More on Quran memorisation:

Mastering the memory: the phenomena of Quran memorisation

Teenager girls recite the Quran flawlessly, despite not speaking Arabic

HEADLINE HERE

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