• The creators of Baldur's Gate 3 accept the Game of the Year award. EPA
    The creators of Baldur's Gate 3 accept the Game of the Year award. EPA
  • American actress Tara Platt and voice actor Yuri Lowenthal enjoyed their night. AFP
    American actress Tara Platt and voice actor Yuri Lowenthal enjoyed their night. AFP
  • Rock band Poets of the Fall appeared as Old Gods of Asgard from Alan Wake 2 to put on a performance. EPA
    Rock band Poets of the Fall appeared as Old Gods of Asgard from Alan Wake 2 to put on a performance. EPA
  • Finnish actor Ilkka Villi appeared as his Alan Wake character during a performance by Poets of the Fall. EPA
    Finnish actor Ilkka Villi appeared as his Alan Wake character during a performance by Poets of the Fall. EPA
  • Rod Ferguson, Joe Shely, Melissa Corning and Drew McCrory were in attendance. AFP
    Rod Ferguson, Joe Shely, Melissa Corning and Drew McCrory were in attendance. AFP
  • The Game Awards Orchestra plays ahead of the Game of the Year award announcement during The Game Awards at the Peacock Theater in Los Angeles, California, USA, 07 December 2023. The Game Awards recognizes creative and technical excellence in the global video game industry. Gaming fans will see awards given out in over 30 categories. Many companies also use this event to make major announcements and tease future releases, such as Xbox's promise of ''major announcements''. EPA / CAROLINE BREHMAN
    The Game Awards Orchestra plays ahead of the Game of the Year award announcement during The Game Awards at the Peacock Theater in Los Angeles, California, USA, 07 December 2023. The Game Awards recognizes creative and technical excellence in the global video game industry. Gaming fans will see awards given out in over 30 categories. Many companies also use this event to make major announcements and tease future releases, such as Xbox's promise of ''major announcements''. EPA / CAROLINE BREHMAN
  • Capcom executives Takayuki Nakayama and Shuhei Matsumoto. EPA
    Capcom executives Takayuki Nakayama and Shuhei Matsumoto. EPA
  • English actress Ella Purnell, who will star in the television adaptation of the Fallout games, attends The Game Awards. EPA
    English actress Ella Purnell, who will star in the television adaptation of the Fallout games, attends The Game Awards. EPA
  • Walton Goggins, Purnell, Geneva Robertson-Dworet and Aaron Moten attend The Game Awards. AFP
    Walton Goggins, Purnell, Geneva Robertson-Dworet and Aaron Moten attend The Game Awards. AFP
  • Actor Timothee Chalamet presents the Game of the Year award. EPA
    Actor Timothee Chalamet presents the Game of the Year award. EPA
  • The Alan Wake team attend The Game Awards. AFP
    The Alan Wake team attend The Game Awards. AFP
  • Baldur Gate 3's Neil Newbon. AFP
    Baldur Gate 3's Neil Newbon. AFP
  • Gabriel Amatangelo, Igor Sarzynski, Pawel Sasko, Marcin Momot, Karolina Nieweglowska and Anna Kalinowska attend The Game Awards. AFP
    Gabriel Amatangelo, Igor Sarzynski, Pawel Sasko, Marcin Momot, Karolina Nieweglowska and Anna Kalinowska attend The Game Awards. AFP
  • Kristen Yoon, Jessica Chang and Morgan Jones. AFP
    Kristen Yoon, Jessica Chang and Morgan Jones. AFP
  • The team from Insomniac Games attend The Game Awards. AFP
    The team from Insomniac Games attend The Game Awards. AFP
  • The Xbox team attends The Game Awards. AFP
    The Xbox team attends The Game Awards. AFP
  • Game developers Luigi Peters and AJ Grand-Scrutton. AFP
    Game developers Luigi Peters and AJ Grand-Scrutton. AFP
  • Byun Jun Cha, Changkyu Noh, Choi Ji-Won and Jason Park. AFP
    Byun Jun Cha, Changkyu Noh, Choi Ji-Won and Jason Park. AFP

The Game Awards 2023: Baldur’s Gate 3 takes home top prize


Faisal Salah
  • English
  • Arabic

Celebrities, gaming industry officials and fans gathered in Los Angeles for the The Game Awards 2023 to celebrate the best offerings released this year.

Fantasy role-playing game Baldur’s Gate 3 took home the top award as it was crowned the Game of the Year.

Released on August 3, the game took home the prize after beating top contenders such as Alan Wake 2 and Marvel’s Spider-Man 2.

Baldur’s Gate 3 is produced and published by Larian Studios and follows a long-running series that started in 1998.

Alan Wake 2, which received eight nominations across various categories, won three awards. While Marvel’s Spider-Man 2, which was also nominated eight times, didn't win any.

Here’s a breakdown of some of the biggest winners across the categories.

Award winners

In addition to being named as the Game of the Year, Baldur’s Gate 3 also won the Player’s Voice award, which was determined by a fan vote.

The fantasy game also won awards for Best Multiplayer Game, Best Role-Playing Game and Best Community Support.

Remedy’s Alan Wake 2 took home three awards in the Best Game Direction, Best Narrative and Best Art Direction categories.

  • The creators of Baldur's Gate 3 accept the Game of the Year award. EPA
    The creators of Baldur's Gate 3 accept the Game of the Year award. EPA
  • American actress Tara Platt and voice actor Yuri Lowenthal enjoyed their night. AFP
    American actress Tara Platt and voice actor Yuri Lowenthal enjoyed their night. AFP
  • Rock band Poets of the Fall appeared as Old Gods of Asgard from Alan Wake 2 to put on a performance. EPA
    Rock band Poets of the Fall appeared as Old Gods of Asgard from Alan Wake 2 to put on a performance. EPA
  • Finnish actor Ilkka Villi appeared as his Alan Wake character during a performance by Poets of the Fall. EPA
    Finnish actor Ilkka Villi appeared as his Alan Wake character during a performance by Poets of the Fall. EPA
  • Rod Ferguson, Joe Shely, Melissa Corning and Drew McCrory were in attendance. AFP
    Rod Ferguson, Joe Shely, Melissa Corning and Drew McCrory were in attendance. AFP
  • The Game Awards Orchestra plays at the award ceremony in California. EPA
    The Game Awards Orchestra plays at the award ceremony in California. EPA
  • Capcom executives Takayuki Nakayama and Shuhei Matsumoto. EPA
    Capcom executives Takayuki Nakayama and Shuhei Matsumoto. EPA
  • English actress Ella Purnell, who will star in the television adaptation of the Fallout games, attends The Game Awards. EPA
    English actress Ella Purnell, who will star in the television adaptation of the Fallout games, attends The Game Awards. EPA
  • Walton Goggins, Purnell, Geneva Robertson-Dworet and Aaron Moten attend The Game Awards. AFP
    Walton Goggins, Purnell, Geneva Robertson-Dworet and Aaron Moten attend The Game Awards. AFP
  • Actor Timothee Chalamet presents the Game of the Year award. EPA
    Actor Timothee Chalamet presents the Game of the Year award. EPA
  • The Alan Wake team attend The Game Awards. AFP
    The Alan Wake team attend The Game Awards. AFP
  • Baldur Gate 3's Neil Newbon. AFP
    Baldur Gate 3's Neil Newbon. AFP
  • Gabriel Amatangelo, Igor Sarzynski, Pawel Sasko, Marcin Momot, Karolina Nieweglowska and Anna Kalinowska attend The Game Awards. AFP
    Gabriel Amatangelo, Igor Sarzynski, Pawel Sasko, Marcin Momot, Karolina Nieweglowska and Anna Kalinowska attend The Game Awards. AFP
  • Kristen Yoon, Jessica Chang and Morgan Jones. AFP
    Kristen Yoon, Jessica Chang and Morgan Jones. AFP
  • The team from Insomniac Games attend The Game Awards. AFP
    The team from Insomniac Games attend The Game Awards. AFP
  • The Xbox team attends The Game Awards. AFP
    The Xbox team attends The Game Awards. AFP
  • Game developers Luigi Peters and AJ Grand-Scrutton. AFP
    Game developers Luigi Peters and AJ Grand-Scrutton. AFP
  • Byun Jun Cha, Changkyu Noh, Choi Ji-Won and Jason Park. AFP
    Byun Jun Cha, Changkyu Noh, Choi Ji-Won and Jason Park. AFP

Marvel’s Spider-Man 2 was the night's biggest surprise as it left empty-handed despite its eight nominations.

CD Projekt Red’s Cyberpunk 2077 redeemed itself after a disastrous release in 2020, mired by bugs, to win the Best Ongoing Game award. It released downloadable content this year starring actor Idris Elba, which received praise for renewing the game.

Independent release Tchia won the Games for Impact award for its open-world exploration and for shedding a light on the culture and history of the island of New Caledonia.

Street Fighter 6 took home the award for Best Fighting Game. Nintendo’s strongest contenders, Super Mario Bros Wonder and The Legend of Zelda: Tears of the Kingdom, both won awards in the Best Family Game and Best Action/Adventure Game categories respectively.

Racing game Forza Motorsport won two awards in the Best Sports/Racing Game and Innovation in Accessibility categories.

HBO’s television show The Last of Us won the award for Best Adaptation. The show stars Pedro Pascal and Bella Ramsey and is created by Craig Mazin. The show is due to return for a second season in 2025.

Announcements and reveals

The biggest reveal of the night was a new horror game from Kojima Productions called OD.

The new project teams up video game designer Hideo Kojima with horror film director Jordan Peele. The game will be published by Xbox Game Studios, which is a departure for Kojima who usually works with PlayStation.

Fans were expecting Kojima to reveal the sequel to Death Stranding but were surprised when the video game auteur announced the brand-new game that he says he’s assembled “The Avengers” of horror to work on with.

A short teaser for the game was shown at the ceremony and it features actors Hunter Schafer, Sophia Lillis and German movie veteran Udo Kier.

Other reveals and announcements include Lego Fortnite, Jurassic Park: Survival and Marvel’s Blade.

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

Dunki
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rajkumar%20Hirani%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Taapsee%20Pannu%2C%20Vikram%20Kochhar%20and%20Anil%20Grover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Switching%20sides
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Essentials

The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September. 
 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Most%20ODI%20hundreds
%3Cp%3E49%20-%20Sachin%20Tendulkar%2C%20India%0D%3Cbr%3E47%20-%20Virat%20Kohli%2C%20India%0D%3Cbr%3E31%20-%20Rohit%20Sharma%2C%20India%0D%3Cbr%3E30%20-%20Ricky%20Ponting%2C%20Australia%2FICC%0D%3Cbr%3E28%20-%20Sanath%20Jayasuriya%2C%20Sri%20Lanka%2FAsia%0D%3Cbr%3E27%20-%20Hashim%20Amla%2C%20South%20Africa%0D%3Cbr%3E25%20-%20AB%20de%20Villiers%2C%20South%20Africa%2FAfrica%0D%3Cbr%3E25%20-%20Chris%20Gayle%2C%20West%20Indies%2FICC%0D%3Cbr%3E25%20-%20Kumar%20Sangakkara%2C%20Sri%20Lanka%2FICC%2FAsia%0D%3Cbr%3E22%20-%20Sourav%20Ganguly%2C%20India%2FAsia%0D%3Cbr%3E22%20-%20Tillakaratne%20Dilshan%2C%20Sri%20Lanka%0D%3C%2Fp%3E%0A
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
Jurassic%20Park
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

2018 ICC World Twenty20 Asian Western Sub Regional Qualifier

Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.

Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar

Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

While you're here

Origin
Dan Brown
Doubleday

DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETerra%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Hussam%20Zammar%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Mobility%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%20funding%20of%20%241%20million%3Cbr%3E%3C%2Fp%3E%0A
Masters%20of%20the%20Air
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Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

MATCH INFO

Qalandars 112-4 (10 ovs)

Banton 53 no

Northern Warriors 46 all out (9 ovs)

Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7

Qalandars win by six wickets

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

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.”

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

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Updated: December 08, 2023, 8:11 AM