Larissa Sansour's short film A Space Exodus , which revamps Stanley Kubrick's 2001: A Space Odyssey as an account of the first Palestinian on the moon, screened at this year's Dubai International Film Festival.
Larissa Sansour's short film A Space Exodus , which revamps Stanley Kubrick's 2001: A Space Odyssey as an account of the first Palestinian on the moon, screened at this year's Dubai International Film Festival.
Larissa Sansour's short film A Space Exodus , which revamps Stanley Kubrick's 2001: A Space Odyssey as an account of the first Palestinian on the moon, screened at this year's Dubai International Film Festival.
Larissa Sansour's short film A Space Exodus , which revamps Stanley Kubrick's 2001: A Space Odyssey as an account of the first Palestinian on the moon, screened at this year's Dubai International Film

A space oddity


  • English
  • Arabic

Larissa Sansour's playful films liberate Palestine from the tyranny of grim documentaries. Kaelen Wilson-Goldie welcomes the imagination.
It is late in the evening on one of the last days of the Dubai International Film Festival, and Larissa Sansour is exhausted. Sansour, an artist who makes short, punchy films that use pop culture and kitsch to translate the grim realities of Palestinian life into fanciful bursts of surrealism, has been working flat out for months. Since August, she has travelled to Lebanon, where she participated in an international artists' workshop in the mountain town of Aley; to China, where she took part in the third Guangzhou Triennial; to South Korea, where her work was featured in the 2008 Busan Biennial; to Egypt, where she just completed a new piece for the fourth edition of Photo Cairo; and to the UAE, where her latest film, A Space Exodus, made its world premiere this month at the Dubai festival's short film competition.

Now, having already been clobbered by screenings, meetings and industry events, she is also being stalked by a British television crew making a documentary about her. So there is some irony when she says: "I am quite tired of Palestinians always being the subject of documentaries." Sansour is referring obliquely to Jean-Luc Godard's 2005 film Notre Musique and the paradigm it proposes for understanding the Israeli-Palestinian conflict. In the film, the veteran auteur leads a masterclass with film students in Sarajevo. He holds up two images from 1948. The first is a colour photograph of boats arriving on a Mediterranean shore, people rushing toward dry land in triumph. The second is a black and white photograph of people trudging into the sea, their bodies bent by the weight of horror, sadness, coffins and earthly belongings. "In 1948", Godard says, "the Israelites walked in the water to reach the Holy Land. The Palestinians walked in the water to drown. Shot and reverse shot. The Jews become the stuff of fiction. The Palestinians, of documentary."

While it does not follow from Godard's swift diagnosis that Palestinians since 1948 have only been the subjects of documentaries, or that artists and filmmakers have only used the documentary genre to articulate the history and identity of the Palestinian people, it is certainly the case that, more often than not, films and works of art or literature about the Palestinian experience adhere to the hard edges of realism. Marshalling facts is common; taking flights of the imagination is not.

Notre Musique explicitly inspired A Space Exodus, and all of Sansour's work reflects her desire to counter the circumscribed, documentary condition of the Palestinians described by Godard. A Space Exodus is a brief, stylish remake of a few key scenes from Stanley Kubrick's 2001: A Space Odyssey, with the artist cast as the first Palestinian cosmonaut. The film takes a narrative of extreme technological progress and transposes it onto a situation in which a population is bound, constrained and denied the most rudimentary of movements. Sansour imagines a dream scenario in which the Palestinians are free to advance, innovate and run in the space race. At the same time, A Space Exodus undercuts its own premise: Sansour is emulating a film from 1968, after all, suggesting that even this imagined Palestinian space programme is decades out-of-date. But as the option of a viable independent state becomes ever more remote, deep space imagined in the mind of an artist might be the only alternative they have left.

"There is massive emigration from Palestine now," says Sansour. "People's lives are becoming so intolerable that they are forced to leave... As our reality is so absurd, I felt free to make up my own space. Instead of pressing the same rhetoric and the same competing historical narratives on both sides, I decided to make up my own world, a positive one. This work goes very much along the lines of Godard's statement," she says. But rather than accepting Godard's dichotomy, Sansour takes it as a provocation - to claim fiction, dream and myth for the Palestinians. "I wanted to create my own myth."

Sansour was born in Jerusalem in 1973 to a Palestinian father and a Russian mother. She grew up in Bethlehem, but at this point she only returns twice a year. "A trip that should take six hours by plane from Copenhagen to Tel Aviv now takes more than 24 hours," she says. Palestinians registered in the West Bank are no longer allowed to land at Israeli's Ben Gurion International Airport, so they must travel via the Allenby Bridge from Jordan. Still, she adds, "it is important for me to return. Everything changes fast and even when I am there I find it hard to keep up with all the new rules and designated areas."

In the 1980s Sansour moved to London, and in the 1990s she attended seven different art schools, including the Maryland Institute College of Art, where she earned her bachelor's degree, and New York University, where she completed her master's. In between she did stints at Blake College and Byam Shaw in London (figurative art), the American College in London (computer animation and video art), the University of Baltimore (art history and criticism) and Denmark's Royal Academy of Art. Ostensibly, she lives and works in Copenhagen (her husband is Danish), but she moves around more than she sits still.

Before 2005, Sansour was working in traditional media: painting, sculpture and the occasional installation. The siege of Bethlehem that year, however, dramatically altered how she thought about and executed her work. "I had family and friends trapped in Bethlehem and their stories conflicted heavily with that of world news," she says. "Around that time I developed a strong desire to counteract the proclaimed objectivity of the coverage on channels such as CNN and BBC World. Video was the most suitable medium for achieving that."

Too often, video art from or about Palestine expends its energy attacking newspapers and broadcasters for following a set political script, one that is undeniably weighted in favour of the Israelis. Against news media accounts, these works put forth maps, statistics, archival documents, buried histories and eyewitness testimonies. All of this is urgent and crucial, to be sure, but it frequently makes for dreary viewing, and it occasionally risks either polemics or pity.

Sansour's work is both surprising and counterintuitive in that it is splashy, colourful, energetic and quirky - adjectives not commonly associated with contemporary Palestinian cultural expression. It is fun. Bethlehem Bandolero, a five-minute video from 2005, spoofs the spaghetti western genre and features Sansour as a Palestinian gunslinger facing off against the Israeli security wall. Wearing a cartoon-sized, candy-red sombrero and a teenybopper's black and white polka dotted scarf, she struts through the streets of her hometown, all stones, shutters and labyrinthine alleys. She may have a sizeable pistol strapped to each hip, but her weapons are laughable in the face of eight-metre concrete slabs. A soundtrack of loopy, Mexican-style surf guitar further heightens the weirdness and hilarity.

Happy Days, a two-minute video from 2006, also draws strength from its soundtrack, this time the theme song from the American television series of the same name. While the original Happy Days cast a nostalgic eye on the 1950s from the vantage point of the 1970s, Sansour's film depicts everyday life in the Palestinian territories. Instead of diners and drive-ins there are jostling churches and mosques, checkpoints and watch towers. Instead of Fonzie and Ralph Malph, there are relatively affable Israeli soldiers. Instead of jukeboxes and pinball machines, there are folkloric emblems of Palestinian identity. At one point, Sansour is seen absent-mindedly strumming an oud. At another, she clutches the hose of a narghileh while girlishly swinging her legs over a stone wall. (This tendency to upend the folkloric also appears in A Space Exodus, in which Sansour's custom-made space suit incorporates traditional embroidery and the Palestinian flag into a minimal, streamlined, "funkified", "Arabised" and "feminised" astronaut outfit.

Sansour says her work seizes "the seductive power of pop culture and at the same time tries to subvert it. I want my work to address a wide audience and to break away from the elitist nature of the art world. As an artist, you are expected to be avant-garde and subversive, yet there is a very authoritarian dictation as to how this subversion or analysis is to be done. I think that art making often undermines the very forms it tries to critique.

"Pop culture is more digestible, so it is capable of reaching more people. The language of pop culture is also universal. I grew up in Palestine but with American sitcoms and films. This hybridity is something I find very interesting. Of course, framing Palestinian reality in an American sitcom from the 1970s is sugarcoating an abject condition. But I think kitsch is perfect for pointing out the perversities of media and mass communication."

Sansour's films situate the Palestinian experience in the realm of ludicrous fiction, but the fact that she appears in all of them is, for her, an anchor to reality. She began casting herself in her videos due to budgetary constraints. "I couldn't afford actors," she says. "But the more I make work, the more it is becoming my signature to include myself and my family, and I am starting to believe it is a more honest rendition of the subject matter I choose." Her work does not document, nor does it fictionalise."It reflects the absurdity of what is happening in Palestine," she says, and in doing so cleverly combines both practices.

This tendency is best exemplified by two very different films in Sansour's oeuvre. One, titled Soup Over Bethlehem (Mloukhieh), from 2006, captures a conversation among friends and family that turns from a discussion of the famous Levantine dish to a debate over the politics of occupation. The other, titled Land Confiscation Order 06/24/T, from 2007, details the actual seizure of a summer house in Beit Jala that Sansour's grandparents owned, and stars her sister Leila and her brother Maxim. Both films are presented in the documentary style, with the testimonies on screen delving into the speakers' dreams. They offer wildly imaginative schemes for escaping confinement, defying the land seizure, reclaiming the lives they once lived or thought they would live. These are fictions, but they illuminate as much if not more than actual accounts. In the middle of Land Confiscation Order, Leila and Maxim stop speaking. Against a resplendent landscape honey-coloured by a late afternoon sun, they unfurl an enormous swath of black cloth and slowly, mournfully wrap it around their grandparents' home.

"We have rituals for various events in our lives, from weddings to funerals," says Sansour. "But there is no ritual for dealing with your land or your house being taken from you. This somehow felt like adding insult to injury. I wanted to document a place I knew very well, to drape the house in black. It was like a surreal funeral. I will never be able see this house or this land again." The scholar Joseph Massad, writing recently about modern Palestinian art, noted the long history of artists whose works "register both continuity and rupture ? and tell both familiar and unfamiliar stories differently. In doing so they communicate visually what is beautiful and sublime in the Palestinian experience, even and especially when they have to tease it out of tragic scenery."

This is what Sansour achieves in a single, striking metaphor. It is the most haunting scene in all of her work. And the fact that it comes with no prior referent, no pop cultural appropriation, suggests that she has both powerful and original works to come.
Kaelen Wilson-Goldie reports from Beirut for The National.

The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin%20electric%20motors%20and%20105kWh%20battery%20pack%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E619hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C015Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3EUp%20to%20561km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ3%20or%20Q4%202022%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh635%2C000%3C%2Fp%3E%0A
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

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Russia's Muslim Heartlands

Dominic Rubin, Oxford

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
West Indies v India - Third ODI

India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)

India won by 93 runs

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EXare%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%2018%2C%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPadmini%20Gupta%2C%20Milind%20Singh%2C%20Mandeep%20Singh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunds%20Raised%3A%20%3C%2Fstrong%3E%2410%20million%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E28%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eundisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EMS%26amp%3BAD%20Ventures%2C%20Middle%20East%20Venture%20Partners%2C%20Astra%20Amco%2C%20the%20Dubai%20International%20Financial%20Centre%2C%20Fintech%20Fund%2C%20500%20Startups%2C%20Khwarizmi%20Ventures%2C%20and%20Phoenician%20Funds%3C%2Fp%3E%0A
AUSTRALIA SQUAD

Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

UAE currency: the story behind the money in your pockets
Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

TEAMS

US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*

International Team
Hideki Matsuyama, Jason Day 
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*

denotes captain's picks

 

 

Results

2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)

2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash

3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly

3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson

4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer

4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson

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.”

Warlight,
Michael Ondaatje, Knopf