• Bollywood star Aamir Khan's ambitious film 'Laal Singh Chaddha', a remake of the Oscar-winning film 'Forrest Gump', has finally been released after much delay. Photo: Paramount Pictures
    Bollywood star Aamir Khan's ambitious film 'Laal Singh Chaddha', a remake of the Oscar-winning film 'Forrest Gump', has finally been released after much delay. Photo: Paramount Pictures
  • Kareena Kapoor Khan and Aamir Khan in 'Laal Singh Chaddha'. Photo: Paramount Pictures
    Kareena Kapoor Khan and Aamir Khan in 'Laal Singh Chaddha'. Photo: Paramount Pictures
  • A few weeks before its release, the hashtag #BoycottLalSinghChaddha began to gain popularity on social media. A clip from an interview that Khan, one of Bollywood's most successful stars, did in 2015, was widely shared. In the interview, the actor spoke about his concern for the rising cases of violence against minorities in India — including cases of Muslims being lynched for consuming beef. AFP
    A few weeks before its release, the hashtag #BoycottLalSinghChaddha began to gain popularity on social media. A clip from an interview that Khan, one of Bollywood's most successful stars, did in 2015, was widely shared. In the interview, the actor spoke about his concern for the rising cases of violence against minorities in India — including cases of Muslims being lynched for consuming beef. AFP
  • Vehicles drive past a poster of 'Laal Singh Chaddha' in Mumbai. AFP
    Vehicles drive past a poster of 'Laal Singh Chaddha' in Mumbai. AFP
  • Aamir Khan pays his respects at the Golden Temple while filming 'Laal Singh Chaddha' in Amritsar. AFP
    Aamir Khan pays his respects at the Golden Temple while filming 'Laal Singh Chaddha' in Amritsar. AFP
  • Khan during the trailer launch of ‘Laal Singh Chaddha’ in Mumbai in May. AFP
    Khan during the trailer launch of ‘Laal Singh Chaddha’ in Mumbai in May. AFP
  • Known as 'Mr Perfectionist', Khan is known for producing and starring in critically acclaimed blockbusters such as 'Dangal' (2016), 'PK' (2013) and the cult film '3 Idiots' (2009). AFP
    Known as 'Mr Perfectionist', Khan is known for producing and starring in critically acclaimed blockbusters such as 'Dangal' (2016), 'PK' (2013) and the cult film '3 Idiots' (2009). AFP
  • Khan, who is not on social media, was forced to reiterate his patriotism as calls for the boycott of his latest film spread. 'I feel sad that some of the people believe that I am someone who doesn't like India,' he told local media. 'That's not the case. Please don't boycott my film. Please watch my film.' AP Photo
    Khan, who is not on social media, was forced to reiterate his patriotism as calls for the boycott of his latest film spread. 'I feel sad that some of the people believe that I am someone who doesn't like India,' he told local media. 'That's not the case. Please don't boycott my film. Please watch my film.' AP Photo
  • Khan eats panipuri at the trailer preview of 'Laal Singh Chaddha' in Mumbai. AP
    Khan eats panipuri at the trailer preview of 'Laal Singh Chaddha' in Mumbai. AP
  • Aamir Khan in character on the set of 'Laal Singh Chaddha' in 2021. Photo: IMDb
    Aamir Khan in character on the set of 'Laal Singh Chaddha' in 2021. Photo: IMDb
  • Aamir Khan greets fans while on set. Photo: IMDb
    Aamir Khan greets fans while on set. Photo: IMDb
  • In the 'Forrest Gump' remake, Khan takes on the role of the titular character Laal Singh Chaddha. The original's classic line 'Run, Forrest, run' is 'Run, Laal, run' in the Bollywood version. Photo: Paramount Pictures
    In the 'Forrest Gump' remake, Khan takes on the role of the titular character Laal Singh Chaddha. The original's classic line 'Run, Forrest, run' is 'Run, Laal, run' in the Bollywood version. Photo: Paramount Pictures
  • Khan bought the rights of 'Forrest Gump' in 2018 to make 'Laal Singh Chaddha', which also features actress Kareena Kapoor Khan, Telugu star Naga Chaitanya as well as a cameo by superstar Shah Rukh Khan. Photo: Instagram / @kareenakapoorkhan
    Khan bought the rights of 'Forrest Gump' in 2018 to make 'Laal Singh Chaddha', which also features actress Kareena Kapoor Khan, Telugu star Naga Chaitanya as well as a cameo by superstar Shah Rukh Khan. Photo: Instagram / @kareenakapoorkhan

'Laal Singh Chaddha' backlash: is Aamir Khan being targeted because he's Muslim?


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A few weeks before the release of Bollywood star Aamir Khan's ambitious remake of the Oscar-winning 1994 drama Forrest Gump, the hashtag #BoycottLalSinghChaddha began to gain popularity on social media.

Widely shared was a clip from an interview that Khan, one of Bollywood's most successful stars, did in 2015. In the interview, the actor spoke about his concern for the rising cases of violence against minorities in India — including cases of Muslims being lynched for the consumption of beef.

“As an individual, as part of this country as a citizen, we read in the papers what is happening, we see it on the news and certainly, I have been alarmed. I can’t deny. I have been alarmed by a number of incidents,” he said, speaking at the Ramnath Goenka Excellence in Journalism Awards that year.

“When I chat with Kiran [Rao, his wife at the time] at home, she says ‘Should we move out of India?’ That’s a disastrous and big statement for Kiran to make. She fears for her child. She fears about what the atmosphere around us will be. She feels scared to open the newspapers every day."

A poster of 'Laal Singh Chaddha' at the Metro theatre in Mumbai. AFP
A poster of 'Laal Singh Chaddha' at the Metro theatre in Mumbai. AFP

Khan's comments sparked a backlash then, especially with members and supporters of Prime Minister Narendra Modi's right-wing Hindu nationalist Bharatiya Janata Party or BJP.

"This country has made you Aamir Khan," tweeted actor Anupam Kher, an ardent supporter of Modi.

Khan was forced to stress his patriotism, a key tenet of the BJP and its supporters.

"Let me state categorically that neither I, nor my wife Kiran, have any intention of leaving the country. We never did, and nor would we like to in the future," he wrote on Facebook a few days later.

"Anyone implying the opposite has either not seen my interview or is deliberately trying to distort what I have said. India is my country, I love it, I feel fortunate for being born here, and this is where I am staying."

Aamir Khan with ex-wife Kiran Rao in 2019. Rao, a filmmaker, is also the producer of 'Laal Singh Chaddha'. Reuters
Aamir Khan with ex-wife Kiran Rao in 2019. Rao, a filmmaker, is also the producer of 'Laal Singh Chaddha'. Reuters

Khan, who has since left social media, was again forced to reiterate his love for India last week as calls for the boycott of his latest film spread.

"I feel sad that some of the people believe that I am someone who doesn't like India," he told local media. "That's not the case. Please don't boycott my film. Please watch my film."

Known as "Mr Perfectionist", Khan is known for producing and starring in critically acclaimed blockbusters such as Dangal (2016), PK (2013) and the cult film 3 Idiots (2009).

He bought the rights of Forrest Gump in 2018 to make Laal Singh Chaddha, which also features actress Kareena Kapoor Khan, Telugu star Naga Chaitanya as well as a cameo by superstar Shah Rukh Khan. The film faced several productions owing to the Covid-19 pandemic and was finally released on Thursday.

Kareena Kapoor Khan and Aamir Khan in 'Laal Singh Chaddha'. Photo: Paramount Pictures
Kareena Kapoor Khan and Aamir Khan in 'Laal Singh Chaddha'. Photo: Paramount Pictures

Khan's ex-wife, filmmaker Kiran Rao, is one of the producers of the film. The couple, who separated last year, have a son, Azad, together.

"Aamir Khan married two Hindu Women, yet named his kids Junaid, Azad & Ira. Kareena married a Muslim & promptly named her kids Taimur & Jehangir. That's enough reasons to boycott Laal Singh Chaddha," reads one widely-shared tweet, which also uses a derogatory term coined by Hindu nationalists who accuse Muslim men of marrying Hindu women and forcing them to convert.

"Continue our boycott of every Khan movie and anti-national actors and anti-Hindu movies," said another tweet.

Released in 1994, Forrest Gump went on to sweep the Oscars, taking six awards including Best Picture and Best Actor for Tom Hanks. Directed by Robert Zemeckis and written by Eric Roth based on Winston Groom’s novel, the film is about a man with a low IQ who's also mathematically gifted and who witnesses key points and meets figures of US history, such as the Vietnam War, presidents and Elvis Presley.

Khan takes on the role of the titular character in Laal Singh Chaddha, which includes converting the classic line “Run, Forrest, run” into “Run, Laal, run”.

“I just remember seeing it a couple of times in a short span, and it had a deep impact on me. I loved the character of Forrest. I loved the way Tom played the part as well. And it’s a film that stayed with me," Khan told the Associated Press.

Big changes have been made to root Laal Singh Chaddha in Indian history and culture. Laal, for instance, does not think life is like a box of chocolates, he instead quotes his mother talking about golgappas — the hollow deep-fried flatbread snack with fillings, enjoyed with spiced water.

"My momma used to say life is like a box of chocolates: you never know which one you would get," has been translated to "My mama used to say that life is like a golgappa: your stomach gets full, but your heart desires more."

With Bollywood's weak collections so far at the box office, it is now up to Khan to prove that he still has the power to bring back crowds to the cinema.

Raksha Bandhan, a family drama led by another star Akshay Kumar, is also being released on the same day as Laal Singh Chaddha.

— Additional reporting by AP and AFP

Scroll through the gallery for stills from Akshay Kumar's Bollywood film 'Raksha Bandhan'

  • From left, the cast of Bollywood film 'Raksha Bandhan', Smrithi Srikanth, Sahejmeen Kaur, Akshay Kumar and Sadia Khateeb, during an interview in Dubai. Pawan Singh / The National
    From left, the cast of Bollywood film 'Raksha Bandhan', Smrithi Srikanth, Sahejmeen Kaur, Akshay Kumar and Sadia Khateeb, during an interview in Dubai. Pawan Singh / The National
  • In 'Raksha Bandhan', Akshay Kumar plays a brother who makes a promise to marry off his four sisters before he settles down. Pawan Singh / The National
    In 'Raksha Bandhan', Akshay Kumar plays a brother who makes a promise to marry off his four sisters before he settles down. Pawan Singh / The National
  • Akshay Kumar, right, with 'Raksha Bandhan' director Anand L Rai. Photo: Zee Studios
    Akshay Kumar, right, with 'Raksha Bandhan' director Anand L Rai. Photo: Zee Studios
  • 'Raksha Bandhan' is named after the Hindu festival in which sisters honour their brothers. Photo: Zee Studios
    'Raksha Bandhan' is named after the Hindu festival in which sisters honour their brothers. Photo: Zee Studios
  • Akshay Kumar plays cricket on the set of 'Raksha Bandhan'. Photo: Zee Studios
    Akshay Kumar plays cricket on the set of 'Raksha Bandhan'. Photo: Zee Studios
  • Kumar and Bhumi Pednekar, who were last seen together in the 2017 hit 'Toilet: Ek Prem Katha', reunite for 'Raksha Bandhan'. Photo: Zee Studios
    Kumar and Bhumi Pednekar, who were last seen together in the 2017 hit 'Toilet: Ek Prem Katha', reunite for 'Raksha Bandhan'. Photo: Zee Studios
  • Director Anand L Rai and Akshay Kumar on set. Photo: Zee Studios
    Director Anand L Rai and Akshay Kumar on set. Photo: Zee Studios
  • 'Raksha Bandhan' director Anand L Rai says he wanted to do a simple story with a strong emotional core. Photo: Zee Studios
    'Raksha Bandhan' director Anand L Rai says he wanted to do a simple story with a strong emotional core. Photo: Zee Studios
  • From left, Deepika Khanna, Sahejmeen Kaur, Sadia Khateeb, Akshay Kumar and Smriti Srikanth in 'Raksha Bandhan'. Photo: Zee Studios
    From left, Deepika Khanna, Sahejmeen Kaur, Sadia Khateeb, Akshay Kumar and Smriti Srikanth in 'Raksha Bandhan'. Photo: Zee Studios
  • A still from 'Raksha Bandhan'. Photo: Zee Studios
    A still from 'Raksha Bandhan'. Photo: Zee Studios
  • Akshay Kumar says 'Raksha Bandhan' is the best film he's ever done. Photo: Zee Studios
    Akshay Kumar says 'Raksha Bandhan' is the best film he's ever done. Photo: Zee Studios
  • Director Anand L Rai, Akshay Kumar, Bhumi Pednekar and writer Himashu Sharma. Photo: Zee Studios
    Director Anand L Rai, Akshay Kumar, Bhumi Pednekar and writer Himashu Sharma. Photo: Zee Studios
  • Bhumi Pednekar and Akshay Kumar in a still from 'Raksha Bandhan'. Photo: Zee Studios
    Bhumi Pednekar and Akshay Kumar in a still from 'Raksha Bandhan'. Photo: Zee Studios
  • Bhumi Pednekar, Akshay Kumar and Sadia Khateeb. Photo: Zee Studios
    Bhumi Pednekar, Akshay Kumar and Sadia Khateeb. Photo: Zee Studios
  • Akshay Kumar dances in the film. Photo: Zee Studios
    Akshay Kumar dances in the film. Photo: Zee Studios
  • Kumar on set with director Rai. Photo: Zee Studios
    Kumar on set with director Rai. Photo: Zee Studios
  • Akshay Kumar plays the character Lala Kedarnath in the film. Photo: Zee Studios
    Akshay Kumar plays the character Lala Kedarnath in the film. Photo: Zee Studios
  • The film is also a personal one for Kumar, 54, whose sister Alka Hiranandani is one of the producers. He's dedicated the film to her. Photo: Zee Studios
    The film is also a personal one for Kumar, 54, whose sister Alka Hiranandani is one of the producers. He's dedicated the film to her. Photo: Zee Studios
  • Kumar and Pednekar in the film. Photo: Zee Studios
    Kumar and Pednekar in the film. Photo: Zee Studios
  • After a three-decade-long career and more than 100 films, Akshay Kumar is still one of the most bankable stars in Bollywood. Photo: Zee Studios
    After a three-decade-long career and more than 100 films, Akshay Kumar is still one of the most bankable stars in Bollywood. Photo: Zee Studios
  • The cast of 'Raksha Bandhan' promote their film in Kolkata. AFP
    The cast of 'Raksha Bandhan' promote their film in Kolkata. AFP
  • Akshay Kumar during an interview in Dubai. Pawan Singh / The National
    Akshay Kumar during an interview in Dubai. Pawan Singh / The National
  • Smrithi Srikanth, Sahejmeen Kaur, Akshay Kumar and Sadia Khateeb in Dubai. Pawan Singh / The National
    Smrithi Srikanth, Sahejmeen Kaur, Akshay Kumar and Sadia Khateeb in Dubai. Pawan Singh / The National
  • Akshay Kumar with fans during a promotional event in Kolkata. AFP
    Akshay Kumar with fans during a promotional event in Kolkata. AFP
  • Akshay Kumar promotes his film in Kolkara. AFP
    Akshay Kumar promotes his film in Kolkara. AFP
Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

 

 

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

UAE currency: the story behind the money in your pockets
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

RESULT

Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

MATCH INFO

FA Cup final

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

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.”

Updated: August 11, 2022, 12:55 PM