On October 9, 1969, seven weeks and a day after The Beatles' final recording session together at Abbey Road Studios, Giles Martin was born in London. It was John Lennon’s 29th birthday.
On July 7, 2024, The Beatles: Love, the acclaimed Cirque du Soleil show that has run for 18 years, closes permanently in Las Vegas. It will be Ringo Starr’s 84th.
“It’s quite sad. They’re knocking down the casino, and even the powers that be can’t change that,” Martin, 54, laments to The National.
“I was with Paul McCartney last week and we were talking about how long it’s been. It was the first thing I did on this journey, and it changed my life, genuinely speaking – making that show,” he continues. “And I’m very proud of it.”
The show wouldn’t have existed without Martin. In the early aughts, plans for a collaboration between the French circus and the Fab Four nearly fell apart before Martin, the son of legendary Beatles producer George Martin, had an idea of how to make it work.
“The whole thing was collapsing in on itself and out of pure desperation I went to Neil Aspinall, who was the head of the Beatles at the time, and I said to him, ‘I think I can create a show just by chopping up the Beatles tapes.' He was like, ‘well, I’ll give you three months. You have until Christmas, and we’re not going to pay you.’”
Martin was undeterred. The collaboration had been George Harrison’s idea before he died in 2001, as he was friends with the circus’s founder Guy Labierte. Martin wasn’t about to let the whole thing fall apart.
“They gave me a small room at Abbey Road. I didn’t even have speakers – I just had a pair of headphones. But I kept going, and before I knew it, I’d created half the show.”
George Martin was 80 years old at the time, and not the picture of health. After weeks of work, Martin went to see him when he came home from hospital, anxious to play him the first remixes. His father hated it.
“He thought it was a bit sacrilegious,” Martin says. “But then Paul McCartney came in, and he really liked it. So, my dad changed his mind. And the rest, as they say, is history.”
Given the green light, Martin spent the next three years holed up at Abbey Road, pouring through the band’s vaulted studio sessions in their entirety and listening to recordings that no one besides the Beatles themselves and Giles’ father had had access to for decades.
“No one was allowed to touch the Beatles tapes. For someone to go in and completely throw them up in the air and destroy the legacy in one go was a big deal,” Giles says with a smile.
“And it was all very secret. I was allowed to play my work for The Beatles and my dad and that’s about it. Even for the director of the show, I had to distort the sound before I played him anything. And I was sure, once everyone heard it, that they would hate it.”
The show, of course, with mixing credited to both Giles Martin and his father, became a huge hit, and its success did genuinely change Giles’s life. Suddenly, he was the ‘sound’ guy, and one of the music world’s most sought-after mixers, a skill he’d entirely learnt, he explains, by doing Love.
His newfound trade has proven useful. Over the past 18 years, Martin has produced the acclaimed deluxe editions of most of The Beatles catalogue, collaborated with a host of legendary artists including the Rolling Stones, Kate Bush and Elvis Costello, and worked on films with directors including Martin Scorsese, Peter Jackson, Ron Howard and Matthew Vaughn – winning himself an Emmy in the process.
I think there’s a lot to be said for not having a clue what you’re doing. I’m 54 years old and I still feel like I’m making it up as I go along.
Giles Martin,
music producer
It's difficult to summarise his myriad accomplishments succinctly. It’s hard for even Martin himself to summarise what he does in a single day. He’s carved out an hour to speak over Zoom as he juggles his duties as head of sound for both Sonos and Universal Media Group, not to mention The Beatles or the new project happening in the next room that he’s just paused.
“Yeah, I’m working on a musical with Elton John, actually,” he says. “I’m in the studio now producing the drums. It’s a musical version of The Devil Wears Prada, based on the film, and I’m overseeing the music as executive producer. I’m always bouncing around.”
Martin is often dismissive and self-deprecating of his own accomplishments. On some level, he seems downright surprised by his CV to this point, feeling he basically fell backwards into a thriving career in multiple industries.
“I think there’s a lot to be said for not having a clue what you’re doing,” says Martin. “I’m 54 years old, and I still feel like I’m making it up as I go along.
“I think that’s the trick. I’ve made a career having a strange foundation in things, but if everyone has the same foundation, you’d all end up doing the same thing, and it ends up being boring.”
Martin’s value, in his mind, is that he hears things differently from those with years of formal training and thus notices things that they don’t.
He points to the recent launch of the Sonos Ace, which have received nearly universal rave reviews despite being the first headphones that the speaker-focused audio equipment manufacturer has produced, as an example.
“I was really involved from the outset, but mostly I act as an annoying child in the back of the car, so to speak. I ask questions, and maybe I irritate people. But if I do that enough for a long enough period, and make the right points, we end up getting somewhere.”
He was explaining to McCartney recently how all his work is linked. Whether he’s mixing a record or making a pair of headphones, his goal is the same – make the interface disappear. When you’re listening to The Beatles, you don’t want to be conscious of the work done to restore it – you want to immerse yourself in the music. The same goes with a pair of headphones.
“You don’t want to taste the fork your meal is on. It’s just a conduit to what you love,” says Martin.
Perhaps the reason Martin is so good at all of this is that he yearns to be closer to the music than anyone else. He grew up around music because of his father – but only catching glimpses of brilliance in passing. Even now, he still spends a lot of time wondering about the genius of his dad’s Beatles years. With each new project, he immerses himself in the magic of their collaboration all over again, mentally, physically, and spiritually, still trying to understand it – still in awe that it even happened at all.
Martin says: “I asked Paul about this last week at lunch. I said, ‘did you think John was good when you met him?’
“Paul goes, ‘Yeah, he was a great singer, and he had great songs. He wasn’t a very good guitar player – I was a better guitar player when I met him, and then he became a great guitar player.’
“There was just an energy between them – a creative spark in that room, in that studio. It’s the sound of four people who just happened to meet. And so, when I do Beatles stuff, I’m just trying to capture that feeling,” Martin continues.
Being good at what he does requires a lot of confidence, something he’s struggled with at times. He feels the weight of every change, particularly when he’s alone in a room remixing an old Beatles record, knowing the version he comes up with will be the version that will be definitive potentially for generations to come.
“I have to make these decisions on what people really care about, and I have to be the one to make the decision. But I think you have to admit that you may be wrong. And that doubt can be helpful,” says Martin.
At times, he has got it completely wrong. Martin remembers when he sat down to remix the Lennon song I Am The Walrus for last year’s edition of The Beatles 1967 – 1970, known by fans as ‘The Blue Album’. He’d worked tirelessly at it, stripping away a lot of the distortion, isolating the instruments, and at first, he thought it sounded great.
“Then I listened to the original and I realised it was so much worse. The original is horrible sounding in a way that really suited the song, and mine was too clean. So I went back and redid it all.”
But while the self-doubt can sometimes give him the perspective, it can also be paralysing.
There’s one moment in particular he thinks back to. In 2016, he was working on the film Kingsman: The Golden Circle with director Matthew Vaughn, and the two of them were trying to interpolate Prince’s Let’s Go Crazy with the film’s key fight scene. It wasn’t going very well.
“My dad was on his death bed at the time, and I was under a lot of pressure. So I went to him and I said, ‘I’ve got a question for you, Dad.’ And he said, ‘what is it?’
“I said, ‘did you ever think you were bad at music?’ And he said, ‘That’s a strange question to ask me.’ I said, ‘well, no, Dad, I’m always fighting with my demons. I’m always asking myself, why am I doing this, of all people?’
“And he said, ‘no, I think you’re amazing. I think you’re better than I was.’ I said, ‘no, I’m not, Dad. But did you feel like that?’ And he closed his eyes and went, ‘no – I always thought I was brilliant.’”
It wasn’t until his father died that Martin was approached to begin remixing the Beatles albums starting with Sgt Pepper’s Lonely Hearts Club Band, a project he initially turned down.
“I said no. Why would you want to remix an album that doesn’t sound bad? They said they thought it could be interesting. So I agreed to do a few songs, and The Beatles liked them, so I kept going.”
Martin’s relationship with McCartney has made him a witness to a constant war with ‘good enough’.
“I mean, he’s a musical genius, obviously, but it’s more than that. I’ll work with the guy on a horn arrangement, and we’ll finish, and it will be good. And then we’ll play it and Paul will say, ‘yeah, but it just sounds like a horn arrangement. What’s different about it? How about this?’
“And it’ll be really annoying, but it will be a really good idea. It’s always a challenge, that’s how it should be. It feels like most people today are scared of being challenged.”
Martin is far from done with The Beatles catalogue. Next, there’s Rubber Soul, Magical Mystery Tour, Yellow Submarine and, because of the AI techniques that he’s been using to separate individual strands of the recordings, he’s excited about the opportunity to dive back into the band’s early material in a way that was previously impossible.
“There’s a few things we have planned that I think fans are really going to like that I obviously can’t tell you about,” he teases. “Sam Mendes is making these Beatles movies. I’ve met him to discuss it a couple of times and while it hasn’t been confirmed, I’d be very surprised if I wasn’t involved.”
Martin alternates between sheepish and assertive. On one hand he knows he’s now the go-to person for everything Beatles outside of the surviving Beatles and their immediate family members, but he also isn’t comfortable with the assertion that he has the keys to their kingdom.
“I think people like the idea because I’m father’s son. I mean, we’re both very languid, posh, tall people. I think it fits, and what I’ve found in life is that people like what fits.”
Perhaps that’s because, at the end of the day, what pushes him further is knowing that their brilliance is always just out of reach. Maybe that’s why he encourages his daughter, too, to push herself out of her comfort zone.
“She’s 17, and I played her Common People by Pulp the other day for the first time, and it instantly became one of her favourite songs. She’d never heard a song that gets faster and faster before.
“I have to be careful, because I’m some middle-aged guy and what do I know, but I don’t think music is challenging enough any more. And I hate the fact that I’m a parent trying to make my kids more subversive. It should be the other way around. Before parents would turn their kids’ music off because it’s weird, now it’s because it’s boring.”
Martin feels bad about being stuck in the past, but he just can’t leave it behind. There’s still so much brilliance to uncover – and perhaps his own potential lies in finding it.
Thinking back again on his father and The Beatles, he remarks: “I aspire to be as good as they were, but I’ll never quite get there.”
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The five pillars of Islam
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
Results
6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).
7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, Winner Well Of Wisdom, William Buick, Charlie Appleby.
7.40pm Handicap (TB) $135,000 (T) 2,000m, Winner Star Safari, Mickael Barzalona, Charlie Appleby.
8.15pm Handicap (TB) $135,000 (D) 1,600m, Winner Moqarrar, Fabrice Veron, Erwan Charpy.
8.50pm Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m, Winner Secret Advisor, William Buick, Charlie Appleby.
9.25pm Curlin Stakes Listed (TB) $175,000 (D) 2,000m, Winner Parsimony, William Buick, Doug O’Neill.
10pm Handicap (TB) $135,000 (T) 2,000m, Winner Simsir, Ronan Whelan, Michael Halford.
10.35pm Handicap (TB) $175,000 (T) 1,400m, Winner Velorum, Mickael Barzalona, Charlie Appleby.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
Disturbing%20facts%20and%20figures
%3Cp%3E%3Cstrong%3E51%25%3C%2Fstrong%3E%20of%20parents%20in%20the%20UAE%20feel%20like%20they%20are%20failing%20within%20the%20first%20year%20of%20parenthood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E57%25%20vs%2043%25%3C%2Fstrong%3E%20is%20the%20number%20of%20mothers%20versus%20the%20number%20of%20fathers%20who%20feel%20they%E2%80%99re%20failing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E28%25%3C%2Fstrong%3E%20of%20parents%20believe%20social%20media%20adds%20to%20the%20pressure%20they%20feel%20to%20be%20perfect%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E55%25%3C%2Fstrong%3E%20of%20parents%20cannot%20relate%20to%20parenting%20images%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E67%25%3C%2Fstrong%3E%20of%20parents%20wish%20there%20were%20more%20honest%20representations%20of%20parenting%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E53%25%3C%2Fstrong%3E%20of%20parents%20admit%20they%20put%20on%20a%20brave%20face%20rather%20than%20being%20honest%20due%20to%20fear%20of%20judgment%3C%2Fp%3E%0A%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3ESource%3A%20YouGov%3C%2Fspan%3E%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
DUNE%3A%20PART%20TWO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
Company%20profile
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Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.