Cryptic billboards with '30' have been popping up around the world, including in Dubai Festival City
Cryptic billboards with '30' have been popping up around the world, including in Dubai Festival City
Cryptic billboards with '30' have been popping up around the world, including in Dubai Festival City
Cryptic billboards with '30' have been popping up around the world, including in Dubai Festival City

Culture

Music

Mysterious '30' billboards are appearing, including in Dubai, but are they for Adele?

Fans are speculating the new billboards may mean that the singer is set to release her fourth studio album

Evelyn Lau
Evelyn Lau

October 02, 2021

  • English
  • Arabic

Is Adele’s new album finally on the way?

It’s been six years since the singer released her third album 25, which featured charting singles Hello, When We Were Young and Water Under the Bridge. While she’s hinted over the years that new music is on the way, it just hasn’t happened.

However, now a series of mysterious billboards have been spotted that simply read “30” causing her fans to go into a frenzy asking if this means her album will finally be released. One of the signs appears on the side of a building in Dubai Festival City, while others have popped up in Ireland, Italy and Germany.

Her previous three albums were also numerically titled 19, 21 and 25.

She’s previously stated that her albums are named after the age of when she’s worked on them and that they are a reflection of her life and frame of mind at the time.

What could fans expect?

Even though it has been a while, Adele has gone through some life changes including a divorce initiated in 2019. However, according to several reports, the singer will dance through the pain with an upbeat collection of pop ditties and club bangers.

With comments attributed to music industry insiders, US magazine People and British tabloid The Sun reported the album will have a euphoric feel.

"She is definitely getting ready both mentally and physically to promote new music. It seems it will happen later this year," People wrote.

The Sun stated the record will be "optimistic, reflective of the good times and about learning to move on from them and make new memories by yourself".

More recognition

In March, the Someone Like You hitmaker was recognised as the UK’s best-selling female artist of the century so far.

She topped a new list compiled by the British Phonographic Industry, coming ahead of some of the world's top artists including Beyonce, Britney Spears and Lady Gaga.

The list takes into account how many albums artists have sold since the year 2000, while also including streaming data. The BPI data also revealed the top 10 albums of the century, with all three studio albums by Adele featured in the list.

Scroll through our gallery below to see Adele's style evolution through the years.

  • Adele, in a tunic and black jeans, arrives at the Brit Awards at Earls Court on February 20, 2008 in London, England. Getty Images
    Adele, in a tunic and black jeans, arrives at the Brit Awards at Earls Court on February 20, 2008 in London, England. Getty Images
  • Adele, in a checked coat, arrives at an afterparty following the premiere of 'Sex and the City' at Old Billingsgate on May 12, 2008 in London, England. Getty Images
    Adele, in a checked coat, arrives at an afterparty following the premiere of 'Sex and the City' at Old Billingsgate on May 12, 2008 in London, England. Getty Images
  • Adele, in Barbara Tfank, holds her two awards at the 51st annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 8, 2009. EPA
    Adele, in Barbara Tfank, holds her two awards at the 51st annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 8, 2009. EPA
  • Adele, in a black beaded dress, arrives at the Glamour Women of the Year Awards at Berkeley Square Gardens on June 2, 2009 in London, England. Getty Images
    Adele, in a black beaded dress, arrives at the Glamour Women of the Year Awards at Berkeley Square Gardens on June 2, 2009 in London, England. Getty Images
  • Adele, in a black and gold brocade dress, attends the CMT Artists of the Year event at Liberty Hall on November 30, 2010 in Franklin, Tennessee. Getty Images
    Adele, in a black and gold brocade dress, attends the CMT Artists of the Year event at Liberty Hall on November 30, 2010 in Franklin, Tennessee. Getty Images
  • Adele, in a black dress with embroidered overlay, attends the Brit Awards at the O2 Arena on February 15, 2011 in London, England. Getty Images
    Adele, in a black dress with embroidered overlay, attends the Brit Awards at the O2 Arena on February 15, 2011 in London, England. Getty Images
  • Adele, in a classic LBD, arrives for the Echo Awards at Palais am Funkturm on March 24, 2011 in Berlin, Germany. Getty Images
    Adele, in a classic LBD, arrives for the Echo Awards at Palais am Funkturm on March 24, 2011 in Berlin, Germany. Getty Images
  • Adele, in Burberry, arrives at the MTV Video Music Awards at Nokia Theatre on August 28, 2011 in Los Angeles, California. Getty Images
    Adele, in Burberry, arrives at the MTV Video Music Awards at Nokia Theatre on August 28, 2011 in Los Angeles, California. Getty Images
  • Adele, in Clements Ribeiro, attends the Mercury Prize at Grosvenor House on September 6, 2011 in London, England. Getty Images
    Adele, in Clements Ribeiro, attends the Mercury Prize at Grosvenor House on September 6, 2011 in London, England. Getty Images
  • Adele, in Burberry, arrives for the 54th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 12, 2012. EPA
    Adele, in Burberry, arrives for the 54th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 12, 2012. EPA
  • Adele, in Burberry, attends the Brit Awards at the O2 Arena on February 21, 2012 in London, England. Getty Images
    Adele, in Burberry, attends the Brit Awards at the O2 Arena on February 21, 2012 in London, England. Getty Images
  • Adele, in a lace-trimmed midi, poses with her wins at the Brit Awards held at the O2 Arena in London, England, on February 21, 2012. EPA
    Adele, in a lace-trimmed midi, poses with her wins at the Brit Awards held at the O2 Arena in London, England, on February 21, 2012. EPA
  • Adele, in Burberry, arrives for the 70th annual Golden Globe Awards at the Beverly Hilton Hotel in Los Angeles, California, on January 12, 2013. EPA
    Adele, in Burberry, arrives for the 70th annual Golden Globe Awards at the Beverly Hilton Hotel in Los Angeles, California, on January 12, 2013. EPA
  • Adele, in Valentino, arrives for the 55th annual Grammy Awards in Los Angeles, California, on February 10, 2013. EPA
    Adele, in Valentino, arrives for the 55th annual Grammy Awards in Los Angeles, California, on February 10, 2013. EPA
  • Adele, in Jenny Packham, arrives at the 85th annual Academy Awards at the Dolby Theatre in Hollywood, California, on February 24, 2013. EPA
    Adele, in Jenny Packham, arrives at the 85th annual Academy Awards at the Dolby Theatre in Hollywood, California, on February 24, 2013. EPA
  • Adele, in Stella McCartney, with her MBE at Buckingham Palace on December 19, 2013 in London, England. Getty Images
    Adele, in Stella McCartney, with her MBE at Buckingham Palace on December 19, 2013 in London, England. Getty Images
  • Adele, in Givenchy, arrives for the 58th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 15, 2016. EPA
    Adele, in Givenchy, arrives for the 58th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 15, 2016. EPA
  • Adele, in Giambattista Valli, attends the Brit Awards at the O2 Arena on February 24, 2016 in London, England. Getty Images
    Adele, in Giambattista Valli, attends the Brit Awards at the O2 Arena on February 24, 2016 in London, England. Getty Images
  • Adele, in Valentino, poses in the winners room at the Brit Awards on February 24, 2016 in London, England. Getty Images
    Adele, in Valentino, poses in the winners room at the Brit Awards on February 24, 2016 in London, England. Getty Images
  • Adele, in Burberry, performs at the Ziggo Dome on June 1, 2016 in Amsterdam, Netherlands. Getty Images
    Adele, in Burberry, performs at the Ziggo Dome on June 1, 2016 in Amsterdam, Netherlands. Getty Images
  • Adele, in Chloe, performs at the Glastonbury Festival at Worthy Farm on June 25, 2016 in Glastonbury, England. Getty Images
    Adele, in Chloe, performs at the Glastonbury Festival at Worthy Farm on June 25, 2016 in Glastonbury, England. Getty Images
  • Adele, in Givenchy, arrives for the 59th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 12, 2017. EPA
    Adele, in Givenchy, arrives for the 59th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 12, 2017. EPA
  • Adele, in Zuhair Murad, performs at Domain Stadium on February 28, 2017 in Perth, Australia. Getty Images
    Adele, in Zuhair Murad, performs at Domain Stadium on February 28, 2017 in Perth, Australia. Getty Images
  • Adele, in Elzinger, poses in a photograph to mark her 32nd birthday, posted to Instagram on May 6, 2020. Instagram / Adele
    Adele, in Elzinger, poses in a photograph to mark her 32nd birthday, posted to Instagram on May 6, 2020. Instagram / Adele
  • Adele, in Marine Serre, posts a photo from her home on August 1, 2020. Photo: Instagram / Adele
    Adele, in Marine Serre, posts a photo from her home on August 1, 2020. Photo: Instagram / Adele
  • HER, Adele, in a velvet shirt, and Kate McKinnon film a promo video for 'Saturday Night Live' in New York, US on October 22, 2020. Getty Images
    HER, Adele, in a velvet shirt, and Kate McKinnon film a promo video for 'Saturday Night Live' in New York, US on October 22, 2020. Getty Images
  • Adele, in Brock Collection, appears on an episode of 'Saturday Night Live' on October 24, 2020. YouTube / NBC
    Adele, in Brock Collection, appears on an episode of 'Saturday Night Live' on October 24, 2020. YouTube / NBC
  • Adele, in a metallic gown, on the cover of British Vogue shared on October 7, 2021. Photo: Instagram / Adele,
    Adele, in a metallic gown, on the cover of British Vogue shared on October 7, 2021. Photo: Instagram / Adele,
  • Adele, wearing Valentino Haute Couture, on the cover of US Vogue shared on October 7, 2021. Photo: Instagram / Adele
    Adele, wearing Valentino Haute Couture, on the cover of US Vogue shared on October 7, 2021. Photo: Instagram / Adele
  • Adele, in Chanel, during her 'Vogue 70 Questions' interview, which was released on October 21, 2021. Photo: YouTube / Vogue
    Adele, in Chanel, during her 'Vogue 70 Questions' interview, which was released on October 21, 2021. Photo: YouTube / Vogue
  • Adele, in a Christopher John Rogers suit, with Oprah Winfrey during her CBS interview released on November 14. Photo: Instragram / Oprah
    Adele, in a Christopher John Rogers suit, with Oprah Winfrey during her CBS interview released on November 14. Photo: Instragram / Oprah
Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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

While you're here
Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our legal consultant

Name: Hassan Mohsen Elhais

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

Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
SUNDAY'S ABU DHABI T10 MATCHES

Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm

More coverage from the Future Forum
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
While you're here
Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
MATCH INFO

New Zealand 176-8 (20 ovs)

England 155 (19.5 ovs)

New Zealand win by 21 runs

Race card

6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m

7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m

7.40pm: Handicap (TB) $135,000 (T) 2,000m

8.15pm: Handicap (TB) $135,000 (D) 1,600m

8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m

9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m

10pm: Handicap (TB) $135,000 (T) 2,000m

10.35pm: Handicap (TB) $175,000 (T) 1,400m

The National selections

6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath

GROUP RESULTS

Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs

Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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.”

UAE currency
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The years Ramadan fell in May

1987

1954

1921

1888

While you're here
While you're here
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
MORE ON AFGHANISTAN
The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
While you're here
Updated: October 02, 2021, 7:17 PM
MusicDubaiUSUK