Lebanese singer Nancy Ajram performs 'Sah Sah' on stage during a Miss Lebanon 2022 contest, held at Forum De Beirut in Beirut. EPA
Lebanese singer Nancy Ajram performs 'Sah Sah' on stage during a Miss Lebanon 2022 contest, held at Forum De Beirut in Beirut. EPA
Lebanese singer Nancy Ajram performs 'Sah Sah' on stage during a Miss Lebanon 2022 contest, held at Forum De Beirut in Beirut. EPA
Lebanese singer Nancy Ajram performs 'Sah Sah' on stage during a Miss Lebanon 2022 contest, held at Forum De Beirut in Beirut. EPA

Why Nancy Ajram and Marshmello's ‘Sah Sah’ became an instant summer hit


Maan Jalal
  • English
  • Arabic

Nancy Ajram has officially proven she is the undisputed Arab music queen of this generation.

The Lebanese pop star made history recently through her collaboration with award-winning, multi-platinum American DJ Marshmello.

Their single Sah Sah made it into the US Billboard Dance Charts two weeks after its initial release. It is the first Arabic-language song to enter the prestigious charts.

Sah Sah, which translates as wake up, has also amassed 26 million views on YouTube, more than two million streams on Spotify and more than 19,000 Shazam streams. It’s the first Arabic-language song to make it into the Top 10 iTunes chart, and it topped the iTunes electro-dance category in the UAE and Saudi Arabia. It’s also well on its way to becoming one of the most popular songs on TikTok.

There’s no arguing that Sah Sah is this year’s summer hit from the region.

“People are loving Sah Sah for more than one reason,” Egyptian composer Moody Saeed, who worked on the track with Ajram and Marshmello, tells The National. “The lyrics are light and the words, sah sah, are fun and easy to remember. It’s also the music, the beat, it has a mix of east and west.”

From Akhasmak Ah to Ya Tabtab to Inta Meen, Ajram is known for her distinctive voice. While classically trained, she has become synonymous with Arab pop.

“Nancy Ajram can sing in more than one way, it’s part of her charm,” says Saeed. “She has a large fan base — children, teenagers, men, women, all of them enjoy her music. It makes her really different from other singers. She’s a big reason why Sah Sah reached a wide range of people and why it's seen such success.”

Combining classic Arab sounds with an upbeat pop sensibility and playful lyrics is what has cemented Ajram in the Arab world as an artist, one who reflects the mood and style of contemporary Arab culture.

And now with Sah Sah, she’s managed to take that formula and globalise it.

The collaboration was also marketed well. At the start of July, both Ajram and Marshmello shared vague posts about their collaboration on social media. Ajram posted a photo of herself with the DJ in a recording studio to her 33.2 million Instagram followers.

Marshmello, the stage persona of Christopher Comstock, famous for wearing a white helmet that resembles a marshmallow, also posted a similar photo to his 29.4m followers on the platform.

Both artists only had the words "Sah Sah" in their caption.

The intersections of their very different, diverse fan base created plenty of anticipation for the song’s release.

Even with a curated online marketing strategy and two powerhouses such as Ajram and Marshmello combining forces, the single still had to be good to gain global attention.

With Ajram’s signature Arab pop sound, and classic Middle Eastern instrumentals such as the qanun, fused with Marshmello's bass-heavy electronic touch, Sah Sah is undeniably catchy. Add to that its upbeat and easy lyrics, and Sah Sah couldn't fail.

“Nancy is infectious. The moment you hear one of her songs, you instantly like it,” says Palestinian-American DJ and radio host Ibrahim Abu-Ali, also known as DJ Habibeats, who recently won attention online for his remix of Ajram’s hit Ya Tabtab.

“People who listen to Nancy Ajram or Arabic music have heard a lot of the same sounds. It’s the same with any type of music. The fact that you’re hearing certain elements (in Sah Sah) that sound really Arabic and are mixed with certain elements that sound very western, is new and exciting to the ear. It’s an interesting combination that you don’t hear often or isn’t always done well.”

The official music video for Sah Sah, which had its premiere on July 8, also combined eastern and western musical pop aesthetics. Ajram is seen dressed in a number of sparkling outfits, while Marshmello plays the qanun, both of them surrounded by dancers at an underground party.

Like any quintessential summer hit, it makes you want to get up and dance.

Nancy Ajram's fashion evolution — in pictures

  • Nancy Ajram wears a black turtleneck and denim shirt during a TV appearance in Beirut on December 5, 2001. AFP
    Nancy Ajram wears a black turtleneck and denim shirt during a TV appearance in Beirut on December 5, 2001. AFP
  • Performing in a black dress with lace detail after receiving her 2003 Murrex D'or award in Jounieh on November 29, 2003. AFP
    Performing in a black dress with lace detail after receiving her 2003 Murrex D'or award in Jounieh on November 29, 2003. AFP
  • The singer in a black shirt and jacket with fishnet tights after a press conference in Kuwait on February 2, 2004. EPA
    The singer in a black shirt and jacket with fishnet tights after a press conference in Kuwait on February 2, 2004. EPA
  • In a white halter neck dress at the Arabic Music Awards in Dubai on May 15, 2004. EPA
    In a white halter neck dress at the Arabic Music Awards in Dubai on May 15, 2004. EPA
  • The singer wears an orange floral dress while performing at the Jerash Festival of Culture and Arts in Jordan on July 28, 2004. AFP
    The singer wears an orange floral dress while performing at the Jerash Festival of Culture and Arts in Jordan on July 28, 2004. AFP
  • Sporting a leather shearling jacket and jeans during a tsunami benefit concert at Biel in Beirut, Lebanon on February 1, 2005. EPA
    Sporting a leather shearling jacket and jeans during a tsunami benefit concert at Biel in Beirut, Lebanon on February 1, 2005. EPA
  • In a black top and skirt while performing at Al-Behira Theatre in Al-Qarm Garden, Muscat, Oman on January 26, 2006. EPA
    In a black top and skirt while performing at Al-Behira Theatre in Al-Qarm Garden, Muscat, Oman on January 26, 2006. EPA
  • Pretty in a pink top and high-waisted trousers while visiting the Dunniyeh mountains of northern Lebanon on June 26, 2006. AFP
    Pretty in a pink top and high-waisted trousers while visiting the Dunniyeh mountains of northern Lebanon on June 26, 2006. AFP
  • In a delicate green and orange dress at a concert in Manama, Bahrain on May 18, 2006. EPA
    In a delicate green and orange dress at a concert in Manama, Bahrain on May 18, 2006. EPA
  • This yellow gown is her performance outfit at a Manama concert on January 2, 2007. EPA
    This yellow gown is her performance outfit at a Manama concert on January 2, 2007. EPA
  • Striking in a leopard print gown while performing in Cairo, Egypt on July 24, 2007. EPA
    Striking in a leopard print gown while performing in Cairo, Egypt on July 24, 2007. EPA
  • In a cream gown at Jumeirah Mina A'Salam, Dubai on October 12, 2007. AFP
    In a cream gown at Jumeirah Mina A'Salam, Dubai on October 12, 2007. AFP
  • Classic white shirt with jeans and a statement metallic belt on the set of the 'Moshta'aa Leek' video in Beirut, Lebanon on November 6, 2007. EPA
    Classic white shirt with jeans and a statement metallic belt on the set of the 'Moshta'aa Leek' video in Beirut, Lebanon on November 6, 2007. EPA
  • The singer goes casual in jeans and a grey top to perform in Muscat, Oman on December 3, 2007. EPA
    The singer goes casual in jeans and a grey top to perform in Muscat, Oman on December 3, 2007. EPA
  • In a bright red strapless dress, Nancy Ajram holds up the Kuwaiti flag while performing in Kuwait on February 29, 2008. EPA
    In a bright red strapless dress, Nancy Ajram holds up the Kuwaiti flag while performing in Kuwait on February 29, 2008. EPA
  • In a black gown at the Big Ball gala in Dubai, UAE, on June 1, 2008. EPA
    In a black gown at the Big Ball gala in Dubai, UAE, on June 1, 2008. EPA
  • Making an entrance in a silver sequinned gown at the World Music Awards 2008 in Monaco on November 9, 2008. Getty Images
    Making an entrance in a silver sequinned gown at the World Music Awards 2008 in Monaco on November 9, 2008. Getty Images
  • Sleek in a black velvet sequinned gown at the Miss Lebanon 2009 contest in Adma, north of Beirut, Lebanon on June 26, 2009. EPA
    Sleek in a black velvet sequinned gown at the Miss Lebanon 2009 contest in Adma, north of Beirut, Lebanon on June 26, 2009. EPA
  • A purple dress for another performance at the Miss Lebanon 2009 contest on June 26, 2009. EPA
    A purple dress for another performance at the Miss Lebanon 2009 contest on June 26, 2009. EPA
  • In a draped one-shoulder grey gown at the Zouk Mikael International Festival, Lebanon on July 31, 2009. EPA
    In a draped one-shoulder grey gown at the Zouk Mikael International Festival, Lebanon on July 31, 2009. EPA
  • Going fashionably green at the 15th Cairo Festival for Arab Media on November 15, 2009. EPA
    Going fashionably green at the 15th Cairo Festival for Arab Media on November 15, 2009. EPA
  • Quite the picture in a white satin dress with bow detailing, to promote her album 'Nancy 7' in Beirut, Lebanon on December 13, 2010. EPA
    Quite the picture in a white satin dress with bow detailing, to promote her album 'Nancy 7' in Beirut, Lebanon on December 13, 2010. EPA
  • Classic LBD with sheer tights for the Elie Saab show at Paris Haute Couture Fashion Week on January 26, 2011. Getty Images
    Classic LBD with sheer tights for the Elie Saab show at Paris Haute Couture Fashion Week on January 26, 2011. Getty Images
  • Cheerful in a cream blouse and red trousers for an appearance at Mall of the Emirates, Dubai on October 9, 2013. Antonie Robertson / The National
    Cheerful in a cream blouse and red trousers for an appearance at Mall of the Emirates, Dubai on October 9, 2013. Antonie Robertson / The National
  • Statuesque in a white Grecian gown for the World Music Awards at Sporting Monte-Carlo, Monaco, on May 27, 2014. Getty Images
    Statuesque in a white Grecian gown for the World Music Awards at Sporting Monte-Carlo, Monaco, on May 27, 2014. Getty Images
  • Performing in a panelled black gown during the 50th International Festival of Carthage in Tunis, Tunisia on August 12, 2014. EPA
    Performing in a panelled black gown during the 50th International Festival of Carthage in Tunis, Tunisia on August 12, 2014. EPA
  • The singer in a cream gown during the DSF 20th anniversary celebrations in Dubai on January 10, 2015. Jeffrey E Biteng / The National
    The singer in a cream gown during the DSF 20th anniversary celebrations in Dubai on January 10, 2015. Jeffrey E Biteng / The National
  • Peppy in a black dress with silver polka dots at Live Achrafieh Music Festival in Beirut, Lebanon on June 17, 2017. EPA
    Peppy in a black dress with silver polka dots at Live Achrafieh Music Festival in Beirut, Lebanon on June 17, 2017. EPA
  • A deep red gown with floral detailing is her stage outfit at the International Festival of Carthage in Tunis, Tunisia on August 9, 2017. EPA
    A deep red gown with floral detailing is her stage outfit at the International Festival of Carthage in Tunis, Tunisia on August 9, 2017. EPA
  • Striking in a sequinned gown at the 2019 Jerash Festival of Culture and Arts in Jordan on July 20, 2019. EPA
    Striking in a sequinned gown at the 2019 Jerash Festival of Culture and Arts in Jordan on July 20, 2019. EPA
  • Nancy Ajram performs in a sequinned dress and fur coat at the German University in Cairo, Egypt on December 14, 2019. EPA
    Nancy Ajram performs in a sequinned dress and fur coat at the German University in Cairo, Egypt on December 14, 2019. EPA
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%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

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars

- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes

- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts

The biog

Favourite films: Casablanca and Lawrence of Arabia

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

Favourite dish: Grilled fish

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

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.”

De De Pyaar De

Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Premier League results

Saturday

Crystal Palace 1 Brighton & Hove Albion 2

Cardiff City 2 West Ham United 0

Huddersfield Town 0 Bournemouth 2

Leicester City 3 Fulham 1

Newcastle United 3 Everton 2

Southampton 2 Tottenham Hotspur 1

Manchester City 3 Watford 1

Sunday

Liverpool 4 Burnley 2

Chelsea 1 Wolverhampton Wanderers 1

Arsenal 2 Manchester United 0

 

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Illegal%20shipments%20intercepted%20in%20Gulf%20region
%3Cp%3EThe%20Royal%20Navy%20raid%20is%20the%20latest%20in%20a%20series%20of%20successful%20interceptions%20of%20drugs%20and%20arms%20in%20the%20Gulf%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMay%2011%3A%20%3C%2Fstrong%3EUS%20coastguard%20recovers%20%2480%20million%20heroin%20haul%20from%20fishing%20vessel%20in%20Gulf%20of%20Oman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMay%208%3A%3C%2Fstrong%3E%20US%20coastguard%20vessel%20USCGC%20Glen%20Harris%20seizes%20heroin%20and%20meth%20worth%20more%20than%20%2430%20million%20from%20a%20fishing%20boat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMarch%202%3A%3C%2Fstrong%3E%20Anti-tank%20guided%20missiles%20and%20missile%20components%20seized%20by%20HMS%20Lancaster%20from%20a%20small%20boat%20travelling%20from%20Iran%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOctober%209%2C%202022%3A%20%3C%2Fstrong%3ERoyal%20Navy%20frigate%20HMS%20Montrose%20recovers%20drugs%20worth%20%2417.8%20million%20from%20a%20dhow%20in%20Arabian%20Sea%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESeptember%2027%2C%202022%3A%3C%2Fstrong%3E%20US%20Naval%20Forces%20Central%20Command%20reports%20a%20find%20of%202.4%20tonnes%20of%20heroin%20on%20board%20fishing%20boat%20in%20Gulf%20of%20Oman%C2%A0%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

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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.”

Updated: August 10, 2022, 9:33 AM