US singer Lionel Richie performs on the Auditorium Stravinski stage during the 2023 Montreux Jazz Festival. EPA
US singer Lionel Richie performs on the Auditorium Stravinski stage during the 2023 Montreux Jazz Festival. EPA
US singer Lionel Richie performs on the Auditorium Stravinski stage during the 2023 Montreux Jazz Festival. EPA
US singer Lionel Richie performs on the Auditorium Stravinski stage during the 2023 Montreux Jazz Festival. EPA

75 things to know about Lionel Richie, from being popular in Baghdad to rivalry with Michael Jackson


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Whether it's capturing the communal joy of a 100,000-strong festival crowd or ringing in the New Year, Lionel Richie has shown he has the songs to match the moment.

For more than five decades, the US singer and songwriter, 75, has built a successful and influential career as a band leader and solo artist, in the process defining the dominant pop sounds of the 1980s as well as the pop-country music elements that are in vogue today. Ahead of his New Year's Eve performance in Dubai, here are 75 interesting facts about one of the most successful artists of his generation.

1. Lionel Richie was born in the US city of Tuskegee. Located in the state of Alabama, the city is famous for its notable African-American educator Booker T Washington and civil rights activists, including Rosa Parks and Sammy Younge Jr.

2. He was an athlete. Richie was a tennis player before anything else, earning himself a sports scholarship at the Tuskegee Institute, from which he graduated with a degree in economics.

3. He nearly chose the altar over the stage. He considered joining the Episcopal Church to become a priest, but decided to join the Commodores instead.

4. His first band wasn't the Commodores. It was a group called the Mystics. They would go on to merge with a band called the Jays to finally form the Commodores.

Members of Commodores poses for a portrait in Los Angeles, California in 1980. Getty
Members of Commodores poses for a portrait in Los Angeles, California in 1980. Getty

5. He experienced stage fright. A shy young man, Richie had to be convinced by band members to switch from saxophone to lead singer.

6. The Commodores wasn't supposed to be serious. The group was formed in college and was created as a way for its members to kill time and meet girls.

7. He dropped out of university: When the band became serious, Richie quit college in the second semester of his senior year to pursue music full time. His father wasn't very happy about it.

8. He toured with The Jackson 5. Their support slot on that tour in the early '70s resulted in the Commodores landing a record deal.

9. He learnt the piano by watching his grandmother play. Richie would watch and memorise the hand movements of his grandmother, a classically trained pianist, when he was younger. He would soon learn to play by ear.

10. His grandmother initially hated Brick House. Richie recalled how his grandmother, a churchgoing woman, was outraged by the saucy 1977 funk number. He credits the song's popularity and the massive payday it yielded, for eventually changing her mind.

11. He loved writing ballads. This was Richie's main contribution to the Commodores. While he co-wrote the barnstorming Brick House, it was ballads such as Sail On and Easy that defined him as a songwriter.

12. Easy was inspired by life on the road. Tired of going on year-long tours as part of the Commodores, Richie wrote Easy to express how show business was more graft than glamour.

13. Three Times a Lady was written for Frank Sinatra. Because the song was written as a waltz, Richie thought it wouldn't fit with the Commodores. Producer James Carmichael, however, insisted the song be used by the group.

14. Endless Love is the duet of duets. The song was written for the 1981 movie of the same name, and Richie's collaboration with Diana Ross was an international success. The track was covered by everyone from Luther Vandross and Mariah Carey to Shania Twain.

15. His band made it extremely big. By 1978, the Commodores had four platinum and 14 gold records, along with a tour that raked in $6.5 million.

16. He is a breast cancer campaigner Richie has raised $3.1m for the Breast Cancer Research Foundation. His activism was motivated by his grandmother, who was diagnosed with the disease in her eighties, but lived until she was 103.

17. He can write a hit in a bathroom. Richie began writing for others in the late 1970s – he composed the second verse to Kenny Rogers' hit song Lady during a bathroom break.

18. His solo career began in fine form. His debut single, Truly, won the 1982 Grammy Award for Best Male Pop Vocal performance.

19. He gave a future ballad king his first big break. Listen carefully to a few tracks on Richie's solo debut, particularly the minor hit, You Are, and you will hear the backing vocals of a then little-known American singer and future ballad king, Richard Marx.

20. It was his second solo effort that made Richie a pop phenomenon. The numbers and accolades don't lie; 1983's Can't Slow Down sold more than 20 million copies and won the Grammy Award for Album of the Year.

21. The African section in All Night Long is actually made up. Time constraints and the lack of a Swahili translator pushed him to make up the words.

22. His biggest hit was a joke: Hello, released in 1984, started out as a joke between him and producer Carmichael. Richie greeted him with the famous line: "Hello, is it me you're looking for?"

23. Hello has been the subject of a popular meme shared by Muslims. The search for halal meat while on holiday was best encapsulated in a meme of Richie, with the lyrics changed to "Halal, is it meat you are looking for?"

24. The video for 'Dancing on the Ceiling' was a record breaker. Made for the reported cost of $400,000, the video was the most expensive of the time. It features Richie and friends dancing suspended from the ceiling.

25. Dancing on the Ceiling shattered his marriage. It was during the video shoot for the 1986 song that he met Diane Alexander. His affair with the dancer led to his divorce from wife and high-school sweetheart Brenda Harvey.

26. He has a sweet tooth. He is a big fan of oatmeal cookies and carrot cake.

Viwe of the autographed first page of the sheet music for the song 'We Are the World,' written by Michael Jackson and Lionel Richie, 1985. Getty
Viwe of the autographed first page of the sheet music for the song 'We Are the World,' written by Michael Jackson and Lionel Richie, 1985. Getty

27. He co-wrote a global anthem. Richie co-wrote the benefit single We Are the World with Michael Jackson. The final version was ready only a few hours before the recording session. The song sold more than 20 million copies.

28. He is an Oscar-winner. Richie won the Best Original Song Academy Award for Say You, Say Me in 1986. The track appeared in the 1985 dance drama White Nights, starring Gregory Hines and Mikhail Baryshnikov.

Lionel Richie won Best Original Song for 'Say You, Say Me' at the 58th Academy Awards. Getty
Lionel Richie won Best Original Song for 'Say You, Say Me' at the 58th Academy Awards. Getty

29. He took a time out at the peak of his fame. Exhausted from touring and recording, Richie took 10 years away from the limelight in 1987 and returned to his family home in Alabama to take care of his ailing father.

30. His first greatest hits collection is the best. Released in 1992, Back to Front collects all of Richie's singles and hits from his days with the Commodores, through to his key solo albums. Although a few collections were released since, this is all you need.

31. He was Nelson Mandela's stylist. Richie was Nelson Mandela's stylist for the duration of his 1990 visit to the United States.

32. He is big in Baghdad. An ABC news reporter has been quoted several times saying that Iraqis love Richie, and his songs play regularly on the local radio.

33. Hello was the soundtrack to a big sale. There are reports of the song Hello playing during an oil and gas auction held at Baghdad's Ministry of Oil.

34. His music was used as a teaching aid. After a guest appearance on Chinese Idol, fans told Richie that a handful of his songs were used in their curriculum to learn English.

35. His name inspired one of the world's greatest football stars. Messi's parents, both massive Richie fans, named the FC Barcelona star after the singer.

36. He even inspired rappers. In American rapper Biggie Smalls's 1997 track I Love the Dough, the line "Rich like Lionel" references Richie's then massive fortune.

37. He is a fussy seafood eater. Richie completely avoids crab, octopus and mussels.

38. He was a natural talent. Despite his huge aptitude for songwriting, Richie never actually studied music theory and can't read or write music.

39. He had a health scare. He almost lost his singing voice after doctors found polyps on his larynx, which were operated on between 1988 and 1991. He thankfully made a full recovery and resumed heavy touring.

40. He stands up for his colleagues. He is an ardent supporter of working songwriters, and cites their unfair treatment as part of the reason he has avoided releasing new material regularly.

41. He is the king of comfort. In 2016, he launched Lionel Richie Home, a line of ornate dinnerware, glassware and home decor items, followed in 2018 by a line of bath towels, duvets, decorative pillows, quilts and sheets.

42. He has green fingers. Richie is a skilled gardener, and spends plenty of time tending to his flowers, including his favourite, the bougainvillaea.

43. He loves all things design. Richie collects fireplaces, is constantly poring over design magazines and frequents art galleries throughout his travels.

44. He is an avid art collector. Richie has spent his hard-earned fortune on several expensive pieces by the likes of Andy Warhol and Jean-Michel Basquiat.

45. He is a fan of today's pop stars. Richie loves Drake and Bruno Mars, both of whom he considers talented storytellers: "These are guys who are real singer-songwriters," he says.

46. He played for Colonel Qaddafi. In 2006, Richie suffered heavy criticism after performing in Tripoli for the late Libyan dictator.

47. He has sold a lot of records. In his time as a solo artist, Richie has sold more than 100 million albums.

48. He sent Dave Grohl a care package. After Grohl (of Nirvana and the Foo Fighters) broke his leg during a concert in Scandinavia, Richie sent him a giant muffin basket while he was recovering.

Martin Scorsese, Nelson Mandela and Lionel Richie in 2005. Photo by Startraks/Shutterstock
Martin Scorsese, Nelson Mandela and Lionel Richie in 2005. Photo by Startraks/Shutterstock

49. His music helped Nelson Mandela. During one of Mandela's first visits to the United States, the South African president expressed to Richie that his music had been a great comfort during his time in jail.

50. He appeared on The Simpsons. In the 2007 episode He Loves To Fly and He D'ohs, Homer Simpson finds himself flush with cash. Eager to enjoy his fortune, he hires a private jet with entertainment provided by Richie.

51. He thinks fan tattoos are a step too far. Speaking to British TV channel ITV last year, he said: "I am glad you are a fan, but there is a point where you go 'really?'"

52. He was pranked by Stevie Wonder. In an interview with Jimmy Kimmel in April, Richie recalled how Stevie Wonder, who has been blind since shortly after birth, lured Richie into his car to hear an album. Stevie Wonder sat in the driver's seat reversing the car backwards to Richie's horror. "He would stop and say, 'I got you,'" he later said of the skit.

53. He had a friendly rivalry with Michael Jackson. "If it wasn't for Thriller, I wouldn't have written All Night Long," he said in a US interview. "We had this wonderful competitive time together."

54. His songwriting process is direct. Speaking to the US press in 1983, he explained that he begins with the chorus, followed by the song's mood and then the verse.

55. He was diagnosed as being 'overly sensitive' as a child. He credits that condition for powering his creative process.

56. Richie doesn't know what inspired his greatest hits. "I went to the studio wanting to write a happy song and instead I wrote Still, a very sad song," he said. "Another time I went in to write a sad song because I was miserable and instead it was All Night Long."

57. A Lionel Richie museum is in the works. He bought his family home in Tuskegee, as well as the surrounding lands. He plans to eventually turn it into a Lionel Richie museum full of his awards, clothes and other items he accumulated from his near five-decade career.

58. He bid farewell to Michael Jackson in song. In 2009, Richie performed as part of the Michael Jackson public memorial service in Los Angeles. Standing beside the casket on stage, he sang the 1980 Commodores gospel track, Jesus is Love.

Nicole Richie is an American designer and daughter of Lionel Richie Getty
Nicole Richie is an American designer and daughter of Lionel Richie Getty

59. He was Nicole Richie's legal guardian and then adoptive father. He adopted Nicole when she was three, when his friend and musician Peter Escovedo and his partner Karen Moss could not afford to provide for her. Richie legally adopted Nicole at the age of nine.

60. He made his Middle East concert debut in Dubai in 2014. Dressed in black, Richie was in fine form. He greeted the crowd with "Yalla habibi" and launched into a two-hour concert full of back-to-back hits.

61. He performed a private concert for Emirates airline in 2012. To celebrate the Dubai carrier's new route to Washington DC, he performed to a crowd of VIPs in the US capital. "He was very professional," promoter Tom Ovesen said. " He arrived five minutes before the show, stepped on stage and killed it."

62. He also performed a private gig in Abu Dhabi in 2013. It was rumoured to be part of a lavish wedding. That said, he managed to go to Dubai and make a backstage appearance at the My Music X Festival, where he took a photograph with 1990s RnB singer Keith Sweat.

63. The UAE hosted a Richie tribute act in 2014. Dubai's Millennium Airport Hotel held a concert with Richie impressionist Jason Leigh, who donned the suit and afro and had fans singing all night long.

64. He is the sensitive judge on 'American Idol'. The singer was a teary mess on March 25 after the spellbinding audition by 17-year-old blind singer Shayy.

65. He still has it. The singer drew the biggest crowd at the world's biggest music festival. Around 100,000 people saw Richie perform at 2015's Glastonbury festival in a concert that he described as "a real hoot."

66. He wants to return to the Commodores for a reunion tour. Speaking to Rolling Stone in 2014, he said that two of the five members of the band are still not convinced.

67. He made his debut Abu Dhabi performance in 2016. In The National's review of the Formula One after-race concert, we stated that: "Richie's greatest trick is making it seem so very effort-free."

68. He released a rare live album in 2020. Titled Live from Las Vegas, the album was recorded during his residency at Zappos Theatre at the Planet Hollywood Resort and Casino.

69. He played a huge show in London. In another amazing UK gig, Richie teamed up with Stevie Wonder to perform at London's Hyde Park.

70. He isn't planning on slowing down. At 75, Richie is well into an international tour, which extends throughout 2025.

71. He was inducted into the Rock and Roll Hall of Fame by singer Lenny Kravitz in 2022. Kravitz described Richie's work as the "soundtrack of my life, your life and everyone's life."

72. He was behind a Netflix hit. This year saw the release of The Greatest Night in Pop, a documentary he co-produced about the making of charity hit We Are the World, in which he sang alongside Michael Jackson and a galaxy of other pop stars. The movie topped Netflix's streaming list in the opening days and was nominated for Best Music Film at the Grammy Awards in February.

73. His last album remains Tuskegee. Released in 2012 and named after the US city of his birth, the album consists of country music reinterpretations of previously released solo tracks such as Stuck on You and Sail On.

74. He was the first person to receive an RIAA diamond album award in 1985. The distinction, given to albums selling 10 million copies or more in the US, was for his blockbuster 1983 album Can't Slow Down.

75. He made a cameo in the Foo Fighters' horror-comedy film Studio 666. The quirky scene has Richie emerging out of nowhere to interrupt Foo Fighters singer Dave Grohl's rough rendition of the hit Hello.

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

The biog:

Languages: Arabic, Farsi, Hindi, basic Russian 

Favourite food: Pizza 

Best food on the road: rice

Favourite colour: silver 

Favourite bike: Gold Wing, Honda

Favourite biking destination: Canada 

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

THE BIO

Occupation: Specialised chief medical laboratory technologist

Age: 78

Favourite destination: Always Al Ain “Dar Al Zain”

Hobbies: his work  - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”

Other hobbies: football

Favorite football club: Al Ain Sports Club

 

EXPATS
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History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Timeline

2012-2015

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

May 2017

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

September 2021

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

October 2021

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

December 2024

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

May 2025

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

July 2025

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

August 2025

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

October 2025

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

November 2025

180 Petrofac employees laid off in the UAE

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

The specs
Engine: 2.5-litre, turbocharged 5-cylinder

Transmission: seven-speed auto

Power: 400hp

Torque: 500Nm

Price: Dh300,000 (estimate)

On sale: 2022 

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

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Company%20Profile
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

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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.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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