Kenyan comedian Eric Omondi will perform in Dubai. Photo: DXB Comedy Knightz
Kenyan comedian Eric Omondi will perform in Dubai. Photo: DXB Comedy Knightz
Kenyan comedian Eric Omondi will perform in Dubai. Photo: DXB Comedy Knightz
Kenyan comedian Eric Omondi will perform in Dubai. Photo: DXB Comedy Knightz

Kenya’s Eric Omondi on why stand-up comedy is an African pastime


Saeed Saeed
  • English
  • Arabic

Finding a universal punchline within a country is hard enough, but doing so across a whole continent is something else.

This has been a winning feature of Eric Omondi, the pioneering comedian selling out shows across Africa for 16 years.

Reportedly the first Kenyan to perform on The Tonight Show Starring Jimmy Fallon, in 2017, he was also named Best Comedian at the annual African Entertainment Awards USA, for three consecutive times from 2018.

The Kenyan funnyman returns to the UAE to headline DxB Comedy Knights on Saturday, an international comedy showcase featuring South Africa's Pius Xulu, Lebanon's John Achkar and Imah Dumagay from the Philippines.

No stranger to Dubai, Omondi expects another raucous audience, including a sizeable number encompassing the UAE’s varied African communities.

“This is really one of the great things about coming back because, really, when you return, Africa comes to you,” he tells The National.

“There are people from Kenya, Nigeria, South Africa, Ethiopia and so many others that it feels like I am home. They all love the idea of gathering together and having a laugh about things they can all relate to.”

Despite the various languages, cultures and traditions, Omondi states there are certain aspects universal to Africa.

“I talk a lot about our mothers during the show,” he says.

“No matter where you come from, everybody has or knows that typical African mum. The one that is strong and resilient. The one that loves you but shows no emotion and runs the household like a military camp.”

Another topic resonating beyond borders is the tried and tested comedic premise of getting married.

“But it’s not in the way that you think,” Omondi says, with a laugh.

“I talk about how that subject exposes a generational divide and how, before, in many parts of Africa, polygamy was accepted as a normal thing. Now the new generation is asking, how did the elders do it, because who wants all that headache.”

Telling stories

Good-natured jokes aside, comedy is becoming a serious business in Africa.

With the exception of the lull caused by the pandemic, Omondi says comedy clubs are springing up from Nigeria and Uganda to South Africa.

A key reason driving the growth is the art form resembles a professionalised everyday social and cultural practice indigenous to the continent.

“It is storytelling and that is such an African thing,” he says. “Every African has grown up and still sits together with friends and family listening to their funny stories.

“Now, some of them may be a little exaggerated but you didn’t mind because the whole point is to make you laugh and smile.”

But making it professionally is no laughing matter.

Omondi got his first big break with an appearance on Kenyan television variety programme Churchill Show in 2008, but he says it took a while for complete social acceptance of his profession.

"There was still that idea of 'you should get a proper job,'" he recalls.

"This is why I look at myself and colleagues, who are part of the first generation of Kenyan stand-up comedians, as creative freedom fighters, because we had to fight for our space to perform and be accepted."

Fighting for the next generation

Turning the tides of the battle was the same technological force propelling the rise of African music genres such as Nigeria’s Afro-pop and South Africa’s Amapiano to becoming worldwide sensations.

"Social media really revolutionised the comedy scene in Africa from around 2009 to 2011 because we didn't have to totally rely on a comedy club to perform or travel," he says.

"With social media, I can post something on Instagram or YouTube and I can reach people with my content from Ghana to South Africa within a second.

“It made the continent into a global village."

Ironically, those porous cultural borders caused by the internet pushed the self-dubbed “president of comedy in Africa” to embark on a new campaign.

In February, Omondi made local headlines by locking himself in a transparent box outside Kenya's Parliament in protest against a lack of regulation, compelling local broadcasters to play music by Kenyan musicians.

"This is a wider problem in Africa, but in Kenya it's a big issue because only around 15 per cent of content played on our national stations is by Kenyans," he says.

"We need to fight to create a space for these artists, because that will inspire the next generation to enter the arts and create a better industry. We have a lot of great talent in Kenya that we need to care for and provide real opportunities."

DxB Comedy Knights featuring Eric Omondi takes place at The Theatre at the Mall of the Emirates, Dubai, on July 23. Show times are 5pm and 8pm. Tickets are Dh100 from ae.bookmyshow.com

19 concerts and events coming to Dubai, from Justin Bieber to Jo Koy and 'Romeo & Juliet' — in pictures

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    The trio Hooverphonic, led by singer Geike Arnaert, will perform in Dubai in December. Getty Images
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    Egyptian actress Yousra will appear in the stage production 'King Farouk' at Dubai Opera. AFP
  • Le Trio Joubran, from left, Samir, Wissam and Adnan Joubran. Courtesy: Youness Hamiddine
    Le Trio Joubran, from left, Samir, Wissam and Adnan Joubran. Courtesy: Youness Hamiddine
  • Ansel Elgort and Rachel Zegler in the 2021 film adaptation of the musical 'West Side Story'. The stage show will be performed in Dubai Opera in April. AP
    Ansel Elgort and Rachel Zegler in the 2021 film adaptation of the musical 'West Side Story'. The stage show will be performed in Dubai Opera in April. AP
  • The Gipsy Kings shot to fame back in the 1980s with their eponymous album. Courtesy Dubai Opera
    The Gipsy Kings shot to fame back in the 1980s with their eponymous album. Courtesy Dubai Opera
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    Martin Garrix has been named 2022'S world's number one DJ by industry publication 'DJ Mag'. AFP
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    Pakistani singer Rahat Fateh Ali Khan will perform his hits at the Coca-Cola Arena. Courtesy Coca-Cola Arena
  • Iraqi singer Kadim Al Sahir will perform an intimate show at Dubai Opera. Khushnum Bhandari / The National
    Iraqi singer Kadim Al Sahir will perform an intimate show at Dubai Opera. Khushnum Bhandari / The National
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    Canadian DJ deadmau5 will play at the Coca-Cola Arena in December. Getty Images
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    Singer Ne-Yo returns to Dubai in December. AFP
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    Dutch DJ Armin van Buuren is one EDM's most celebrated artists. AFP
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    Nigerian singer Wizkid is one of a new generation of African artists making inroads into the western charts. Getty Images
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    Mohamed Ramadan will perform post-match concerts as part of the inaugural World Tennis League tournament. AFP
  • Tiesto will bring his hits to the Coca-Cola Arena in Dubai. AFP
    Tiesto will bring his hits to the Coca-Cola Arena in Dubai. AFP
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    Jackson Wang will perform on February 4 in Dubai as part of his Magic Man world tour. AP
  • Irish comedienne Joanne McNally performs on April 29 at The Agenda. Photo: GME Events
    Irish comedienne Joanne McNally performs on April 29 at The Agenda. Photo: GME Events
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    The Nutcracker ballet is an annual Christmas favourite. Photo: Andy Ross
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    Hungarian pianist and composer Balazs Havasi will play at Dubai Opera in 2023. EPA
  • The Australian singer Kylie Minogue will ring in the new year in Dubai. Reuters
    The Australian singer Kylie Minogue will ring in the new year in Dubai. Reuters
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    Tomorrowland's Terra Sollis features VIP rooms with sun decks, resort views and a private plunge pool. Photo: Terra Solis
  • Peter Bence, the former Guinness World Record holder for fastest piano player, performs at Dubai Opera on November 11. Getty Images
    Peter Bence, the former Guinness World Record holder for fastest piano player, performs at Dubai Opera on November 11. Getty Images
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    See French crooner Enrico Macias on November 12 at Coca-Cola Arena. Photo: Wikicommons
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    Spanish opera star Placido Domingo will headline the lavish Dresden Opera Ball gala evening at Dubai Opera. Getty Images
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    Croation classic group 2Cellos are coming to Dubai in November. Courtesy: MBC
  • Watch British singer-songwriter Calum Scott live at Hard Rock Cafe in November. Getty Images
    Watch British singer-songwriter Calum Scott live at Hard Rock Cafe in November. Getty Images
  • Scottish singer-songwriter Lewis Capaldi is returning to the UAE for a concert at the Coca-Cola Arena on November 24. EPA
    Scottish singer-songwriter Lewis Capaldi is returning to the UAE for a concert at the Coca-Cola Arena on November 24. EPA
  • Illusionist Rob Lake is performing 'The Magic of Rob Lake' at Dubai Opera from November 25 to 27. Photo: FilmMagic
    Illusionist Rob Lake is performing 'The Magic of Rob Lake' at Dubai Opera from November 25 to 27. Photo: FilmMagic
  • Music and street culture festival Sole DXB is back for 2022 in December. Photo: Sole DXB
    Music and street culture festival Sole DXB is back for 2022 in December. Photo: Sole DXB
  • The Dubai Shopping Festival, starting in December, features concerts, family activities and plenty of shopping deals. Photo: Dubai Shopping Festival
    The Dubai Shopping Festival, starting in December, features concerts, family activities and plenty of shopping deals. Photo: Dubai Shopping Festival
  • Pakistani singer Abida Parveen returns to Dubai at the Coca-Cola Arena on December 9. Photo: Catherine de Clippel
    Pakistani singer Abida Parveen returns to Dubai at the Coca-Cola Arena on December 9. Photo: Catherine de Clippel
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
%3Cp%3E%3Cstrong%3ESaudi%20Arabia%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJoy%3A%3C%2Fstrong%3E%20Delivers%20car%20services%20with%20affordable%20prices%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKaraz%3A%3C%2Fstrong%3E%20Helps%20diabetics%20with%20gamification%2C%20IoT%20and%20real-time%20data%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMedicarri%3A%3C%2Fstrong%3E%20Medical%20marketplace%20that%20connects%20clinics%20with%20suppliers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMod5r%3C%2Fstrong%3E%3A%20Makes%20automated%20and%20recurring%20investments%20to%20grow%20wealth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStuck%3A%3C%2Fstrong%3E%20Live%2C%20on-demand%20language%20support%20to%20boost%20writing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWalzay%3A%3C%2Fstrong%3E%20Helps%20in%20recruitment%20while%20reducing%20hiring%20time%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEighty6%3A%20%3C%2Fstrong%3EMarketplace%20for%20restaurant%20and%20supplier%20procurements%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFarmUnboxed%3A%20%3C%2Fstrong%3EHelps%20digitise%20international%20food%20supply%20chain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENutriCal%3A%3C%2Fstrong%3E%20Helps%20F%26amp%3BB%20businesses%20and%20governments%20with%20nutritional%20analysis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWellxai%3A%3C%2Fstrong%3E%20Provides%20insurance%20that%20enables%20and%20rewards%20user%20habits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgypt%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAmwal%3A%3C%2Fstrong%3E%20A%20Shariah-compliant%20crowd-lending%20platform%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDeben%3A%3C%2Fstrong%3E%20Helps%20CFOs%20manage%20cash%20efficiently%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgab%3A%3C%2Fstrong%3E%20Connects%20media%20outlets%20to%20journalists%20in%20hard-to-reach%20areas%20for%20exclusives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENeqabty%3A%3C%2Fstrong%3E%20Digitises%20financial%20and%20medical%20services%20of%20labour%20unions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOman%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonak%3A%3C%2Fstrong%3E%20Provides%20financial%20inclusion%20and%20life%20services%20to%20migrants%3C%2Fp%3E%0A
Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

box

COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

The specs: 2018 Maserati Ghibli

Price, base / as tested: Dh269,000 / Dh369,000

Engine: 3.0-litre twin-turbocharged V6

Transmission: Eight-speed automatic

Power: 355hp @ 5,500rpm

Torque: 500Nm @ 4,500rpm

Fuel economy, combined: 8.9L / 100km

UAE%20SQUAD
%3Cp%3E%0DJemma%20Eley%2C%20Maria%20Michailidou%2C%20Molly%20Fuller%2C%20Chloe%20Andrews%20(of%20Dubai%20College)%2C%20Eliza%20Petricola%2C%20Holly%20Guerin%2C%20Yasmin%20Craig%2C%20Caitlin%20Gowdy%20(Dubai%20English%20Speaking%20College)%2C%20Claire%20Janssen%2C%20Cristiana%20Morall%20(Jumeirah%20English%20Speaking%20School)%2C%20Tessa%20Mies%20(Jebel%20Ali%20School)%2C%20Mila%20Morgan%20(Cranleigh%20Abu%20Dhabi).%3C%2Fp%3E%0A
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

BlacKkKlansman

Director: Spike Lee

Starring: John David Washington; Adam Driver 

Five stars

FIGHT CARD

Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)

Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)

Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)

Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)

Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)

Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)

Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)

Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)

Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)

Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth

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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
The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

The years Ramadan fell in May

1987

1954

1921

1888

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

Racecard

5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m

6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m

6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m

7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m

7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m

8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m

8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m

10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
MOTHER%20OF%20STRANGERS
%3Cp%3EAuthor%3A%20Suad%20Amiry%3Cbr%3EPublisher%3A%20Pantheon%3C%2Fp%3E%0A%3Cp%3EPages%3A%20304%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A

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: July 20, 2022, 11:27 AM