• The cast of Amazon Prime Video's 'The Lord of the Rings: The Rings of Power' speak on stage at San Diego Comic-Con 2022 in California. All photos: AFP
    The cast of Amazon Prime Video's 'The Lord of the Rings: The Rings of Power' speak on stage at San Diego Comic-Con 2022 in California. All photos: AFP
  • Amazon is reportedly spending more than $1 billion to make five seasons of the show, which launches in September.
    Amazon is reportedly spending more than $1 billion to make five seasons of the show, which launches in September.
  • Fans were treated to some unseen footage of 'The Lord of the Rings: The Rings of Power'.
    Fans were treated to some unseen footage of 'The Lord of the Rings: The Rings of Power'.
  • Ismael Cruz Cordova and Nazanin Boniadi on stage during the panel.
    Ismael Cruz Cordova and Nazanin Boniadi on stage during the panel.
  • Thousands of JRR Tolkein fans joined the panel session, many of whom had queued overnight for access.
    Thousands of JRR Tolkein fans joined the panel session, many of whom had queued overnight for access.
  • Welsh actress Morfydd Clark plays Galadriel in the upcoming series.
    Welsh actress Morfydd Clark plays Galadriel in the upcoming series.
  • Tyroe Muhafidin portrays Theo in the series.
    Tyroe Muhafidin portrays Theo in the series.
  • Muhafidin and Megan Richards, who plays Harfoot Poppy Proudfellow, answer questions onstage at Comic-Con International.
    Muhafidin and Megan Richards, who plays Harfoot Poppy Proudfellow, answer questions onstage at Comic-Con International.
  • Moderator Stephen Colbert quizzes the cast on the highly anticipated fantasy series.
    Moderator Stephen Colbert quizzes the cast on the highly anticipated fantasy series.
  • Masks were mandatory for those attending Comic-Con's panel session in San Diego.
    Masks were mandatory for those attending Comic-Con's panel session in San Diego.
  • An image of Disa played by actress Sophia Nomvete was projected onto the large screen.
    An image of Disa played by actress Sophia Nomvete was projected onto the large screen.
  • Robert Aramayo, Benjamin Walker, Charles Edwards, Owain Arthur and Sophia Nomvete wave as they leave the stage.
    Robert Aramayo, Benjamin Walker, Charles Edwards, Owain Arthur and Sophia Nomvete wave as they leave the stage.
  • Walker plays High King Gil-galad in the upcoming series.
    Walker plays High King Gil-galad in the upcoming series.
  • Dylan Smith, Sara Zwangoban, and Markella Kavenagh were part of the panel on day two of Comic-Con.
    Dylan Smith, Sara Zwangoban, and Markella Kavenagh were part of the panel on day two of Comic-Con.
  • Edwards and JD Payne, co-writer of 'The Rings of Power', smile as Arthur sticks his tongue out.
    Edwards and JD Payne, co-writer of 'The Rings of Power', smile as Arthur sticks his tongue out.

Amazon cast reveal new scenes from 'Lord of the Rings: The Rings of Power' at Comic-Con


  • English
  • Arabic

Nomadic hobbits, bearded female dwarves and enslaved elves — Amazon Prime Video finally lifted the lid on its highly anticipated Lord of the Rings: The Rings of Power series at San Diego Comic-Con on Friday.

Lord of the Rings fans attending the California convention were teased with further glimpses of the new series.

The enormously ambitious small-screen saga, set in the world of JRR Tolkien's books, has been in the works since Amazon bought the rights for $250 million almost five years ago.

Fans, many of whom camped in line overnight at one of the world's most famous pop culture gatherings, were treated to a first look at footage, plus interviews with the creators and a 21-strong cast of hobbits, dwarfs and elves in a packed presentation hosted by comedian and Tolkien-enthusiast Stephen Colbert.

“As fans and as viewers and lovers of Middle Earth and Tolkien, we didn't want to do a side thing, or a spin off, or the origin story of something else,” said co-creator Patrick McKay.

“We wanted to find a huge Tolkienian mega epic. And Amazon were, wonderfully, crazy enough to say 'yes, let's do that.'”

Amazon is reportedly spending more than $1 billion to make five seasons — each running for 10 hours — the first of which launches on its streaming platform on September 2, and “reintroduces” Tolkien's world of Middle Earth, said McKay.

Younger versions of elves Galadriel and Elrond — familiar characters to fans of Peter Jackson's Oscar-winning Lord of the Rings trilogy — will be played by Morfydd Clark and Robert Aramayo.

But with the new TV show set 4,000 years before Jackson's trilogy, in a fictional “Second Age” — a historical period sketched out in less detail by Tolkien's writings — the creators had license to create many new characters.

“The field was wide open,” said co-creator JD Payne.

“Amazon bought the rights to basically 10,000 years of Middle Earth history and said: 'Alright guys, let's take all comers and see what you have to say.'

“We felt the Second Age is awesome. It's Tolkien's amazing, untold story, which is so iconic with the forging of the Rings of Power.”

First female dwarves to have “regal” beards

'We're establishing the female dwarf for the first time,' said Sophia Nomvete (right) who plays dwarf princess Disa. AP
'We're establishing the female dwarf for the first time,' said Sophia Nomvete (right) who plays dwarf princess Disa. AP

The series is said to be a personal obsession of Amazon founder Jeff Bezos and represents the company's biggest play yet in the so-called “streaming wars” with rivals including Netflix and Disney+.

Much of that cost went into lavish production values, evident to fans packed into the San Diego convention centre's 6,000-capacity Hall H, where they were treated to five clips from the show, plus a new trailer.

Though plot details remain under wraps, sprawling and intricately detailed settings from the books, including the island kingdom of Numenor — projected on to a giant screen wrapping around-three quarters of the arena — drew audible gasps.

“We built an entire city with several blocks and an entire wharf — it's crazy and enormous,” said McKay.

“We built as much as any group of humans could,” added executive producer Lindsey Weber.

One clip during the 90-minute presentation introduced a group of Harfoots, nomadic ancestors to the hobbits of Lord of the Rings, who live in travelling carts rather than holes.

Another showed a wealthy dwarf kingdom complete with the saga's first bearded-female dwarfs and a third clip found a group of elves in chains, forced to work for a gang of evil orcs.

“We're establishing the female dwarf for the first time,” Sophia Nomvete, who plays dwarf princess Disa, told AFP after the presentation.

“We have gone with a version, a gorgeous, regal, one-hair-at-a-time application, divine, detailed version of a beard for the female dwarf, and I know you're gonna love it!”

'Black Panther' sequel and a 'Game of Thrones' spin-off

Milly Alcock and Emily Carey are part pf the cast set to star in HBO's Game of Thrones spin-off 'House of the Dragon'. Photo: HBO
Milly Alcock and Emily Carey are part pf the cast set to star in HBO's Game of Thrones spin-off 'House of the Dragon'. Photo: HBO

Comic-Con is taking place in-person and at full 130,000-strong capacity again for the first time in three years, after going online due to the pandemic.

The Rings of Power is going head-to-head at the event with HBO's Game of Thrones spin-off House of the Dragon, a rival fantasy series out next month, which gets its own Comic-Con presentation Saturday.

Elsewhere, post-apocalyptic zombie series The Walking Dead had its final Comic-Con presentation on Friday, where it was confirmed the record-breaking cable show's final eight episodes will debut October 2.

But the undead franchise lives on, with fan favourite Andrew Lincoln telling ecstatic fans he will reprise his role as Rick Grimes for a limited series next year.

And Disney will wrap up the event's major presentations Saturday evening with a presentation expected to feature its Marvel superheroes, including the eagerly awaited sequel Black Panther: Wakanda Forever.

Day 2 of Comic-Con — the world's largest comic book convention

  • A cosplayer portrays the character Lo-Pan from 'Big Trouble In Little China' outside the convention center during San Diego Comic-Con 2022, California. AFP
    A cosplayer portrays the character Lo-Pan from 'Big Trouble In Little China' outside the convention center during San Diego Comic-Con 2022, California. AFP
  • Cosplayers portray characters from new show 'Road of Vengeance'. AFP
    Cosplayers portray characters from new show 'Road of Vengeance'. AFP
  • Mandalorian cosplayers pose in the convention centre. AFP
    Mandalorian cosplayers pose in the convention centre. AFP
  • Cosplayers attend the Californian event. AFP
    Cosplayers attend the Californian event. AFP
  • A statue of Stan Lee, the man behind Marvel Comics. AFP
    A statue of Stan Lee, the man behind Marvel Comics. AFP
  • Cosplayer dressed as Doctor Strange. AFP
    Cosplayer dressed as Doctor Strange. AFP
  • Horror film villains Jason, Michael Myers and Leatherface are caught in a stick up. AFP
    Horror film villains Jason, Michael Myers and Leatherface are caught in a stick up. AFP
  • The menacing trio later posed for pictures. AFP
    The menacing trio later posed for pictures. AFP
  • Some visitors refused to be intimidated by the usually feared baddies. AFP
    Some visitors refused to be intimidated by the usually feared baddies. AFP
  • Caitlin Bryson, who dressed as Marvel Comics' Scarlet Witch. Reuters
    Caitlin Bryson, who dressed as Marvel Comics' Scarlet Witch. Reuters
  • Fans of Netflix's animated series 'Farzar' entertain visitors. Reuters
    Fans of Netflix's animated series 'Farzar' entertain visitors. Reuters
  • Star Wars fans dressed as Jawas. AFP
    Star Wars fans dressed as Jawas. AFP
  • Predator took time off to make an appearance. AFP
    Predator took time off to make an appearance. AFP
  • A Stormtrooper was seen at the gathering. AFP
    A Stormtrooper was seen at the gathering. AFP
  • Spider-Men, young and old, seen at the famed US weekender. AFP
    Spider-Men, young and old, seen at the famed US weekender. AFP
  • Spidey's nemesis Doctor Octopus. AFP
    Spidey's nemesis Doctor Octopus. AFP
  • Cosplayers dressed as Hawkeye, Winter Soldier, Wonder Woman, Thor, Spider-Man, Daredevil and Tony Stark/Iron Man. AFP
    Cosplayers dressed as Hawkeye, Winter Soldier, Wonder Woman, Thor, Spider-Man, Daredevil and Tony Stark/Iron Man. AFP
  • Some fans came dressed as lesser-known superheroes. AFP
    Some fans came dressed as lesser-known superheroes. AFP
COMPANY%20PROFILE
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet

Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

 


 

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

Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

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

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A17%20Pro%2C%206-core%20CPU%2C%206-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%3A%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%205x%20telephoto%20(f%2F2.8)%3B%205x%20optical%20zoom%20in%2C%202x%20optical%20zoom%20out%3B%2010x%20optical%20zoom%20range%2C%20digital%20zoom%20up%20to%2025x%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2060fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204441mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%20(with%20at%20least%2020W%20adaptor)%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%2C%20second-generation%20Ultra%20Wideband%20chip%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20water-resistant%20up%20to%206m%20up%20to%2030min%3B%20dust%2Fsplash-resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%20titanium%2C%20blue%20titanium%2C%20natural%20titanium%2C%20white%20titanium%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EiPhone%2015%20Pro%20Max%2C%20USB-C-to-USB-C%20woven%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
Omar Yabroudi's factfile

Born: October 20, 1989, Sharjah

Education: Bachelor of Science and Football, Liverpool John Moores University

2010: Accrington Stanley FC, internship

2010-2012: Crystal Palace, performance analyst with U-18 academy

2012-2015: Barnet FC, first-team performance analyst/head of recruitment

2015-2017: Nottingham Forest, head of recruitment

2018-present: Crystal Palace, player recruitment manager

 

 

 

 

Essentials

The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.

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

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

First Person
Richard Flanagan
Chatto & Windus 

RESULTS

Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)

Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)

Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)

Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)

Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)

Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)

Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)

Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)

Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)

Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)

Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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.”

The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

HOW TO WATCH

Facebook: TheNationalNews  

Twitter: @thenationalnews  

Instagram: @thenationalnews.com  

TikTok: @thenationalnews 

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Updated: October 12, 2022, 10:19 AM