Nicki Minaj. Oli Scarff / AFP Photo
Nicki Minaj. Oli Scarff / AFP Photo
Nicki Minaj. Oli Scarff / AFP Photo
Nicki Minaj. Oli Scarff / AFP Photo

Nicki Minaj is coming to Dubai


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Rapper Nicki Minaj – also a somewhat underrated singer – looks set to perform in Dubai soon. She dropped a big hint of an upcoming UAE gig on Twitter when she posted: "Yes. I'm cming back to Dubai", in response to a fan who had asked why Dubai hadn't been mentioned as a stop on for her tour. Details of the concert have yet to be announced, but it is possible that Minaj will stop off in Dubai in mid-April after the conclusion of her ­European tour, or, more unlikely, pay a visit towards the end of the year. Her latest tour follows the release of her third album, The Pinkprint, which came out last year and featured the hit singles Anaconda and Pills n Potions. – The National staff

Top Gear petition hits one million

An online petition to reinstate Jeremy Clarkson as the host of the hit BBC programme Top Gear reached a million signatures on Friday, as the controversial presenter hinted that he might be sacked by the corporation. In a stunt organised by the Guido Fawkes political blog, the petition was delivered to the BBC headquarters in London on a tank with a banner reading "Bring Back Clarkson". The presenter was suspended by the BBC this month over a "fracas" during which he allegedly punched one of the show's producers – later reported to be a spat over not being provided with a hot meal after a day's filming. The BBC has pulled the last three episodes of the series, which has more than 350 million viewers around the globe. A boorish bigot to some and a straight-talking maverick to others, the presenter was already on a final warning from the ­broadcaster after a string of scandals over apparently racist remarks. The results of an investigation by the BBC into the latest ­incident are expected next week, although, during an appearance at a charity event Clarkson appeared to say it would be a foregone ­conclusion in an ­expletive-laden tirade. – AFP

HBO and Snoop Dogg working on TV drama

Snoop Dogg is developing a television drama series for HBO. The rapper announced on Friday at the South by Southwest festival that he is working with Allen Hughes – a director whose films include Dead Presidents, Menace II Society and The Book of Eli – on a show about 1980s Los Angeles. "HBO is the number one network in the world as far as developing and having these types of shows come to life," he said. "This is a dream come true to be able to tell a story that's going to be told the right way on the right ­network." – AP

James McNair’s children to get settlement from Wal-Mart

The children of comedian James McNair, who was killed in the car crash that injured 30 Rock star Tracy Morgan, are getting a US$10 million settlement from Wal-Mart. Court documents also reveal that Jamel McNair, 26, and Denita McNair, 19, are putting part of the payment toward annuities that will pay them ever-increasing monthly amounts, starting at $3,000, for the rest of their lives. The payment was disclosed in documents filed in Surrogate’s Court in New York’s Westchester County, where James McNair lived until the June 7 accident, in which a Wal-Mart lorry hit a limo van in which him, Morgan and other friends were travelling home from a show in Delaware. Morgan suffered broken bones and what his lawyer, Benedict Morelli, described as a traumatic brain injury, from which he is still recovering. Morgan and two others injured in the crash have sued Wal-Mart. The lorry driver, Kevin Roper, has been charged with death by auto and other offences but has not yet been indicted. The McNair family lawyer, Daryl Zaslow, had announced in January that Wal-Mart had settled with the children but at that time the amount was said to be confidential. – AP

Pharrell Williams urges children to take care of the environment

Pop star Pharrell Williams – best known for his hit Happy – was mobbed by children when he addressed the UN General Assembly on Friday's "International Day of Happiness", as he spoke out about the dangers of climate change. After his address, Happy was played on the speakers of the normally solemn hall and dozens of teenagers and younger children ran toward him to take photos. Security guards rushed into the crowd, fearing a stampede as an official took the microphone to urge everyone to step back. Williams has been working with former US vice president Al Gore to organise global concerts in June to build public pressure for a UN-backed agreement on climate change at a conference this year in Paris. "You should know that happiness is your birthright," Williams told the hundreds of assembled children, whose placards all read "#happyplanet" instead of the usual names of UN member states. "If you don't take care of your home, you don't have a life, so we have to now transition from climate change to climate action." Environmentalist Philippe Cousteau Jr, grandson of legendary French ocean explorer Jacques Cousteau, joined the singer to warn that climate change's effects were looking even worse than initially feared. – AP

Obama’s close aide buys ‘Robin’s Nest’ from Magnum P.I.

A sprawling beachfront home used in the filming of the 1980s television show Magnum, P.I. has sold for US$8.7 million to a close friend of President Barack Obama. A lawyer for Marty Nesbitt said that his client had bought the 3-acre property in Waimanalo, next to the town of Kailua, where the Obama family has spent winter holidays in recent years. White House spokesman Josh Earnest said Friday that Obama had nothing to do with the purchase. Tom Selleck's character lived in the house on Magnum, P.I. It was known as "Robin's Nest" on the show and belonged to a never-seen millionaire friend called Robin Masters. Nesbitt is a Chicago businessman who was treasurer for Obama's first presidential run. He is the chairman of the Barack Obama Foundation, which will build the president's future library. – AP

Harrison Ford to narrate documentary on the history of aviation

Harrison Ford, who this month was injured when his vintage airplane crashed on a Los Angeles golf course, is back in the air already – on film at least. National Geographic Studios said that the Star Wars and Indiana Jones actor will narrate a documentary due out next month called Living in the Age of Airplanes. The Imax movie, filmed from the air over 18 countries, is a history of a century of aviation. It will premiere on April 8 at the Smithsonian's National Air and Space Museum in Washington and two days later will open on Imax and similar big screens. The announcement comes as Ford, a longtime pilot and aviation enthusiast, recovers from the March 5 crash-landing of a Second World War-era plane, the engine of which failed shortly after take-off. – AP

Drake sued for disassociating with his upcoming film

A film company that is bringing the rapper Drake to the big screen has filed a lawsuit against its own star over a tweet.

Ahead of the US release on Thursday of the movie Drake's Homecoming: The Lost Footage, the Canadian hip-hop artist wrote on social media that he had played no part in making the film. "I feel it is my responsibility to inform and protect my fans," Drake wrote to his 21.6 million Twitter followers and on his Facebook page, which is liked by more than 36 million people. SpectiCast, the company that made the film, on Thursday announced a lawsuit in a California court that accused Drake of libel. "Drake authorised the filming, he was paid for it, he still has a financial stake in the movie, and his current statements to the contrary are completely false," said Peter Haviland, a lawyer for SpectiCast. The company is seeking damages as well as a declaration that the film is authorised by Drake. – AFP

Chris Brown off probation

R&B star Chris Brown celebrated on Friday after a US judge released him from probation imposed for assaulting his then-girlfriend Rihanna in 2009.

The attack left the female pop singer battered and bruised on the eve of the Grammys.

“I’M OFF PROBATION!!!!!!! Thank the Lord!!!!!” Brown posted on his Twitter page shortly after the court hearing in Los Angeles, where he smiled as it was announced that he had fulfilled all of his probation conditions.

LA Superior Court Judge James Brandlin said the 25-year-old had completed about 1,000 hours of community labour, along with all other terms of his probation, including attending a domestic-violence treatment programme.

In June 2009, Brown pleaded guilty to assaulting Rihanna, who suffered facial injuries and was forced to cancel an appearance at the Grammy Awards. Brown was sentenced to five years’ probation, a year-long domestic-violence programme and 180 days of community labour. – AFP

AJ Pero no more

A J Pero, the drummer for the heavy-metal band Twisted Sister, died Friday. He was 55. The band said Anthony Jude Pero died of an apparent heart attack while touring with Adrenaline Mob, a group with which he played in between performing with Twisted Sister. The band’s guitarist Jay Jay French said Pero was on a tour bus Friday morning when Adrenaline Mob band members could not wake him up. He was taken to a hospital in Poughkeepsie, New York, where he was declared dead shortly after 11am. . – AP

Marion Knight collapses in court

Former rap music mogul Marion “Suge” Knight collapsed in a courtroom on Friday shortly after a judge ordered him held on US$25 million bail in a murder case. Bailiffs cleared the courtroom and paramedics were seen going inside a few minutes later. Defence attorney Matthew Fletcher said Knight was unconscious when the lawyer left the courtroom and an update on his condition was not immediately available. Fletcher said his client, who is diabetic and has a blood clot, previously told him that he hadn’t received any medication since Thursday. Fletcher said Knight hit his head on a chair when he fell after the bail hearing. The collapse marked the fourth time that Knight has been taken by ambulance from a courthouse since he was charged with killing Terry Carter, 55, in February. Knight, the 49-year-old co-founder of Death Row Records, has pleaded not guilty to murder, attempted murder and hit-and-run charges. – AP

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

Results

Men's finals

45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.

51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. ​​​​​​​54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.

57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.

63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.

71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg:​​​​​​​ Youssef Abboud (LBN) w/o Ayoob Saki (IRI).

81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.

91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.

Women's finals

45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.

51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.

57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.

63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).

Day 1, Abu Dhabi Test: At a glance

Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.

Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.

The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

TCL INFO

Teams:
Punjabi Legends 
Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

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UAE currency: the story behind the money in your pockets
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)

First Person
Richard Flanagan
Chatto & Windus 

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UAE currency: the story behind the money in your pockets
End of free parking

- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200. 

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

RESULTS

2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m 

Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer) 

3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m 

Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar 

3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m 

Winner Tahdeed, Fernando Jara, Nicholas Bachalard 

4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m 

Winner Shanty Star, Richard Mullen, Rashed Bouresly 

4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m 

Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi 

5.25pm Al Tayer Motor – Handicap (TB) Dh95,000  T) 1,000m 

Winner Dahawi, Antonio Fresu, Musabah Al Muhairi 

6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m 

Winner Scabbard, Sam Hitchcock, Doug Watson  

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Persuasion
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MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

The specs: 2019 Mini Cooper

Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km

ASHES SCHEDULE

First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)

Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

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.”

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.