• Ibrahim Baqavi Omasserry, an imam at the 150-year-old Payurthottam Juma Masjid in Malappuram, says: 'Even Makkah and Madinah have been expanded in a way, so why can’t Kerala’s mosques?' Although villagers have asked to extend the mosque’s size, he says for now, it is already large enough. However, if more worshippers come to the area, Omasserry said he 'will definitely build a modern mosque over the old one'. Photo by Sebastian Castelier
    Ibrahim Baqavi Omasserry, an imam at the 150-year-old Payurthottam Juma Masjid in Malappuram, says: 'Even Makkah and Madinah have been expanded in a way, so why can’t Kerala’s mosques?' Although villagers have asked to extend the mosque’s size, he says for now, it is already large enough. However, if more worshippers come to the area, Omasserry said he 'will definitely build a modern mosque over the old one'. Photo by Sebastian Castelier
  • Built 600 years ago in Ponnani, a village in northern Kerala, Valiya Juma Masjid is the centre of Muslim identity in Kerala. 'Our mosque is still intact and stands as the real traditional Keralite Islamic architecture. We are the guardian of the Keralite traditions,' Assaqafi says. Photo by Sebastian Castelier
    Built 600 years ago in Ponnani, a village in northern Kerala, Valiya Juma Masjid is the centre of Muslim identity in Kerala. 'Our mosque is still intact and stands as the real traditional Keralite Islamic architecture. We are the guardian of the Keralite traditions,' Assaqafi says. Photo by Sebastian Castelier
  • The structure of the Ponnani Juma Masjid depicts the traditional architectural style of Kerala. But locals say that the mosques need to be spacious, clean, opulent, gleaming and equipped with air conditioners and a proper sound system. 'Our old mosques offer insufficient space to pray, especially on Friday when people have no other choice than to perform prayers outside overcrowded mosques,' a local tells me. It doesn’t help that, knowing heritage policies protect no more than a handful of mosques in Kerala, committees can decide to refurbish mosques at any time. Panthavoor says: 'We struggle mostly with pro-modernity people.' Photo by Sebastian Castelier
    The structure of the Ponnani Juma Masjid depicts the traditional architectural style of Kerala. But locals say that the mosques need to be spacious, clean, opulent, gleaming and equipped with air conditioners and a proper sound system. 'Our old mosques offer insufficient space to pray, especially on Friday when people have no other choice than to perform prayers outside overcrowded mosques,' a local tells me. It doesn’t help that, knowing heritage policies protect no more than a handful of mosques in Kerala, committees can decide to refurbish mosques at any time. Panthavoor says: 'We struggle mostly with pro-modernity people.' Photo by Sebastian Castelier
  • The minaret of Mampuram Grand Juma Masjid is under maintenance in Mampuram. Al Bukhari grumbles that only 200 to 300 traditional Keralite mosques are left after thousands have been refurbished over the past 40 years. Panthavoor agrees, saying 'religious and political leaders give no importance to heritage, while a loss in Islamic architecture would erase key elements of Kerala’s history'. Photo by Sebastian Castelier
    The minaret of Mampuram Grand Juma Masjid is under maintenance in Mampuram. Al Bukhari grumbles that only 200 to 300 traditional Keralite mosques are left after thousands have been refurbished over the past 40 years. Panthavoor agrees, saying 'religious and political leaders give no importance to heritage, while a loss in Islamic architecture would erase key elements of Kerala’s history'. Photo by Sebastian Castelier
  • Ponnani Juma Masjid, locally known as the Mecca of Kerala Muslims, was once the centre of Islamic education in Kerala. The structure of this mosque depicts the traditional architectural style of the region. In addition to a shift in mentality among Keralites, a price hike in teak wood that forms the roof structure of traditional mosques has popularised further the low-cost architecture made of cement. Skilled carpenters able to build a mosque that conforms to the Keralite style have also become rarer. 'Only a few carpenters still master the construction of purely traditional Keralite mosques, they have all aged and died!' Sayyid Ibraheem Khaleel Al Bukhari, one of India's most recognised Muslim personalities, said. Photo by Sebastian Castelier
    Ponnani Juma Masjid, locally known as the Mecca of Kerala Muslims, was once the centre of Islamic education in Kerala. The structure of this mosque depicts the traditional architectural style of the region. In addition to a shift in mentality among Keralites, a price hike in teak wood that forms the roof structure of traditional mosques has popularised further the low-cost architecture made of cement. Skilled carpenters able to build a mosque that conforms to the Keralite style have also become rarer. 'Only a few carpenters still master the construction of purely traditional Keralite mosques, they have all aged and died!' Sayyid Ibraheem Khaleel Al Bukhari, one of India's most recognised Muslim personalities, said. Photo by Sebastian Castelier
  • Ponnani Juma Masjid, locally known as the Makkah of Kerala Muslims, was once the centre of Islamic education in the Indian state. The structure of this mosque depicts the traditional architectural style of the region. In addition to a shift in mentality among Keralites, a price hike in teak, which forms the roof structure of traditional mosques, has popularised architecture featuring low-cost cement. Skilled carpenters able to build a mosque that conforms to the Keralite style have also become rarer. Photo by Sebastian Castelier
    Ponnani Juma Masjid, locally known as the Makkah of Kerala Muslims, was once the centre of Islamic education in the Indian state. The structure of this mosque depicts the traditional architectural style of the region. In addition to a shift in mentality among Keralites, a price hike in teak, which forms the roof structure of traditional mosques, has popularised architecture featuring low-cost cement. Skilled carpenters able to build a mosque that conforms to the Keralite style have also become rarer. Photo by Sebastian Castelier
  • Sirajudheen Ahsani is the imam at Thottungal Mosque in Ponnani and he wants to preserve its incredible heritage. 'Traditional mosques have become rarer in Kerala,' Ahsani says. 'Migrant workers who experience modern architecture in Gulf countries wish to enjoy it once back to Kerala, too.' It’s a statement echoed again by Panthavoor, who believes that returning migrants 'look down at old-fashioned mosques because they want to be perceived as modern'. Photo by Sebastian Castelier
    Sirajudheen Ahsani is the imam at Thottungal Mosque in Ponnani and he wants to preserve its incredible heritage. 'Traditional mosques have become rarer in Kerala,' Ahsani says. 'Migrant workers who experience modern architecture in Gulf countries wish to enjoy it once back to Kerala, too.' It’s a statement echoed again by Panthavoor, who believes that returning migrants 'look down at old-fashioned mosques because they want to be perceived as modern'. Photo by Sebastian Castelier
  • The Santhanpara Juma Masjid in Santhanpara is locally referred to as a 'modern mosque', as it is made without roof tiles. Previously, traditional Keralite houses were built with reddish-tiled roofs inspired by distinctive local Islamic architecture that is without a minaret. 'Our mosques are designed to survive torrential monsoon rains,' Sayyid Habib Thurab Assaqafi, imam of Valiya Juma Masjid, tells me. Photo by Sebastian Castelier
    The Santhanpara Juma Masjid in Santhanpara is locally referred to as a 'modern mosque', as it is made without roof tiles. Previously, traditional Keralite houses were built with reddish-tiled roofs inspired by distinctive local Islamic architecture that is without a minaret. 'Our mosques are designed to survive torrential monsoon rains,' Sayyid Habib Thurab Assaqafi, imam of Valiya Juma Masjid, tells me. Photo by Sebastian Castelier
  • The roof tiles of Thottungal Juma Masjid, built around 1500. Local scholars say Islam was introduced to Kerala by Arab merchants who settled in different ports along the shores of the Arabian Sea. Although Muslims barely account for a quarter of the predominantly Hindu population of Kerala, they are over-represented among migrant workers, accounting for about 40 per cent of the migration flows. Photo by Sebastian Castelier.
    The roof tiles of Thottungal Juma Masjid, built around 1500. Local scholars say Islam was introduced to Kerala by Arab merchants who settled in different ports along the shores of the Arabian Sea. Although Muslims barely account for a quarter of the predominantly Hindu population of Kerala, they are over-represented among migrant workers, accounting for about 40 per cent of the migration flows. Photo by Sebastian Castelier.
  • A Keralite mosque in Iringallur, Kerala. There are no exact figures for the rising number of mosques in the state, but Al Bukhari estimates that about 20,000 are currently active, compared to the 5,000-odd that were operating in the 1970s. Al Bukhari says the mosque-building boom has been fuelled by the generosity of wealthy Keralite migrant workers and rich Arab sponsors. Villager Ashraf Thevarmannil says: \Gulf citizens finance the constructions to be rewarded by God, because any Muslim who builds a mosque will be automatically given access to heaven.' Photo by Sebastian Castelier
    A Keralite mosque in Iringallur, Kerala. There are no exact figures for the rising number of mosques in the state, but Al Bukhari estimates that about 20,000 are currently active, compared to the 5,000-odd that were operating in the 1970s. Al Bukhari says the mosque-building boom has been fuelled by the generosity of wealthy Keralite migrant workers and rich Arab sponsors. Villager Ashraf Thevarmannil says: \Gulf citizens finance the constructions to be rewarded by God, because any Muslim who builds a mosque will be automatically given access to heaven.' Photo by Sebastian Castelier

The 'Dubai elsewhere phenomenon': 10 photos of the transformation of Kerala's mosques


  • English
  • Arabic

Mosque architecture throughout ­Kerala used to be unique to the region, inspired by local houses made of tiled roofs. However, since the 1970s, they’ve taken on a distinctly Gulf-influenced theme.

As millions of Keralites migrate to the ­Arabian Gulf, remittances sent home mean not only has the standard of living in the region increased, but so too has its local Islamic architecture.

Billions of dollars in remittances are sent back to Kerala every year by the 2.1 million Keralites who work overseas, significantly contributing to modernising the state's architecture. But some villagers have taken this one step further, with demands for towns to convert their traditional mosques in to modern, spacious and comfortable ones, locally referred to as Gulf-like mosques, which they have become used to in their adopted homes.

Check out our gallery above to hear more from the people involved in the fight for or against Kerala's Gulf-inspired mosques, and take a closer look at their architecture. 

Sayyid Ibraheem Khaleel Al Bukhari is an imam and prominent voice among Keralite Muslims. He is also founder of the Ma'din Academy, a charitable educational organisation in Kerala. He tells The National: "Those who had migrated to the Gulf imported a new Islamic lifestyle to Kerala after having experienced lavish prayers rooms."

Villagers now want to build minarets, which the older mosques do not have. "The Gulf has become our reference point in terms of architecture. We call it the 'Dubai elsewhere' phenomenon," says Dr M H Ilias, professor at the India-Arab Cultural Centre in New Delhi. Those demands have recently come up against some resistance from those who want to protect the historic architecture, however, resulting in an ongoing row.

Proponents for Kerala’s Islamic architectural heritage have responded by campaigning for the preservation of the old mosques. Faqrudheen Panthavoor campaigns independently against the modernisation of traditional Islamic architecture, and writes on the matter for local newspapers. He says: “Traditions have been weakened by the migration process and newly rich Keralites no longer pay attention to the preservation of history.”

Abubakr Ahmad, general secretary of the Muslim Scholars Organisation of India and president of the Islamic Education Board of India, also weighed in. “We encourage Keralites to preserve our traditional mosques from ‘concrete masjid’,” a spokesperson for Ahmad says. “Unfortunately, there is no awareness among government officials regarding the preservation of our heritage.”

As the debate between villagers keen for change and conservationists continues in the area, The National went to speak to those on both sides of the argument. This photo essay shows examples of both new and old mosques in Kerala, while surveying the views of activists, villagers and public figures. For many, converting the mosques means eroding aspects of Kerala's history, while for others it is a necessary sign of the times. This series offers a snapshot.

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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)

57%20Seconds
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EPL's youngest
  • Ethan Nwaneri (Arsenal)
    15 years, 181 days old
  • Max Dowman (Arsenal)
    15 years, 235 days old
  • Jeremy Monga (Leicester)
    15 years, 271 days old
  • Harvey Elliott (Fulham)
    16 years, 30 days old
  • Matthew Briggs (Fulham)
    16 years, 68 days old

Janet Yellen's Firsts

  • In 2014, she became the first woman to lead the US Federal Reserve 
  • In 1999, she became the first female chair of the White House Council of Economic Advisers 
The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The specs: 2018 Infiniti QX80

Price: base / as tested: Dh335,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 400hp @ 5,800rpm

Torque: 560Nm @ 4,000rpm

Fuel economy, combined: 12.1L / 100km

Brief scoreline:

Manchester United 0

Manchester City 2

Bernardo Silva 54', Sane 66'

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Dengue%20fever%20symptoms
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First Person
Richard Flanagan
Chatto & Windus 

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
2019 ASIAN CUP FINAL

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

The specs

Engine: 2.9-litre, V6 twin-turbo

Transmission: seven-speed PDK dual clutch automatic

Power: 375bhp

Torque: 520Nm

Price: Dh332,800

On sale: now

COMPANY%20PROFILE
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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

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The National photo project

Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

PROFILE BOX:

Company/date started: 2015

Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia

Based: Dubai, UAE

Sector: Technology, Sales, Voice, Artificial Intelligence

Size: (employees/revenue) 10/ 100,000 downloads

Stage: 1 ($800,000)

Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC

 

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

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

MATCH INFO

Europa League final

Marseille 0

Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')

UAE currency: the story behind the money in your pockets

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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.”