At the last count, games industry analysts estimated Sony's PlayStation 5 was outselling Microsoft's Xbox Series X and S consoles two to one. Both tech giants released their latest machines in November 2020 at a similar price and with limited stock, as the pandemic affected hardware production. So it was a level playing field for both.
Despite this, the PS5 has raced ahead in terms of sales and has even managed to claim the "fastest-selling launch console of all-time" award. However, this head-to-head competition is a marathon, not a sprint, and at the virtual Electronic Entertainment Expo (E3) 2021, Microsoft showed it has all the pieces in place to win over gamers in the long-run.
In recent years, Sony has preferred to host its own PlayStation event away from E3. But Microsoft has stuck around and, by default, owned the show, capturing the imaginations of millions tuning in around the world.
One of the reasons Xbox Series X and S have fallen behind the PS5 is because of a lack of must-have exclusive games. Its initial offering was limp, but it has addressed this at E3 2021 with a slew of jaw-dropping titles. Games such as the photo-realistic racer Forza Horizon 5 showed the power of Xbox Series X as supercars raced around incredible Mexican landscapes complete with active volcanoes and quaint little towns.
A lack of family-friendly games is something else that has been levelled at Xbox over the years, but Party Animals – where you pick a beast such as a cartoon lion or rhino and fight each other – is a great step in the right direction.
Microsoft also showed off the fruits of its $7.5 billion acquisition of game developer Bethesda. The purchase further strengthened Xbox's coming games line-up. And with the highly anticipated Starfield – a vast role-playing game set in space – as an exclusive, only the most blinkered PS5 owner wouldn't have had pangs of sadness while watching its unveiling.
Sure, most of the games that were announced are slated for 2022, but Xbox is in a position to compete on the gaming front with PlayStation now. This is something you couldn’t have said about it otherwise over the years.
It wasn't only the new games that received high praise from the gaming community, though, as Xbox is also doubling down on its Game Pass service to provide even more value for money.
The subscription model gives access to hundreds of games from the Xbox back catalogue – think of it as a Netflix for games – but what impressed at E3 was just how many of the future titles will be available on the day of launch via Game Pass, so there’s no need to spend Dh399 ($108) for each new game.
Sony doesn’t currently have anything that can compete with this level of value for gamers and, in an age where every dirham counts, Xbox is the obvious choice of console for the thrifty.
That said, actual consoles may become a relic of the past, as Microsoft seems to be positioning its Xbox brand as something you can access without the machine.
Game Pass is available through various Apple and Android devices, and its next step is to become part of the line-up on smart TVs. This means you’ll only need an Xbox controller and a Game Pass subscription to get going. It’s an ambitious strategy, but if Microsoft can get it working properly, there are billions of televisions that can potentially become an instant Xbox.
Of course, all this being said, PlayStation is yet to show its hand on what's coming in the future. We already know there will be triple-A titles such as God of War: Ragnarok, Horizon: Forbidden West and Gran Turismo 7, and many more. There's also going to be an upgraded PSVR headset and controllers to dig deeper into virtual reality.
The advantageous aspect to the Japanese company skipping E3 and watching its competitor go first is to see what works and what doesn't, giving them an opportunity to potentially counter Microsoft's hits. However, unless Sony finds an answer to Game Pass, it's going to be much harder to recommend a PS5 over Xbox Series X, no matter what they try next.
For now, Microsoft has swung the console war back into its favour with its E3 showing and the future looks bright. The plan for world domination might not have been clear at first, but armed with Game Pass, a cloud-based gaming infrastructure and now, finally, some very good games, Xbox has a clear path to winning over the masses.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
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