• TeamLab Phenomena, Abu Dhabi's newest art attraction, opened to visitors on April 18. All photos: Antonie Robertson/The National
    TeamLab Phenomena, Abu Dhabi's newest art attraction, opened to visitors on April 18. All photos: Antonie Robertson/The National
  • It merges art, science and technology through exhibitions spanning 17,000 square metres
    It merges art, science and technology through exhibitions spanning 17,000 square metres
  • Digital artworks that respond to visitors' movements and behaviour, creating a dynamic, multisensory experience
    Digital artworks that respond to visitors' movements and behaviour, creating a dynamic, multisensory experience
  • The art pieces for the attraction in Abu Dhabi were worked on for almost a decade
    The art pieces for the attraction in Abu Dhabi were worked on for almost a decade
  • TeamLab Phenomena is on Saadiyat Island, which is home to other many other cultural institutions
    TeamLab Phenomena is on Saadiyat Island, which is home to other many other cultural institutions
  • Guggenheim Abu Dhabi and Zayed National Museum are also due to open on Saadiyat this year
    Guggenheim Abu Dhabi and Zayed National Museum are also due to open on Saadiyat this year
  • New attractions have helped international visitor spend across the UAE reach record levels
    New attractions have helped international visitor spend across the UAE reach record levels

UAE's travel and tourism sector to add more than 26,000 jobs this year


Deena Kamel
  • English
  • Arabic

The UAE's travel and tourism sector is projected to create 26,400 additional jobs this year to reach 925,000 jobs in 2025, with international visitor spend reaching record levels, according to the World Travel and Tourism Council (WTTC).

The number of jobs forecast for this year is 2.9 per cent higher than 898,600 jobs in 2024 and up 21.7 per cent from the pre-pandemic levels of 2019, the tourism body said in its latest Economic Impact Research report in collaboration with Oxford Economics.

"2024 was a record year for the UAE in terms of travel and tourism, it really knocked it out of the park, it surpassed all levels, beating 2019," Julia Simpson, WTTC president and chief executive, told The National.

"Normally when you've had those kind of records, you're almost defying gravity, so what's 2025 going to look like? The numbers are not settling, if anything the growth is going to accelerate."

International traveller's spend in the UAE is expected to grow 5.2 per cent year-on-year to reach a record Dh228.5 billion ($62.2 billion) in 2025, WTTC data shows. Meanwhile, spending by domestic travellers in the country will hit Dh60 billion this year, up 4.3 per cent on 2024 and 47 per cent above 2019.

"I really must impress on you how incredible this is if you compare it to other parts of the world," Ms Simpson said, pointing to a projected decline in international visitor spending in the US this year.

"The UAE is really in an exceptional position, we think 2025 is going to be a further record-breaking year."

The sector's contribution to the UAE economy in 2025 is Dh267.5 billion, or 12.9 per cent of its GDP, according to WTTC forecasts.

Growth is being propelled by its focus on building smart cities, use of biometric technology at airports, easy visa procedures and strong air connectivity by its national carriers, Ms Simpson said.

"That energy has never stalled, Dubai keeps reinventing itself and this is what's so amazing about it," she said, pointing to strong visitor numbers from diverse source markets like India, Russia and the UK.

"Infrastructure, [air] connectivity, political vision – it's those things that have made it a really great place, plus the warm welcome of the people."

Trump's Gulf aviation deals

US President Donald Trump's four-day trip last week that took him through Saudi Arabia, Qatar and the UAE was marked by a flurry of announcements. Aerospace and defence pacts featured in a major way, with Boeing signing a commercial deal with Qatar Airways that was the US plane maker's biggest plane order in its history.

Calling the deals "highly significant", Ms Simpson said Mr Trump is "doing a great job at flying the flag high for the US and getting some really good deals for Boeing".

Airlines will benefit when there is "healthy competition" between the duopoly of the rival plane makers Airbus and Boeing, she added.

"But one of the main beneficiaries of these deals is that the world is on the move and we've got more people now travelling for business, leisure and seeing relatives than any other time in the history of the world."

Disney magic

The constant pipeline of new tourist attractions opening in the UAE will help attract a bigger diversity of travellers to the country, the WTTC chief said.

Disneyland Abu Dhabi is set to become the company’s seventh global destination and the first in the Middle East. With an estimated opening date in the early 2030s, the project is expected to boost tourism and support local businesses.

"What's wonderful is that the UAE is really focusing on high quality entertainment, artistic, cultural and sport activities for visitors," Ms Simpson said.

"The advent of Disney is absolutely the biggest win for Abu Dhabi … because you're attracting different types of visitors. Not only do you attract people from different countries, but now you're also going for different demographics."

She added: "It really popularises, in a very symbolic way, what is already a popular destination."

The much-awaited Guggenheim Abu Dhabi and Zayed National Museum, as well as attractions such as Velodrome Abu Dhabi, are also due to open this year.

"Travel and tourism is about experiencing different cultures and getting to know different people. In a world that can feel a bit troubled, this cultural connectivity is so critical for all of us," she said.

  • President Sheikh Mohamed bids farewell to US President Donald Trump at the Presidential Airport in Abu Dhabi. Mohamed Al Hammadi / UAE Presidential Court
    President Sheikh Mohamed bids farewell to US President Donald Trump at the Presidential Airport in Abu Dhabi. Mohamed Al Hammadi / UAE Presidential Court
  • Sheikh Mohamed says goodbye to Mr Trump, as he prepares to leave the UAE and fly back to the US. Abdulla Al Neyadi / UAE Presidential Court
    Sheikh Mohamed says goodbye to Mr Trump, as he prepares to leave the UAE and fly back to the US. Abdulla Al Neyadi / UAE Presidential Court
  • Sheikh Mohamed with Mr Trump, who rounded off his four-day Middle East tour in Abu Dhabi. Mohamed Al Hammadi / UAE Presidential Court
    Sheikh Mohamed with Mr Trump, who rounded off his four-day Middle East tour in Abu Dhabi. Mohamed Al Hammadi / UAE Presidential Court
  • Sheikh Mohamed receives a gift from Mr Trump at the Presidential Airport. Ryan Carter / UAE Presidential Court
    Sheikh Mohamed receives a gift from Mr Trump at the Presidential Airport. Ryan Carter / UAE Presidential Court
  • President Sheikh Mohamed; Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Theyab bin Mohamed, Chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court; and Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, share some words with Mr Trump before his departure. Abdulla Al Neyadi / UAE Presidential Court
    President Sheikh Mohamed; Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Theyab bin Mohamed, Chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court; and Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, share some words with Mr Trump before his departure. Abdulla Al Neyadi / UAE Presidential Court
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
  • Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office
    Mr Trump visits the Abrahamic Family House in Abu Dhabi, where he was welcomed on arrival by Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence; Dr Omar Habtoor Al Derei, Chairman of the General Authority of Islamic Affairs, Endowments & Zakat; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism - Abu Dhabi and President of the Abrahamic Family House, along with senior officials who accompanied him on a guided tour of the interfaith complex. Photo: Abu Dhabi Media Office

UAE's 2035 outlook

One million people in the UAE are expected to be working in travel and tourism by 2035, underscoring the sector’s central role in economic diversification and national growth, WTTC said.

The sector is anticipated to contribute Dh287.8 billion to the UAE economy by 2035, representing 10.4 per cent of the national GDP.

  • The Dubai government has approved designs for a new passenger terminal at Al Maktoum International Airport and has started construction at a cost of Dh128 billion. Photo: Dubai government via AP
    The Dubai government has approved designs for a new passenger terminal at Al Maktoum International Airport and has started construction at a cost of Dh128 billion. Photo: Dubai government via AP
  • Spread across 70 square kilometres, the new airport will be five times the size of the current Dubai International Airport. Photo: Dubai government via AP
    Spread across 70 square kilometres, the new airport will be five times the size of the current Dubai International Airport. Photo: Dubai government via AP
  • Once complete, Al Maktoum International Airport will have "the world's largest capacity", reaching up to 260 million passengers. Photo: Dubai government via AP
    Once complete, Al Maktoum International Airport will have "the world's largest capacity", reaching up to 260 million passengers. Photo: Dubai government via AP
  • The Al Maktoum International Airport will fully absorb Dubai International Airport’s operations within 10 years. Photo: Dubai government via AP
    The Al Maktoum International Airport will fully absorb Dubai International Airport’s operations within 10 years. Photo: Dubai government via AP
  • A satellite image shows the site of Al Maktoum International Airport. The airport will feature 400 gates, five parallel runways and new aviation technology. Photo: Planet Labs PBC via AP
    A satellite image shows the site of Al Maktoum International Airport. The airport will feature 400 gates, five parallel runways and new aviation technology. Photo: Planet Labs PBC via AP

Dubai's new terminal at Al Maktoum International Airport that is scheduled for opening in 2032 will help propel the sector's growth.

The investment in infrastructure and political will to adopt "seamless digital travel" will bring in more visitors, Ms Simpson said.

"Seamless travel will make Dubai and UAE a much more attractive to go to than other places in the world that make it difficult to get visas," she said.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%E2%80%9D%20flexible%20Amoled%2C%202412%20x%201080%2C%20394ppi%2C%20120Hz%2C%20Corning%20Gorilla%20Glass%205%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20MediaTek%20Dimensity%207200%20Pro%2C%204nm%2C%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2014%2C%20Nothing%20OS%202.5%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2050MP%20main%2C%20f%2F1.88%20%2B%2050MP%20ultra-wide%2C%20f%2F2.2%3B%20OIS%2C%20EIS%2C%20auto-focus%2C%20ultra%20XDR%2C%20night%20mode%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2030fps%2C%20full-HD%20%40%2060fps%3B%20slo-mo%20full-HD%20at%20120fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2032MP%20wide%2C%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205000mAh%3B%2050%25%20in%2030%20mins%20w%2F%2045w%20charger%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Google%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Fingerprint%2C%20face%20unlock%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%20IP54%2C%20limited%20protection%20from%20water%2Fdust%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual-nano%20SIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%2C%20milk%2C%20white%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Nothing%20Phone%20(2a)%2C%20USB-C-to-USB-C%20cable%2C%20pre-applied%20screen%20protector%2C%20SIM%20tray%20ejector%20tool%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%20(UAE)%3A%3C%2Fstrong%3E%20Dh1%2C199%20(8GB%2F128GB)%20%2F%20Dh1%2C399%20(12GB%2F256GB)%3C%2Fp%3E%0A

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

England squads for Test and T20 series against New Zealand

Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes

T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince

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

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Spider-Man%202
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

Honeymoonish
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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.”

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NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

EA Sports FC 26

Publisher: EA Sports

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

Rating: 3/5

Updated: May 19, 2025, 11:35 AM