Madinat Zayed, United Arab Emirates, February 27, 2013:    Shams 1 solar power station near Madinat Zayed on February 27, 2013. The power station is capable of generating 100 megawatts (MW) of power, approximately enough to power 20,000 homes, which makes it among the largest parabolic trough stations in the world. Christopher Pike / The National

In pictures: Abu Dhabi's Dh2.2 billion solar power plant



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.”

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox

“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

 “I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy

“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra

Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
STAGE 4 RESULTS

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45

Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zack%20Snyder%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Sofia%20Boutella%2C%20Charlie%20Hunnam%2C%20Ed%20Skrein%2C%20Sir%20Anthony%20Hopkins%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

'The Ice Road'

Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne

2/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
UAE%20medallists%20at%20Asian%20Games%202023
%3Cp%3E%3Cstrong%3EGold%3C%2Fstrong%3E%0D%3Cbr%3EMagomedomar%20Magomedomarov%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20%2B100kg%0D%3Cbr%3EKhaled%20Al%20Shehi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EFaisal%20Al%20Ketbi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EAsma%20Al%20Hosani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EShamma%20Al%20Kalbani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-63kg%0D%3Cbr%3E%3Cstrong%3ESilver%3C%2Fstrong%3E%0D%3Cbr%3EOmar%20Al%20Marzooqi%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3EBishrelt%20Khorloodoi%20%E2%80%93%20Judo%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EKhalid%20Al%20Blooshi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EMohamed%20Al%20Suwaidi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-69kg%0D%3Cbr%3EBalqees%20Abdulla%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-48kg%0D%3Cbr%3E%3Cstrong%3EBronze%3C%2Fstrong%3E%0D%3Cbr%3EHawraa%20Alajmi%20%E2%80%93%20Karate%20%E2%80%93%20Women%E2%80%99s%20kumite%20-50kg%0D%3Cbr%3EAhmed%20Al%20Mansoori%20%E2%80%93%20Cycling%20%E2%80%93%20Men%E2%80%99s%20omnium%0D%3Cbr%3EAbdullah%20Al%20Marri%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3ETeam%20UAE%20%E2%80%93%20Equestrian%20%E2%80%93%20Team%20showjumping%0D%3Cbr%3EDzhafar%20Kostoev%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-100kg%0D%3Cbr%3ENarmandakh%20Bayanmunkh%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-66kg%0D%3Cbr%3EGrigorian%20Aram%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-90kg%0D%3Cbr%3EMahdi%20Al%20Awlaqi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-77kg%0D%3Cbr%3ESaeed%20Al%20Kubaisi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EShamsa%20Al%20Ameri%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-57kg%0D%3C%2Fp%3E%0A
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now