Why India's e-commerce start-ups are on investors' radars

Investment firms are rushing to fund budding online businesses as shoppers pivot to the internet

India's shoppers are shunning brick-and-mortar outlets for the convenience and security of the web.

A validation of the trend in the country that is set to overtake China as the world’s most populous nation came last week with Walmart-owned Flipkart – India's rival to Amazon – raising $3.6 billion in new financing ahead of an expected initial public offering (IPO).

“We have started to see a select few players cornering most of the market share,” said Nikhil Kamath, co-founder of asset management company True Beacon and brokerage Zerodha. “Naturally, competition has gotten intense.”

Digital payments company Paytm, backed by SoftBank, is seeking regulatory approval to raise more than $2.2bn in what would be one of the country's biggest stock market listings.

Quote
Rising consumer preference for online shopping, proliferation of e-retailers and emergence of new payment methods will continue to drive e-commerce growth in India
Ravi Sharma, lead analyst at GlobalData

While the pandemic may dent the pace of economic expansion, online sales are growing in tandem with the increasing uptake in digitilisation of businesses amid the Coivd-19 pandemic.

E-commerce sales in Asia's third-largest economy are projected to grow 18.2 per cent annually between 2021 and 2025 to 8.8 trillion rupees ($120bn), according to consulting firm GlobalData. E-commerce payments are forecast to grow 16.8 per cent this year to 4.5tn rupees, compared to 12.2 per cent growth in 2020.

“The Covid-19 crisis has accelerated the digital payments shift in India and opened e-commerce to a whole new set of consumers and merchants who were not using online channels earlier,” said Ravi Sharma, the banking and payments lead analyst at GlobalData.

“Rising consumer preference for online shopping, proliferation of e-retailers and emergence of new payment methods will continue to drive e-commerce growth in India.”

Major e-commerce retailers in India, such as Flipkart, Amazon and BigBasket, have seen a rise in orders every month since the outbreak of the pandemic, according to GlobalData. Online purchases of groceries, electronic goods and healthcare products have all registered strong growth, according to the consultancy.

The uptick in e-commerce has been fuelled by a rise of smartphone ownership and internet access, an increase in digital literacy and the Indian government's digital push, Mr Sharma said.

Such a favourable environment is prompting companies in the digital space, particularly established e-commerce platforms, to go public and capitalise on investor interest that can help them expand.

Bangalore-based Flipkart is expected to go for a public listing – this year – as it aims for a $50bn valuation. The company's latest fundraising round saw Japan's SoftBank reinvesting in Flipkart after it sold off its 20 per cent stake to Walmart as part of a deal completed in 2018, when the US retailer took a majority stake in the Indian e-commerce start-up.

Flipkart, which has some 350 million registered users, plans to use the funds to expand its operations and boost its fashion and grocery segments.

“With increased competition from both domestic and international players, e-commerce could grow in double digits in the coming years,” said Gaurav Garg, head of research at CapitalVia Global Research, an Indian stock advisory firm.

“Especially when 'unicorns' [start-ups with valuations of more than $1bn] such as Zomato, which has already launched its IPO, and other firms such as Paytm are planning to go public soon.”

Indian conglomerate Tata Sons bought a majority stake in online grocer BigBasket in May. This puts Tata – which has interests in fields ranging from real estate to consumer goods, and owns brands including Jaguar Land Rover – in direct competition with Flipkart, Amazon and JioMart, a more recent entrant in the sector that is owned by Reliance Industries and controlled by India's richest man, Mukesh Ambani.

The impact of India’s e-commerce boom is also trickling down to associated sectors, such as payments, particularly helping home-grown players tap into the funding boom.

Digital payments firm Paytm, which is awaiting regulatory approval for its public listing, said “the country’s digital ecosystem is at an inflection point and offers a massive opportunity”. The funds would help the company to compete with the likes of GooglePay and WhatsApp Pay.

Another Indian digital payments firm Mobikwik, which is backed by Sequoia Capital, is also looking to tap the capital markets. On Monday, it filed for an IPO with the markets regulator.

These companies are digital enablers and vying to position themselves for a surge in the number of internet users, which consultancy RedSeer forecasts will increase to 970 million over the next five years from 600 million currently.

“Because a large portion of the population in rural India does not use the internet, there is a lot of space for growth in the coming years,” Mr Garg said.

But there also needs to be significant investment and effort that goes into boosting India's digital infrastructure so that companies that rely on consumers having access to the internet can realise their full potential in the country.

“From a macro perspective, India needs to nurture the digital infrastructure, in order to host global investments,” Mr Kamath said. “I am certain that with concentrated efforts, we can make the India digital and e-commerce space one amongst the strongest in the world.”

For now, the country's digital infrastructure shortcomings are not holding back investors from ploughing funds into start-ups that are enabling digital transactions.

Startups that are going public are looking to benefit from both foreign and domestic investors alike, as stock markets have rallied. India recorded $3.6bn worth of IPOs during the first half of this year, compared to $1.1bn during the same period last year, according to Refinitiv.

“Right now, we are in the midst of a bull run” Nitin Shahi, the executive director of Findoc Financial Services Group, said.

“The market sentiment is very positive around the digital and e-commerce story of India.”

Such positive perceptions could “enable these firms filing for IPOs to get more attractive valuations right now and as a result they can generate more funds and private investors feel they can exit at good prices”.

Last week, food delivery app Zomato launched a $1.3bn IPO.

“We see a lot of excitement around the Zomato IPO given it’s the first large consumer tech company getting listed,” said Himanshu Nayyar, lead analyst, institutional equities, at Yes Securities.

Prior to the IPO, Zomato raised $562m from 186 major financial investors, including Tiger Global, Morgan Stanley and BlackRock.

The current funding boom could also help start-ups in e-commerce and digital sectors that need liquidity to strengthen their position to compete with deep-pocketed players, including Amazon, Reliance Industries, and Tata, Mr Shahi said.

“Most of these companies right now are cash flow negative and in operating losses which makes external funding all the more valuable for them, because their focus is on increasing market share.”

“It’s pretty clear that they are not going to be slowing down in terms of funding any time soon,” said Mr Shahi.

Updated: July 18th 2021, 4:30 AM
MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

US PGA Championship in numbers

Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.

To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.

Number of seasons without a major for McIlroy, who finished in a tie for 22nd.

4 Louis Oosthuizen has now finished second in all four of the game's major championships.

In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.

For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.

Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.

Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.

Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.

10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.

11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.

12 Paul Casey was a combined 12 under par for his first round in this year's majors.

13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.

14 The world ranking of Justin Thomas before his victory.

15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.

16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.

17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.

18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

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.”

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes