• A health worker checks the body temperature of passengers bound for Frankfurt at Dubai International Airport.
    A health worker checks the body temperature of passengers bound for Frankfurt at Dubai International Airport.
  • Emirates Boeing 777 aircraft are seen on the tarmac at Dubai International Airport.
    Emirates Boeing 777 aircraft are seen on the tarmac at Dubai International Airport.
  • Passengers bound for Frankfurt board a shuttle bus at Dubai International Airport.
    Passengers bound for Frankfurt board a shuttle bus at Dubai International Airport.
  • A flydubai aircraft is parked on the tarmac of Dubai International Airport.
    A flydubai aircraft is parked on the tarmac of Dubai International Airport.
  • Passengers check in at Dubai International Airport.
    Passengers check in at Dubai International Airport.
  • An information board displays an alert for passengers to maintain distance from others at Dubai International Airport.
    An information board displays an alert for passengers to maintain distance from others at Dubai International Airport.
  • Mask-clad passengers bound for Frankfurt walk past check-in counters at Dubai International Airport.
    Mask-clad passengers bound for Frankfurt walk past check-in counters at Dubai International Airport.
  • A mask-clad employee walks in front of a flydubai aircraft on the tarmac of Dubai International Airport.
    A mask-clad employee walks in front of a flydubai aircraft on the tarmac of Dubai International Airport.
  • Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
    Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
  • Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
    Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
  • Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
    Passengers bound for Frankfurt wait at a terminal of Dubai International Airport.
  • Passengers wait at a terminal at Dubai International Airport, as Emirates resumed a limited number of outbound passenger flights.
    Passengers wait at a terminal at Dubai International Airport, as Emirates resumed a limited number of outbound passenger flights.
  • An Emirates aircraft takes off from Dubai International Airport.
    An Emirates aircraft takes off from Dubai International Airport.
  • Emirates Airbus A380 and Boeing 777 aircraft are seen on the tarmac at Dubai International Airport as the airline resumed a limited number of outbound passenger flights.
    Emirates Airbus A380 and Boeing 777 aircraft are seen on the tarmac at Dubai International Airport as the airline resumed a limited number of outbound passenger flights.
  • Passengers are assisted at the check-in counter in a terminal at Dubai International Airport.
    Passengers are assisted at the check-in counter in a terminal at Dubai International Airport.
  • Passengers have their travel documents checked before departure at Dubai International Airport.
    Passengers have their travel documents checked before departure at Dubai International Airport.
  • Passengers have their travel documents checked before departure at Dubai International Airport.
    Passengers have their travel documents checked before departure at Dubai International Airport.

Do I need a Covid booster jab to travel abroad this winter?


Gillian Duncan
  • English
  • Arabic

The vast majority of people in UAE - more than 86 per cent - are fully vaccinated.

And many of those who received their last Sinopharm shot more than six months ago have already received a single booster.

But is that enough to travel abroad this winter?

Many countries only recognise one of the big four - Oxford-AstraZeneca, Pfizer-BioNTech, Moderna and Johnson & Johnson - but not Sinopharm and Sputnik.

And some countries have now set expiry dates for the duration people have been vaccinated for to ensure passengers are protected against the disease.

Here, we take a look at what you need to know before flying this winter.

Travellers from the UAE

The UAE government encourages people who had a Sinopharm vaccine more than six months ago to get a booster, which could either be Sinopharm or Pfizer, to maintain protection against the disease.

Authorities also allow people to take a full course of Pfizer, two shots, after receiving Sinopharm more than six months ago, allowing them to travel to places that do not recognise Sinopharm.

Which countries require booster shots?

It all depends on the country in question you are visiting, so be sure to check.

Some countries have set expiry dates on vaccine validity.

In the summer, Croatia became the first country to do this when it said people should be fully vaccinated within 270 days, which is around nine months, of arrival. The period has since been extended to a year.

People with vaccines administered earlier than this must take a PCR test on arrival in Croatia and self-isolate until they receive a negative result. If they cannot get tested, they must isolate for 10 days. Sinopharm is recognised by Croatia.

In Austria, you are considered vaccinated for one year, beginning on the 22nd day since your first shot. Anyone who was vaccinated before that period must show proof of a recent Covid-19 test and self-isolate for up to 10 days. Sinopharm is recognised by Austria.

Israel has added an expiry date of six months to all vaccine passports, known as the Green Pass, required to enter indoor venues.

And Vietnam requires travellers to have received a vaccine dose within a year to visit Phu Quoc, an island off the coast of Cambodia in the Gulf of Thailand, once it reopens for tourism in November. If you have not received a booster shot, you will not be permitted entry.

Which countries have set expiry dates for fully vaccinated status?

Most countries do not require boosters but many do ask travellers to be vaccinated against the virus to enter.

Some recognise only certain vaccine certificates, depending on where they were issued, so it is best to check this before booking travel.

In the UK, there is no requirement for a booster but people should have completed the full course of one of the four vaccines recognised in the country, which are Oxford-AstraZeneca, Pfizer-BioNTech, Moderna and Johnson & Johnson.

If you were inoculated with a two-dose vaccine, which is all of the above but Janssen of Johnson & Johnson, you must have had both doses to be considered fully vaccinated. The second dose must have been administered more than 14 days ago. Sinopharm is not recognised by the UK but vaccine certificates for shots recognised in the UK are accepted from the UAE.

In Switzerland, it has been mandatory to provide proof of inoculation in the form of a Covid-19 vaccination passport since September 13 to enter many public places, such as restaurants, cafeterias and more.

However, if the traveller was vaccinated in a country outside the European Union and the European Economic Area, their certificates will not be accepted. Anyone in this position travelling to Switzerland will have to test for Covid-19 every three days.

A woman receives her third dose of the Covid-19 vaccine in Israel. Boosters induce stronger immune responses, studies show. Reuters
A woman receives her third dose of the Covid-19 vaccine in Israel. Boosters induce stronger immune responses, studies show. Reuters

Why are boosters required?

To maintain protection against the virus. Neutralising antibodies have been shown to fall fairly fast after either vaccination or infection with the coronavirus.

A recent study in the UK found an increased number of breakthrough infections among those who were vaccinated three months previously.

Experts on the Imperial College London-led React-1 study monitored home swab tests taken by more than 100,000 people in England between September 9 and 27 and 764 were positive for the virus.

Among those fully vaccinated, the prevalence of infection (0.55 per cent) was higher for those who had their second dose of vaccine three to six months ago, compared with those who had received their second shot less than three months ago (0.35 per cent).

Is the immune response stronger after a booster than the primary series?

Yes, a booster should induce stronger immune responses.

“It will boost,” Rafi Ahmed, an immunologist at Emory University in Atlanta, told science journal Nature.

After vaccination, the body creates a surge of different types of antibodies to fight the illness, as it would in response to a real infection. They slowly drop but some improve in quality over time.

A booster causes a surge in neutralising antibodies and memory B cells, which circulate in the bloodstream, sometimes for decades, until the body encounters the pathogen again.

B cells produce antibodies and are the main players in the protective immune response against infections.

They will fade again but the number left over will be bigger than before, which will create a faster and more forceful response. The quality of the B cells triggered by the vaccine also mature, which helps them bind to the virus more efficiently.

Experts say the number of antibodies and memory B cells will eventually plateau, either due to repeated boosting or infection.

But it is unlikely such levels have been reached in those who have had the recommended regimen of Covid-19 vaccine or a previous infection, Ali Ellebedy, a B-cell immunologist at Washington University in St. Louis, Missouri, told Nature.

Green pass status on the Al Hosn app - in pictures

  • A security guard wearing gloves checks the vaccine status of a guest at a bar in the Radisson Blu hotel in Dubai Media City. Pawan Singh / The National
    A security guard wearing gloves checks the vaccine status of a guest at a bar in the Radisson Blu hotel in Dubai Media City. Pawan Singh / The National
  • Patrons wait to have their Al Hosn vaccine app checked at the Radisson Blu in Dubai Media City. Pawan Singh / The National
    Patrons wait to have their Al Hosn vaccine app checked at the Radisson Blu in Dubai Media City. Pawan Singh / The National
  • Licensed premises with a bar licence, rather than a restaurant licence, are required to check that all guests have had a vaccine or a recent PCR test. Pawan Singh / The National
    Licensed premises with a bar licence, rather than a restaurant licence, are required to check that all guests have had a vaccine or a recent PCR test. Pawan Singh / The National
  • The latest requirement cuts the risk of people spreading the virus. Pawan Singh / The National
    The latest requirement cuts the risk of people spreading the virus. Pawan Singh / The National
  • Staff check the Al Hosn app before guests can enter bars and restaurants on Friday, June 11. Pawan Singh / The National. Story by Patrick
    Staff check the Al Hosn app before guests can enter bars and restaurants on Friday, June 11. Pawan Singh / The National. Story by Patrick
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

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

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
The specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

SERIES INFO

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series

All matches at the Zayed Cricket Stadium, Abu Dhabi

Test series

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March

Play starts at 9.30am

T20 series

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March

TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

Racecard
%3Cp%3E1.45pm%3A%20Bin%20Dasmal%20Contracting%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh50%2C000%20(Dirt)%201%2C200m%3Cbr%3E2.15pm%3A%20Al%20Shafar%20Investment%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C200m%3Cbr%3E2.45pm%3A%202023%20Cup%20by%20Emirates%20sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C200m%3Cbr%3E3.15pm%3A%20HIVE%20Cup%20%E2%80%93%20Handicap%20(TB)%20Dh68%2C000%20(D)%201%2C400m%3Cbr%3E3.45pm%3A%20Jebel%20Ali%20Mile%20Prep%20by%20Shadwell%20%E2%80%93%20Conditions%20(TB)%20Dh100%2C000%20(D)%201%2C600m%3Cbr%3E4.15pm%3A%20JARC%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C600m%3Cbr%3E4.45pm%3A%20Deira%20Cup%20by%20Emirates%20Sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C950m%3C%2Fp%3E%0A
What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

ASIAN%20RUGBY%20CHAMPIONSHIP%202024
%3Cp%3E%3Cstrong%3EResults%3C%2Fstrong%3E%3Cbr%3EHong%20Kong%2052-5%20UAE%3Cbr%3ESouth%20Korea%2055-5%20Malaysia%3Cbr%3EMalaysia%206-70%20Hong%20Kong%3Cbr%3EUAE%2036-32%20South%20Korea%3Cbr%3E%3Cbr%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2021%2C%207.30pm%20kick-off%3A%20UAE%20v%20Malaysia%3Cbr%3EAt%20The%20Sevens%2C%20Dubai%20(admission%20is%20free).%3Cbr%3ESaturday%3A%20Hong%20Kong%20v%20South%20Korea%3Cbr%3E%3C%2Fp%3E%0A
Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

A Long Way Home by Peter Carey
Faber & Faber

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

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.”

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Updated: October 25, 2021, 5:13 AM