Who is Rajwa Al Saif, the Saudi fiancee of Jordan's Crown Prince Hussein?

Jordan's Crown Prince Hussein bin Abdullah and Rajwa Al Saif announced their engagement on Wednesday, much to the family's delight.

The engagement took place at the home of Al Saif's father in Riyadh. It was announced on Twitter with four photos showing the couple, with Prince Hussein's parents, King Abdullah II and Queen Rania, pictured alongside members of Al Saif's family.

Queen Rania also took to Twitter to share her happiness.

“I didn’t think it was possible to hold so much joy in my heart! Congratulations to my eldest Prince Hussein and his beautiful bride-to-be, Rajwa,” Queen Rania wrote.

Who is Rajwa Al Saif?

Al Saif was born in Riyadh, on April 28, 1994, according to Roya News in Jordan.

She is the youngest of four siblings — alongside Faisal, Nayef and Dana — born to businessman Khalid Al Saif and his wife Azza Al Sudairi.

Her secondary education took place in Saudi Arabia, before she moved to New York, US, to complete her higher education at the College of Architecture at Syracuse University.

During her time there, Al Saif took a nine-day field trip to Dubai in 2016, as part of the course. “What made this trip so memorable for me was seeing the students in the studio experience Arabic culture and architecture for the first time," said Al Saif, as reported on Syracuse University's website.

"Dubai is very intriguing, having contemporary architecture while also attempting to maintain the traditional beauty of the Arabic culture and history.”

Princess Iman gets engaged

Prince Hussein's engagement only comes a few weeks after his sister, Princess Iman, announced her engagement to Jameel Alexander Thermiotis.

Princess Iman is the first daughter and the second child of King Abdullah II and Queen Rania.

The princess, who was born in Amman in 1996, studied at Georgetown University in Washington, following in the footsteps of her newly engaged brother.

Thermiotis was born in Caracas, Venezuela, in 1994 and is of Greek descent, said Jordan's royal court. He holds a bachelor's degree in business administration and works in finance in New York.

The court congratulated the king and queen on the engagement, wishing the couple “a lifetime of happiness”.

Jordanian royal weddings through the years — in pictures

1955: King Hussein of Jordan weds first wife, Dina bint Abdul-Hamid, former Queen of Jordan, on April 19. Getty Images
1961: King Hussein of Jordan and second wife, Antoinette Gardiner, who became Princess Muna al-Hussein upon marriage, leaving the Zahran Palace after their wedding ceremony, Amman on May 29. Getty Images
1970: Princess Basma of Jordan with Timoor Daghistani after their wedding ceremony on April 2.
1993: The wedding of Abdullah II of Jordan and Queen Rania on June 10. AFP
1993: The couple on their wedding day with King Hussein of Jordan, far right, and Queen Noor. AFP
2004: The wedding of Prince Hamzah bin Hussein of Jordan and Princess Noor. Getty Images
2020: Princess Raiyah, centre, daughter of Queen Noor of Jordan, left, marries Roald Dahl's grandson Ned Donovan in small UK ceremony. Photo: Arabia Royal Agency
2020: The couple announced their engagement in 2019, and put a big wedding on hold because of pandemic. Photo: Twitter / RaiyahHKJ
2023: Princess Iman married Jameel Alexander Thermiotis in Amman on March 12. AFP

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PROFILE OF STARZPLAY

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Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”