Dh50 million to be won in Emirates Loto rollover


Andrew Scott
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The Emirates Loto draw will rollover to a whopping Dh50 million next week after the main cash prize went unclaimed again.

Three lucky winners walked away with Dh333,333 each in the third draw, drawn on Saturday night, matching five out of six numbers.

The winning jackpot numbers were 6, 17, 20, 27, 32 and 39.

The draw has only been running for three weeks but the big jackpot has remained elusive to players.

“We’ve seen player numbers increase by 20 to 30 per cent every week,” said Paul Sebestyen, chief executive of Emirates Loto.

However he believes the effect of Covid-19 on sales has been significant.

"Naturally it hasn't been as great as we wanted because a good portion of the consumers haven't been able to go out to purchase our collectables in the retail environment," Sebestyen says.

“Most of our sales are being driven by people visiting our website and also going to, either, Google or the App Store and downloading our app.”

The Emirates Loto has been postponed until later in the year. Courtesy: Emirates Loto
The Emirates Loto has been postponed until later in the year. Courtesy: Emirates Loto

The Emirates Loto is a fatwa-approved, collectable scheme with the option to enter a weekly live draw.

People can buy the collectable cards and then decide whether they wish to enter the draw free of charge. Customers can also choose not to receive the card and donate a portion of the purchase price to charity.

The Emirates Loto is drawn live on a Saturday evening from a sound stage in Dubai’s Studio City. It is streamed live on YouTube and Facebook.

It uses the best global practices to ensure propriety and transparency in the lottery process.

“We have an independent adjudicator oversee the choice of the balls and the machines that choose the numbers,” said Nick Dutt, operations manager for Emirates Loto.

Emirates Loto has three machines that choose the balls and two sets of balls, both the machine and the balls are chosen at random so the likelihood of calculated impropriety is infinitesimal.

“We weigh every ball and check the sizes so that there can be no discrepancy. We then run five ‘dummy draws’ in the machine before the actual draw to ensure there is a random spread of numbers and balls,” said Dutt.

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The specs

Engine: 4-litre twin-turbo V8

Transmission: eight-speed PDK

Power: 630bhp

Torque: 820Nm

Price: Dh683,200

On sale: now

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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.”

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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

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Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5