Miss Universe 2022 postponed to next year

There will be no Miss Universe pageant this year, with the 2022 winner likely to be crowned in the first half of next year, sources have confirmed to The National. An official announcement is set to be made soon.

While no reason has been given for the postponement, it is probable that two Miss Universe pageants will be held next year, with the 2023 winner being crowned later in the year.

An internal memo sent to national directors and seen by Puerto Rican daily El Vocero de Puerto Rico simply reads: "We are going to hold the Miss Universe event in the first quarter of 2023, we will announce it soon."

The news effectively extends the reign of Harnaaz Sandhu from India, who was crowned Miss Universe 2021 in December last year. But the longest-reigning Miss Universe is Zozibini Tunzi of South Africa, who won the tile in 2019.

Tunzi reigned for 525 days after the 2020 pageant was cancelled owing to the Covid-19 pandemic. She crowned her successor Andrea Meza from Mexico in May 2021, in turn making Meza's the shortest reign in history. Meza passed on her crown to Sandhu at a pageant in Israel in December last year after 211 days.

More than 50 countries, from the UK to Ukraine and Guatemala to Ghana, have named their representatives for the 71st Miss Universe, the location for which is yet to revealed. In the region, Miss Universe Bahrain will be named on September 11, according to organisers.

Last week, architect and model Divita Rai was crowned as Miss Universe India, better known as Miss Diva, with Sandhu on hand to name her Indian successor.

Scroll through the gallery below for pictures of Miss Universe 2022 contestants who have already been crowned, from India to Lebanon

Early in August, the Miss Universe Organisation made history by introducing a major rule change for eligibility. Starting with the 72nd pageant, the annual competition will accept married women and mothers.

In an internal memo seen by The National, the organisation says it has always strived to evolve with the times and the latest decision was the natural next step.

"We all believe that women should have agency over their lives and that a human's personal decisions should not be a barrier to their success," the memo said.

Previously, only single women aged between 18 and 28, who have never been married or had children, were allowed to apply.

The contest has been changing with the times. Last year, Miss Universe Bahrain made history by choosing to walk the swimsuit round in fully-covered sportswear.

The Miss Universe Organisation, which operates out of New York, also owns the Miss USA and Miss Teen USA pageants, besides the global Miss Universe pageant.

How Lebanon's Mouawad became the Miss Universe crown jeweller — in pictures

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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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