Thursday, marks the end of Ramadan. The holy month of fasting culminates in the three-day festival of Eid Al Fitr. It is a time of charity, and a celebration of endurance and strength, evermore relevant in the midst of a global pandemic. It is also a time to see family and friends, exchange gifts and savour the sweet delicacies of Eid, be it Egyptian kahk, Iraqi kleicha or ma'amoul in Syria, Lebanon, Jordan and Palestine.
When I was invited to write about popular sweets consumed around Eid, I was reminded of Proust’s madeleine. More than 100 years ago, the famous French author Marcel Proust imbued the humble madeleine with the potential to evoke powerful memories.
In his book A la Recherche du Temps Perdu (In Search of Lost Time), the narrator recalls an episode after tasting a madeleine dipped in lime tea. "No sooner had the warm liquid mixed with the crumbs touched my palate than a shudder ran through me and I stopped, intent upon the extraordinary thing that was happening to me." Proust realised that the act of eating a madeleine as an adult resurrected the context of his childhood. The madeleine became a sensory cue that involuntarily triggered a memory and served as a symbol of the past.
Eid cookies are my madeleine.
I grew up in Kuwait, to an Egyptian father and Syrian-Lebanese mother, among a large Palestinian diaspora and a multinational population, and Ramadan and Eid Al Fitr were times of culinary delight.
On the 29th day of Ramadan, we anxiously awaited the sighting of the new Moon, quivering with the suspense of not knowing if we had one more day to fast and how late we could stay up. Once the announcement was made on the radio or TV (now more likely a text message), we readied our new garbs for the next day’s festivities.
One Eid, out of excitement, I wore my new clothes in the evening and slept in them so as to be fully ready the next day, only to wake up and realise they were all wrinkled.
Eid celebrations started with the collective prayer (salat al Eid) followed by preparations for the family lunch around al ma’eda al mustadeera (the round table), as my father referred to it. His speciality was Egyptian fatteh, which he prepared every Eid.
Achieving the right balance between the ingredients to get a cookie with a soft filling that melts in your mouth, yet holds its shape without crumbling is key
A busy working woman, my mother has considerable baking skills, which lay dormant for most of the year until the month of Ramadan, when she would fill the round table with our favourite desserts. She would often try recipes that were exchanged in the teachers' lounge of the school she worked at, especially in preparation for Eid – Palestinian ka'ak, Lebanese ma'moul, Egyptian kahk and Syrian ghuraybe and barazek. Her kunafa, basbousa and qatayef were irresistible, scented with orange blossom and swimming in a puddle of atir (syrup). It was during Eid that we truly harvested the culinary delights of our dual heritage – my mother made both the Levantine ma'moul and the Egyptian kahk to please my father.
The preparation of the Eid sweets began a few days in advance. The ma'moul dough, a combination of semolina and flour, is kneaded with butter and ghee, and left to soak overnight. The following day, the mastic, a sun-dried resin, and mahlab, a spice made from cherry pits, are added to the dough along with the spices of fennel and aniseed. Then the three types of filling are prepared: dates, pistachio and walnuts infused with orange blossom water. Each filling has its own mould to differentiate it visually. The nut-filled ones are covered in powdered sugar, while the dates are not, as they are sweet enough.
The stuffing and decorating of the ma’maoul is labour-intensive and involved roping in various members of the family in my home. My mother would make them in large batches and share them with friends, just as she received them from visitors.
Preparing the Egyptian version, kahk, proved more of a challenge for my mother, as she experimented with different recipes handwritten in her notebook. In addition to the plain and nut fillings, Egyptians have a version stuffed with agameya (a honey-walnut concoction) and loukoumi (Turkish delight).
Achieving the right balance between the ingredients to get a cookie with a soft filling that melts in your mouth, yet holds its shape without crumbling is key to a great kahk. This was a topic of debate at the round table, when my father would sample the kahk my mother had made, as well as the ones sent fresh from Egypt or made at local sweets shops.
It seemed that each Eid my father – who left his home city, Cairo, at a young age – was in search for the perfect kahk, probably his Proustian madeleine.
Visiting friends and family was an important ritual during the Eid, whether we went out to meet them or hosted gatherings in our home, often in open-house style, with people coming and going throughout the day – all the more reason to make sure we had plenty of sweets to go around, served with coffee or tea.
Any house we went to during Eid always had ma'moul, kahk or klaiche – the Eid cookie. Each family had a slightly different way of making the Eid cookie, so it was always fun to compare the variations and call out our favourites in the car on the way home.
This Eid, the first without my mother, I honour her memory by sharing a collection of recipes for Eid sweets from my friends, as she once did with her friends, carefully recording them in notebooks I will treasure forever.
Ma’amoul three ways
Recipe contributor Nihaya Mansour says: "No Eid celebration is complete without ma'amoul. Following a month of fasting and in the few days leading up to Eid Al Fitr, most homes are busy preparing ma'amoul. These buttery semolina cookies are filled with either dates, walnuts or pistachio. The aromas wafting through the house are irresitable and always bring back childhood memories of my mum baking them with our neighbours."
About 4 dozen
Ingredients for the dough
500g fine semolina
250g unsalted butter, melted and kept at room temperature
3 tbsp milk powder
3 tbsp powder sugar
½ tsp mastic, ground
½ teaspoon mahlab, ground
1 tsp kaak spices
1/3 cup orange blossom water
¼ cup rose water
Ingredients for the date filling
500g pitted date paste
½ tsp cinnamon
1 tbs ghee
Ingredients for the pistachio filling
200g pistachio, coarsely ground
2 tbsp orange blossom water
2 tbsp sugar syrup
1 tbsp ghee
Ingredients for the walnut filling
250g ground walnuts, coarsely ground
1 tbsp cinnamon powder
2 tbsp sugar syrup
1 tbsp ghee
Method for the dough
Place the semolina in a large bowl and add the melted butter. Rub the butter into the semolina using your fingertips, until the semolina completely absorbs the butter. The texture should resemble moist sand.
Cover the bowl with cling film and set aside overnight to soak. The mixture can be prepared up to 48 hours ahead of time and longer if placed in the fridge.
When ready to assemble the ma'amoul, add the milk powder, sugar, mastic, mahlab and kaak spices to the semolina mixture, mixing gently as you go.
Drizzle the orange blossom and rose water, and mix by rubbing between your fingertips. The dough should be soft and not crack when squeezed in the palm of your hand. If cracking occurs, splash the mixture with a small amount of water and mix. Do not overwork the dough.
Method for the date filling
Add all the ingredients together and knead with your hands until soft and workable enough to roll into small balls. Wet the palm of your hands with a bit of olive oil to avoid the dates from sticking. Form into 2 centimetre balls.
Method for the pistachio filling
Place all the ingredients in a bowl and mix. Adjust the sweetness by adding more sugar syrup, to taste. Similarly adjust the flavours by adding the orange blossom water and cinnamon.
Method for the walnut filling
Place all the ingredients in a bowl and mix. Adjust the sweetness by adding more sugar syrup, to taste. Similarly adjust the flavours by adding the orange blossom water and cinnamon.
Assembly
Pinch a walnut-size piece of dough and roll into a ball.
For the date filling, flatten the dough ball, place a date ball inside and seal the dough around the paste making sure the filling is completely enclosed by the dough. Shape into a ball.
Place the dough in your chosen mould, press down firmly, but do not overdo it, so it does not stick. Turn the mould over and on to a clean kitchen towel, tap the mould and tip the shaped ma’amoul dough out.
For the pistachio and walnut fillings, press down into the ball-shaped dough with your thumb to form a cup shape. Add enough nut filling to be able to cover it with the same piece of dough, rolling and smoothing it out. Use a different shape mould to the date ma’amoul mould (best to have one for each filling). Use the same method as above to create the final shape.
Bake in the middle rack of an oven preheated to 180°C until the edges of the ma’amoul are golden brown (about 10 minutes).
Allow to cool and dust the nut-filled ma’amoul only with icing sugar. The date ma’moul is sweet enough.
Kleicha tamur (Iraqi date cookies)
Recipe contributor Reem Orfali says: "Kleicha is considered the national cookie of Iraq. These can be filled with dates or walnuts, mixed with cheese or left plain. Plain kleicha are called khufaifiya and are usually made with leftover cookie dough. The most popular are the ones filled with dates – kleicha tamur – from the rich palm groves of Iraq.
"Every Iraqi family makes their kleicha in different shapes and sizes. Following my mother's example, I prepare mine in a 'micro' version, which requires patience. My daughter, with her delicate touch, completes the cookies by dotting them with habbat baraka (nigella seeds), meaning seeds of blessings. Traditionally we make this kleicha for Eid, and refer to it as kleichat al Eid, but I also make them year round to share with family and friends."
Makes 5 to 6 dozen
Ingredients for the filling
450g dates, pitted
28g butter
½ tsp cardamom
¼ tsp cinnamon
Ingredients for the dough
450g all-purpose flour or combination with whole wheat
1 tbsp baking powder
⅛ tsp salt
1 tsp nigella seeds
225g butter or vegetable ghee
180ml low-fat milk, or more as needed
1 egg, lightly beaten
Sesame or nigella seeds, to garnish
Method for the filling
Place the pitted dates and butter in a skillet and sprinkle with the cardamom and cinnamon. Stir the mixture over medium heat until it comes together like a paste. Set it aside to cool.
Flatten a handful of date paste and roll it to make a long cord-like shape that is about half centimetre thick and about 20cm long. Continue for all the date paste. The date cords do not need to be perfectly smooth, as the dough will be rolled around them.
Method for the dough
Preheat the oven to 180°C. Mix the flour, baking powder, salt, and nigella seeds in a large bowl or food processor. Cut or pulse the butter or ghee into the flour until it resembles coarse crumbs. Gradually add the milk and knead until the dough is smooth and well combined. Cover and let it rest for 30 minutes.
Working on a floured surface, roll a third of the dough into a half cm thick rectangle. Place a date cord along the long edge of the dough. Using a non-serrated knife, lift the dough over the date cord. Roll the dough around the cord one and a half times. Cut along the side of the dough-date roll to detach it from the rest of the dough. Using both hands, roll the dough-date roll on the work surface to firmly attach the filling to the dough. (For a smaller cookie, continue to roll the dough-date roll by hand to double its length and make it thinner.)
Cut into one cm pieces and transfer to a greased and floured baking tray. Repeat for the remaining dough and date paste.
Brush the tops of the cookies with the egg. Sprinkle with nigella or sesame seeds. Bake for 10 minutes or until golden, ensuring not to over-bake, as the cookies will harden. Transfer them to a baking tray and let the cookies cool. They can be stored in an airtight container for up to 10 days or frozen in plastic bags.
Ka’ak asawer (bracelet cookies)
Recipe contributor May Al Moghrabi says: “Date cookies or ka’ak asawer are definitely a Palestinian staple. Traditionally, they are made in the villages, where semolina is less commonly used. As a child, I used to look forward to Eid mornings and the heavenly aroma of freshly baked ka’ak asawer. Now I make them year-round for family and friends to enjoy with a morning coffee or afternoon tea. The key to this recipe is to heat the oil and ghee before adding it to the dry ingredients.”
Makes 40 to 45 cookies
Ingredients for the dough
500g 00 flour
1 tbsp fennel powder
½ tsp baking powder
1 tbsp anise powder
½ tsp mahlab
3 tbsp roasted sesame seeds
1 tbsp powder sugar
½ cup ghee
½ cup olive oil
¼ tsp instant yeast
1 tsp granulated sugar
Ingredients for the date filling
750g date paste
1 tbsp ghee, melted
½ tbsp fennel powder
½ tbsp anise powder
½ tbsp cinnamon powder
Method
In a large bowl, mix the flour, fennel, baking powder, anise, mahlab, sesame seeds and powder sugar.
Heat the ghee and oil in a saucepan on high heat. To check if it is ready, drop a piece of pita bread; if it turns golden, it’s ready. Pour the oil-ghee mixture over the dry ingredients and stir with a wooden spoon to combine.
Knead the dough by hand, rubbing between the palms until it is the texture of wet sand. This process is called to “bis” the dough in Arabic.
In a small bowl, place the sugar and yeast. Add half a cup of tepid water and stir. Allow the yeast to bubble. Gradually pour the yeast water into the flour mixture and knead by hand. Add another quarter cup of water and continue to knead until the dough is smooth and shiny, about five to eight minutes. Let the dough rest, covered, for an hour.
Meanwhile, prepare the date filling. Mix the date paste, ghee, fennel, anise and cinnamon until well combined. Take a small amount of the paste and roll into a log that is about four cm long and one cm thick. Repeat for the remaining paste. Set aside.
To make the cookie, pinch a small piece of dough. Flatten it by hand into an oval shape. Place a date log in the centre of the dough. Fold the dough over the date filling to get the shape of a cylinder. Roll the cylinder on the counter with your palm to evenly extend it so it is 10cm to 12cm long. Trim the ends and bring them together to form a circle. Pinch the ends to seal the circle. Repeat until all the dough is rolled into cookies.
Preheat the oven to 180°C. Bake the cookies for 20 to 25 minutes or until the bottoms are golden. Allow to cool before serving. These cookies can be stored in an air tight container for up to two weeks.
These recipes have been curated by Hanan Sayed Worrell, author of Table Tales: The Global Nomad Cuisine of Abu Dhabi. The Table Tales concept celebrates the people and stories that give flavour to recipes of the Middle East
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
Jebel Ali card
1.45pm: Maiden Dh75,000 1,400m
2.15pm: Handicap Dh90,000 1,400m
2.45pm: Maiden Dh75,000 1,000m
3.15pm: Handicap Dh105,000 1,200m
3.45pm: Maiden Dh75,000 1,600m
4.15pm: Handicap Dh105,000 1,600m
4.45pm: Handicap Dh80,000 1,800m
The National selections
1.45pm: Cosmic Glow
2.15pm: Karaginsky
2.45pm: Welcome Surprise
3.15pm: Taamol
3.45pm: Rayig
4.15pm: Chiefdom
4.45pm: California Jumbo
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
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If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
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The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
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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RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
More from Rashmee Roshan Lall
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
