• Michael Davis, chief executive of NMC Healthcare, at his home in The Galleria Villas in Dubai. All photos: Pawan Singh / The National
    Michael Davis, chief executive of NMC Healthcare, at his home in The Galleria Villas in Dubai. All photos: Pawan Singh / The National
  • Davis is a keen art collector, and invests in pieces for both investment and pleasure, but says each artwork in his home is meaningful to him.
    Davis is a keen art collector, and invests in pieces for both investment and pleasure, but says each artwork in his home is meaningful to him.
  • A Bearbrick doll is positioned adjacent to an original Ross Muir painting.
    A Bearbrick doll is positioned adjacent to an original Ross Muir painting.
  • A multicoloured X-ray portrait of a skull wearing a crown by London artist Ernesto Romano.
    A multicoloured X-ray portrait of a skull wearing a crown by London artist Ernesto Romano.
  • Davis says this antique leather pub chair is his favourite piece of furniture.
    Davis says this antique leather pub chair is his favourite piece of furniture.
  • His favourite artwork, meanwhile, is this take on Da Vinci's 'Last Supper' by Emirati artist Rashed Al Mansoori, which shows various pop and historical figures, including Madonna, Lady Diana, Frida Kahlo, Jean-Michel Basquiat, David Bowie, Kurt Cobain, Tupac, Prince, Asmahan Jaber Jassim, Joan of Arc and JonBenet Ramsey.
    His favourite artwork, meanwhile, is this take on Da Vinci's 'Last Supper' by Emirati artist Rashed Al Mansoori, which shows various pop and historical figures, including Madonna, Lady Diana, Frida Kahlo, Jean-Michel Basquiat, David Bowie, Kurt Cobain, Tupac, Prince, Asmahan Jaber Jassim, Joan of Arc and JonBenet Ramsey.
  • A watercolour of a mosquito that was used as a template for street art from New Orleans, Louisiana, where Davis is originally from.
    A watercolour of a mosquito that was used as a template for street art from New Orleans, Louisiana, where Davis is originally from.
  • A whimsical portrait of Princess Diana, which Davis bought from a Dutch pop artist.
    A whimsical portrait of Princess Diana, which Davis bought from a Dutch pop artist.
  • Davis also commissioned the artist to do a matching piece of himself.
    Davis also commissioned the artist to do a matching piece of himself.
  • White Loro Piana curtains in the living area are framed by black-and-white photographs by Bobby Sager: one depicting a boy fighter from Rwanda who made his first kill at the age of 7, and two girls from a war-torn Afghan village.
    White Loro Piana curtains in the living area are framed by black-and-white photographs by Bobby Sager: one depicting a boy fighter from Rwanda who made his first kill at the age of 7, and two girls from a war-torn Afghan village.
  • An Alexander Calder mobile from the 1930s on the walnut and wrought iron dining table.
    An Alexander Calder mobile from the 1930s on the walnut and wrought iron dining table.
  • Davis's interior designer Kate Instone is the founder of Blush International, a company through which she has decorated the houses of Madonna, Sting and Seal.
    Davis's interior designer Kate Instone is the founder of Blush International, a company through which she has decorated the houses of Madonna, Sting and Seal.
  • The master bedroom is done up in shades of rich turquoise, burnt orange and bronze detailing, and has an antique Persian rug.
    The master bedroom is done up in shades of rich turquoise, burnt orange and bronze detailing, and has an antique Persian rug.
  • A guest bedroom in the villa.
    A guest bedroom in the villa.
  • A chest of drawers in one of the guest bedrooms.
    A chest of drawers in one of the guest bedrooms.
  • The pool area of Davis's 8,000-square-foot villa.
    The pool area of Davis's 8,000-square-foot villa.

Inside NMC Healthcare chief executive Michael Davis’s art-filled home


Panna Munyal
  • English
  • Arabic

Multicoloured X-ray portraits of a skull wearing a crown. A child in a skullcap lost in a tune one can only guess at. An updated Jacqueline with Flowers – wearing an adidas tracksuit and gold Rolex – that Picasso would be proud of. The art collection in Michael Davis’s Jumeirah villa is akin to a cabinet of curiosities – it’s eclectic, eye-catching and seemingly unconnected.

“When I moved to the Middle East more than nine years ago, I left all of my artwork and furniture back in the US, and after I arrived, slowly began to acquire things that were important to me because they spoke to a person, place or time that was relevant in my life here,” the chief executive of NMC Healthcare tells The National.

My bedroom is a beautiful sanctuary, but the living area is definitely the liveliest part of the villa
Michael Davis,
chief executive, NMC Healthcare

“I like to collect things that are evocative, interesting, sentimental and conversational. I lead a busy, stressful life, so it is important that when I am in my home, I need to be totally at ease.”

His brief to celebrity interior designer Kate Instone, the founder of Blush International – a company through which she has decorated the houses of Madonna, Sting and Seal – and the creative behind Davis’s four-bedroom villa, was simple. “I said: ‘I have a lot of stuff, and I want to enjoy it.’ And I am so pleased with what she and her team have done; I feel privileged to be able to enjoy my artwork as part of my day-to-day life.”

The living area of the 8,000-square-foot house is where many of Davis’s artworks reside, a deliberate decision, he says, because of his love for entertaining. “My bedroom is a beautiful sanctuary, but the living area is definitely the liveliest part of the villa, and it’s where my guests gather.”

When friends do come calling, Davis says he “always lands” on his favourite piece of furniture: an old leather pub chair.

The seating area in the villa. Photo: Pawan Singh / The National
The seating area in the villa. Photo: Pawan Singh / The National

“It’s an antique chair I bought from a friend who was leaving Abu Dhabi. I loved the worn patina and the story it told, and could imagine many late-night pub conversations having contributed to the worn leather. It’s my favourite place to sit and unwind.”

Instone has punctuated the rest of the seating area with burnt orange silk velvet cushions and Hermes throws. The centrepiece on the walnut and wrought iron dining table is a brightly coloured Alexander Calder mobile from the 1930s, framed by white Loro Piana curtains. The sofa in the TV area is brightened by a merino wool Pendleton blanket made in the US, “a nod to Michael’s heritage”, says Instone. The living area also has an original 1950s drinks trolley and shelves filled with the objets d’art that Davis has collected over the years.

A peek inside the bedroom reveals a more pared-back aesthetic. “Michael wanted a very luxurious master bedroom,” says Instone. “He wanted to use opulent textures and colours, so we selected rich deep turquoises and married them with burnt orange raw silks and bronze detailing. The colours are united in an antique Persian rug.”

Instone says Davis’s eclectic art pieces personify pure opulence because “it is a collection with real meaning. It gives power to the collector who has bought the art because he loves it and it moves him, rather than giving the pleasure of curating one’s art to a consultant or designer.”

She cites the example of Davis’s favourite piece that “he was attracted to because it teeters on the controversial”. This is a painting based on Leonardo da Vinci’s The Last Supper, except it depicts the “apostles of [Emirati] artist Rashed Al Mansoori’s generation”, notes Instone.

'Heavier Than Heaven' by Emirati artist Rashed Al Mansoori. Photo: Pawan Singh / The National
'Heavier Than Heaven' by Emirati artist Rashed Al Mansoori. Photo: Pawan Singh / The National

The pastel pink canvas is filled with pop icons including Madonna, Princess Diana, Frida Kahlo, Jean-Michel Basquiat, David Bowie, Kurt Cobain, Tupac and Prince, figures from the Arab world, including 1940s Egyptian movie star Asmahan and singer Jaber Jassim, as well as – somewhat bizarrely – Joan of Arc and JonBenet Ramsey.

“The piece is called Heavier Than Heaven, and it’s the one I get the most questions about,” says Davis. “It depicts certain people who impacted the artist’s youth, many of whom were pop icons for me as well, even though I am much older than the artist.”

I like things that are provocative and that have some meaning to me, whether associated with a person, a place I’ve travelled to, or a concept or cause that is important
Michael Davis

Davis’s other favourite is an original Ross Muir. “My dear friend ‘Jenny from Dundee’ introduced me to the Scottish artist by gifting me two beautiful prints. I loved them so much that I bought an original from Maddox Gallery in London.”

Davis reckons this is also the piece that may fund his retirement; he is someone who buys art for both investment and pleasure. “A good example of the latter is a Surrealist-style painting I picked up in a gallery in Amsterdam. It’s by a Dutch artist and is a portrait of a women with a fish inexplicably resting on her head. It’s absolutely absurd, but I love it and it wasn’t terribly expensive.”

A portrait of a woman with a fish resting on her head by a Dutch artist. Photo: Pawan Singh / The National
A portrait of a woman with a fish resting on her head by a Dutch artist. Photo: Pawan Singh / The National

Davis is also a believer in art always needing to be reflective of its owner. Case in point: even though he owns one of 1,000 BearBrick dolls produced in 2008 by Karl Lagerfeld – a collectible that has soared in popularity since the Chanel designer’s death – he says: “I love that piece, but I have a feeling it will eventually go back to the person who sold it to me. She is a very special person in my life now and I feel like it is more a reflection of her than it is of me.”

A piece Davis is unlikely to part with is a caricatural self-portrait that occupies pride of place alongside a similar frame of Princess Diana. “I bought the Diana piece from a Dutch pop artist and then commissioned him to do a matching one of me. It is a little self-indulgent, I know, but my friends know it comes with a wink and a nod.”

Davis also commissioned the artist to do a matching piece of himself.
Davis also commissioned the artist to do a matching piece of himself.

Another whimsical acquisition comes from a New Orleans artist – an original watercolour of a mosquito. “We jokingly say the mosquito is the state bird of Louisiana because they are so prevalent due to the humid climate. This watercolour was used as a template for street art that was done around the City of New Orleans, and I love it because it’s cheeky and it reminds me of home,” says Davis.

That’s not to say that the art collector in Davis does not have a serious side, though. A lithograph by American artist Thomas McKnight depicts a favourite Grecian island, while next to the dining table hang a pair of powerful photographs by artist Bobby Sager: one depicting a boy fighter from Rwanda who made his first kill at the age of 7, and two girls from a war-torn Afghan village.

White Loro Piana curtains in the living area are framed by black-and-white photographs by Bobby Sager. Photo: Pawan Singh / The National
White Loro Piana curtains in the living area are framed by black-and-white photographs by Bobby Sager. Photo: Pawan Singh / The National

“I like things that are provocative and that have some meaning to me, whether associated with a person, a place I’ve travelled to or a concept or cause that is important," says Davis. "The works I have are not all expensive – and nothing I have is super-expensive and anything I own would be affordable to someone who has the means to collect – but everything I have is priceless to me because each piece tells a story."

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

UAE currency: the story behind the money in your pockets
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)
Sour%20Grapes
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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

 


 

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

The chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

Everton%20Fixtures
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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

While you're here
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Predictions

Predicted winners for final round of games before play-offs:

  • Friday: Delhi v Chennai - Chennai
  • Saturday: Rajasthan v Bangalore - Bangalore
  • Saturday: Hyderabad v Kolkata - Hyderabad
  • Sunday: Delhi v Mumbai - Mumbai
  • Sunday - Chennai v Punjab - Chennai

Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore

Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

MATCH INFO

Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')

Man of the match Son Heung-min (Tottenham)

Mobile phone packages comparison
The%20National%20selections
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West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

HOW DO SIM CARD SCAMS WORK?

Sim swap frauds are a form of identity theft.

They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen 

They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

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.”

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

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Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

Updated: November 22, 2021, 1:16 PM