Bella Hadid has arrived in Abu Dhabi. Pic via Instagram
Bella Hadid has arrived in Abu Dhabi. Pic via Instagram
Bella Hadid has arrived in Abu Dhabi. Pic via Instagram
Bella Hadid has arrived in Abu Dhabi. Pic via Instagram

Lifestyle

Spotted: Celebrities descend on UAE for Abu Dhabi GP

Latest: US super-model Bella Hadid takes photo of Sheikh Zayed Grand Mosque

The National

November 24, 2018

  • English
  • Arabic

Bella Hadid has arrived in Abu Dhabi for the F1 weekend.

The US super-model and partner of Canadian singer The Weeknd, who performs at du Arena on November 23, posted an aerial Instagram photo of the Sheikh Zayed Mosque.

Judging by the low altitude, it appears the image was taken from the window of a helicopter.

There is now way to know whether The Weeknd accompanied her on the joyride, as the singer’s Instagram account was last updated a week ago with the non-Abu Dhabi picture of a snow blizzard.

Another celebrity spotted in Abu Dhabi is Steve Harvey.  The US comedian and talk show host has spent the last two days on a Thanks Giving family holiday at the Emirates Palace.

Meanwhile, Sunday's concert act Guns N’Roses were ushered in to the Yas Marina Circuit on Friday morning to visit the Force India garage.

One person who took a particular interest in the experience is the band’s enigmatic front-man Axl Rose.

Guns N’Roses were not the only after race concerts artists making a pit stop at the Yas Marina Circuit. Yesterday saw US singer Post Malone arrive to take a "hot lap experience" that had him strapped in the back of race car as an instructor zipped him around the race-track.

Post Malone enjoys a track experience. Courtesy Seven Media
Post Malone enjoys a track experience. Courtesy Seven Media

Actress Tiffany Haddish posted a picture of herself at the Four Seasons Abu Dhabi alongside stand-up comedians Dave Chappelle and Chris Tucker.

The 38-year-old Haddish has fast become a Hollywood darling with acclaimed and uproarious roles in last year's runaway comedy hit Girls Trip and this year's Night School alongside Kevin Hart.

When it comes to Chappelle, his Abu Dhabi visit is part of his broader UAE stay which included a sell-out show at the Dubai World Trade Centre on Tuesday.

Tucker is also no stranger to the capital. Having moved away from acting in 2012 to focus on his stand-up comedy career, Tucker performed two shows at the du Forum in 2013.

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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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