Rhiannon Downie-Hurst, 38, recalls with a smile the memorable but unconventional moment her partner got down on bended knee. “My husband proposed to me in his pants, in the hallway,” says the Briton. “He was planning on doing something, I knew he was going to propose, but I was getting fed up with waiting and then…”
That marriage request was in stark contrast to the ones Downie-Hurst has put together since through The Big Proposals, the company she co-owns in Dubai and that is known to arrange high-end, glamorous proposals. Her friend and business partner Tasneem Alibhai cites both an underwhelming wedding and “non-existent” proposal as part of her motivation to start the company, as well as her own destination wedding planning firm.
“We were very young and just got married,” says Alibhai, 43, a mum of two who is originally from Norway and now lives in Dubai. “I was 20 years old and madly in love. Our parents were against our marriage, my clothes and jewellery were borrowed: it was like a typical Bollywood movie. Now in every wedding I do, I’m seeing a bit of myself, how I would have done it.”
Things like [the pandemic] cause you to think outside the box ... can we create some kind of magic online for guys who want to propose to a girl in a different country?
That inspiration also feeds The Big Proposals, which the duo launched last September. Alibhai was advertising with Downie-Hurst’s Bride Club ME, a wedding-inspiration website for couples sourcing suppliers and venues. “We had put out a blog on top UAE places to propose - to this day it’s Bride Club’s most-hit article,” says Downie-Hurst, a mum of one.
“We were having a lot of men messaging [about proposals], asking for help. I saw a need, but I’m not an events planner, Tasneem is. We were having coffee one day and it clicked.”
A month later the pair staged their “hidden room proposal”, the first of 10 successful set-ups. “It was in a restaurant’s secret room, behind a wall that looks like a library and requires an element of acting among the staff,” says Downie-Hurst. The “plot” involves seating the couple at the least appealing table, an error-prone waiter, and a manager rectifying things in stunning fashion with a secret room filled with petals and the bride-to-be’s favourite music.
Another activation saw an Englishman propose to his Nigerian girlfriend on her birthday, during a private cinema screening on the Palm.
Until contracts are finalised, The Big Proposals doesn’t reveal locations to clients, other than sharing mock-up images, partly to obscure curated proposal addresses from people simply fishing for locations.
Some men have very specific ideas, others nothing, says Downie-Hurst. “There are the perfectionists who know exactly what they want, down to texture of balloons and colour of lightbulbs; all they need is someone to execute it. Then there are men who’ve no clue and need hand-holding from A to Z.”
All of The Big Proposals’s clients so far have been from outside the UAE, and include Australians, Chinese and British Indians. Alibhai says: “They contact us before they’re coming [on holiday] and are usually very easy to deal with; they just want packages, give us a budget and don’t complicate it.”
Downie-Hurst says personal factors are researched before themes - such as beach, desert, cinema – and photography and video requirements are agreed upon. “We really get to know the couple we’re working with,” she says. "So we ask the guy about their relationship, how they met, what they enjoy doing together, her favourite colour and flowers, and so on.
“If she’s an introvert, she’s not going to want a flash mob proposal, with everyone watching. If she's an extrovert, she might want something to do with theatre or galleries, something creative.”
The demand for lavish proposals is often driven by Instagram and other social media platforms. Downie-Hurst believes grooms do feel greater pressure, although she notes: “These days, most men have access to more resources and information to do grand gestures, whereas back in the day they couldn’t go online and search.”
As Ben Davis did when deciding to pop the question during his Dubai holiday earlier this year. “I already had in mind proposing on the beach,” recalls the electrician, 26, from London. “I was just trying to find the right company that could make the idea possible.”
A Google search led him to The Big Proposals, where prices range from Dh10,000 to Dh30,000. “They guided me as to what was possible and the place, shared ideas, and sent helpful pictures,” says Davis.
He told his housing association supervisor girlfriend Charlotte Newell, 28, they were going skydiving, adding: “The experience was just amazing, 10 times better than I imagined.”
The March 15 proposal was the last the company could fulfill before the coronavirus pandemic restrictions halted travel and restricted public contact. It has since postponed two bookings, including potentially its most elaborate yet.
“Things like this cause you to think outside the box, be creative, come up with solutions for clients,” says Downie-Hurst. “We’re talking about video proposals; can we work with suppliers to create some kind of magic online for guys who want to propose to a girl in a different country? We’re also using this time to set up meetings, connect with people, introducing ourselves, setting everything in motion for when things get back to normal.”
And when that happens, they hope to work with more UAE residents, too. While cultural considerations could present challenges - some engagement formalities go beyond a groom simply proposing - Downie-Hurst believes they could provide a “romantic cherry-on-the-top occasion”, to inspire non-tourists already familiar with the UAE’s charm.
“We’ve had inquiries from people based here and we have a marketing campaign ready that promotes unique places people wouldn’t think of; off-the-beaten-track UAE locations to propose,” she says.
With Covid-19 restricting any such outdoor events from happening anytime soon, the duo realise that things could be slow even once the all-clear arrives. "A lot of people will be struggling financially and, as a business, it's important we take that into consideration. We might need to adjust pricing or cater to a different type of market, but we don't want people to miss out on that joy. We're in the business of making dreams happen - and we always cry, at every proposal."
Plus, there’s the potential for follow-up business if a couple then aspires to a Dubai wedding. That includes Ben and Charlotte, who are now planning their big day. “Yes,” confirms Davis. “We’ve discussed the possibility of getting married in Dubai, in the future.”
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (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
Mohammed bin Zayed Majlis
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
Abu Dhabi Sustainability Week
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Racecard
6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m
7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m
8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)
8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m
10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Match statistics
Abu Dhabi Harlequins 36 Bahrain 32
Harlequins
Tries: Penalty 2, Stevenson, Teasdale, Semple
Cons: Stevenson 2
Pens: Stevenson
Bahrain
Tries: Wallace 2, Heath, Evans, Behan
Cons: Radley 2
Pen: Radley
Man of the match: Craig Nutt (Harlequins)
RESULTS
%3Cp%3E%3Cstrong%3E5pm%3C%2Fstrong%3E%20Al%20Shamkha%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%3Cbr%3E%3Cstrong%3EWinner%3C%2Fstrong%3E%20Ruwani%2C%20Moatasem%20Al%20Balushi%20(jockey)%2C%20Abdallah%20Al%20Hammadi%20(trainer)%3Cbr%3E%3Cstrong%3E5.30pm%3C%2Fstrong%3E%3A%20Khalifa%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E%3Cstrong%3EWinner%20%3C%2Fstrong%3EAF%20Heraqle%2C%20Bernardo%20Pinheiro%2C%20Qaiss%20Aboud%3Cbr%3E%3Cstrong%3E6pm%3C%2Fstrong%3E%20Masdar%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E%3Cstrong%3EWinner%3C%2Fstrong%3E%20AF%20Yatwy%2C%20Patrick%20Cosgrave%2C%20Nisren%20Mahgoub%3Cbr%3E%3Cstrong%3E6.30pm%3C%2Fstrong%3E%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%202%2C200m%3Cbr%3E%3Cstrong%3EWinner%3C%2Fstrong%3E%20AF%20Alzahi%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%3Cbr%3E%3Cstrong%3E7pm%3C%2Fstrong%3E%20Emirates%20Championship%20%E2%80%93%20Group%201%20(PA)%20Dh1%2C000%2C000%20(T)%202%2C200m%3Cbr%3E%3Cstrong%3EWinner%3C%2Fstrong%3E%20Ajrad%20Athbah%2C%20Bernardo%20Pinheiro%2C%20Majed%20Al%20Jahouri%3Cbr%3E%3Cstrong%3E7.30pm%3C%2Fstrong%3E%20Shakbout%20City%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C400m%3Cbr%3E%3Cstrong%3EWinner%3C%2Fstrong%3E%20Webinar%2C%20Tadhg%20O%E2%80%99Shea%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
HERO%20CUP%20TEAMS
%3Cp%3E%3Cstrong%3E%3Cins%3EContinental%20Europe%3Cbr%3E%3C%2Fins%3E%3C%2Fstrong%3EFrancesco%20Molinari%20(c)%3Cbr%3EThomas%20Detry%3Cbr%3ERasmus%20Hojgaard%3Cbr%3EAdrian%20Meronk%3Cbr%3EGuido%20Migliozzi%3Cbr%3EAlex%20Noren%3Cbr%3EVictor%20Perez%3Cbr%3EThomas%20Pieters%3Cbr%3ESepp%20Straka%3Cbr%3EPlayer%20TBC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%3Cins%3EGreat%20Britain%20%26amp%3B%20Ireland%3C%2Fins%3E%3C%2Fstrong%3E%3Cbr%3ETommy%20Fleetwood%20(c)%3Cbr%3EEwen%20Ferguson%3Cbr%3ETyrrell%20Hatton%3Cbr%3EShane%20Lowry%3Cbr%3ERobert%20MacIntyre%3Cbr%3ESeamus%20Power%3Cbr%3ECallum%20Shinkwin%3Cbr%3EJordan%20Smith%3Cbr%3EMatt%20Wallace%3Cbr%3EPlayer%20TBC%3C%2Fp%3E%0A
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
more from Janine di Giovanni
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3Etwo%20permanent%20magnet%20synchronous%20motors%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Etwo-speed%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E625hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E456km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh737%2C480%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
More from Neighbourhood Watch
Zayed Sustainability Prize
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
The five pillars of Islam
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.”