We said farewell to Khartoum with broken hearts.
After enduring 40 days of war between the Sudanese Armed Forces and the paramilitary Rapid Support Forces, our family was forced to choose a new beginning.
My sister Ayshah, 30, had lost her baby a few days earlier in what seemed to be a miscarriage caused by stress. She was five months pregnant and it was her second miscarriage in as many years.
Getting help for her was torture.
Our neighbour Murtada took Ayshah, our other sister Fawziyah, 23, and I around the city on his tuk-tuk in the dead of night to find a doctor.
At six RSF checkpoints, which have become commonplace around the city since the outbreak of war in April, we were sent away, told it was too late to travel. We were forced to go into backstreets to avoid the checkpoints but even that proved futile.
By dawn, we found ourselves back home, and Ayshah was crying in agony.
We hoped daylight may change our prospects. That morning we drove 15 kilometres across the city until we found a private clinic, only to discover they wanted 120,000 Sudanese pounds, about $200, upfront to help our sister.
I begged and I begged, explaining there was no way anyone can have that much cash these days and that I was more than happy to pay with my credit card. But they would not budge.
Our next stop was a small government hospital that an elderly man we met at the private clinic told us about. It was in the same district as the clinic.
We made it there and, to our delight, there were doctors on duty. But the hospital was not operational. No power. They called one of the hospital’s gynecologists, who lived a short distance away.
It took her eight hours to come.
In the end, the doctor said the baby must be sacrificed so that my sister, who had by now been crying from pain for close to 24 hours, would live.
My sister reluctantly agreed. She has been heart-broken since.
We don’t know if getting her help sooner, or not living through such a devastating conflict, may have saved her baby.
After such heartbreak, joining the almost two million Sudanese who have fled the war, which had claimed 3,000 lives by the third week of June, felt like the only option.
This absurd conflict has pushed hundreds of thousands of Sudanese into a kind of homelessness – at least 2.2 million by the latest UN count, of whom more than 500,000 went to neighbouring nations and the rest elsewhere in Sudan.
They got up and left to be safely away from the bullets, the shelling and the air strikes. It’s the kind of war that made everyone curse, even hate, both adversaries.
A few days before we left, my father, who is 68, called me into his room. “Take us out of here, my son. Take us anywhere away from here,” he told me in a sombre and hurt voice. “Thanks be to God, your sister is better now, so we can leave.”
Escape from Khartoum
We left Khartoum in a minibus; me, my parents, Ayshah, Fawziyah, Areej, my other sister who is 18, my brother Muhanad, my fiancée Asmaa, 23 and her mother.
Our journey out of Khartoum and on to the road north was fraught with danger because of the air strikes, the artillery shells and the menacing attitude of RSF fighters manning checkpoints.
We left our Sharq El Nile home in the east of the city at dawn.
The call for the first of the day’s five prayers was punctuated by the sound of artillery shells and heavy gunfire.
We drove past Station 13, the name of a major juncture in Sharq El Nile, where fighting turned the ground black.
Our 350km journey to Atbara began with negotiating our way through 11 RSF checkpoints. In the end, it took us eight hours to get out of Khartoum, a journey that usually takes 40-to-45 minutes.
If we were ever faltering on our decision to leave, one glimpse out of the window affirmed our choice.
We saw countless bodies littering the streets. Some were beginning to decompose or look to have been partially mauled, most likely by packs of stray dogs who normally survive on people’s kindness or their rubbish.
Many of those bodies sat in the middle of pools of dried blood, its colour faded by Khartoum’s scorching sun. But there was no sign of army troops anywhere.
Not even in my worst nightmares did I imagine that one day I would see dozens of dead bodies scattered around the streets of the city where I was born and grew up.
Curiously, it seems that some of the city’s residents have learnt, most likely out of necessity, to ignore the danger lurking across the city and get on with their lives.
Some street hawkers are back on pavements. The city’s famous tea ladies are brewing up while gunfire is ringing out close by.
I think taking the war for granted and trying to live a normal life while it goes on around us is an unhealthy approach. It means that the value we place on our lives has somewhat diminished.
On the whole though, the once bustling city was like a ghost town. Several fires were raging unabated, mostly government offices, facilities or fuel depots struck by artillery or air strikes.
Families nervously wait for a ride out of the city at street corners. Sitting next to them is invariably a heap of luggage and large bags stuffed with what could not go into the suitcases.
We could see others walking away with looted items, like office furniture and television screens. They seemed at pains not to make eye contact with anyone they walk past.
The smell of smouldering fires was everywhere.
The realisation that images of the worst of the destruction and death wrought on Khartoum were not reaching the outside world weighed heavily on my mind.
Understandably, the few television news crews still operating in the city are unable to access areas where the worst of the fighting is taking place on a daily basis. I guess what I am saying here, is that the situation is so much worse than the world thinks.
In the days before our departure, some of our neighbours ran out of food. They knocked at the doors of others asking for help. Several came to our house. We shared some of what we had cooked, but we felt the need to hold on to as much as we could because there was no telling how long this war would last.
I wanted to document the journey with my mobile phone, but I knew better than that.
RSF fighters have been commandeering mobile phones at their checkpoints. Sometimes, if they saw photos or videos of their men or their military hardware, they casually make accusations like spying for or sympathising with the army. I kept the phone well hidden.
Life goes on elsewhere in Sudan
The last checkpoint in Khartoum was near the RSF-held Al Geely oil refinery in the north of the city. We planned to head from there to Shindy and then Atbara.
Hundreds of cars and buses snaked down the road, people with anxious faces staring from their windows. As far as I could tell, the passengers were mostly elderly men, women and children.
I felt kinship with the other passengers. They, like us, have just said goodbye to their homes and neighbourhoods and, as of now, they have little, or no, hope of going back.
The road to Atbara was safe and free of checkpoints, but the price of relative safety is a lack of amenities, cafes or shops. Not even petrol stations were open for the three-and-a-half-hour drive.
Atabara is nicknamed the city of fire and iron because of its role as a railway hub. It is named after a main tributary of the River Nile. Unlike wartime Khartoum, we found Atbara to be fully operational.
The markets and banks are open for business. Government offices are operating as usual and the streets in the city centre are packed.
Almost everything about Atbara was the opposite of what Khartoum has been like in the past seven weeks. The city’s normality surprised me. For some reason, I just did not expect it.
We dropped Ayshah at Shendi on the way to Atbara. There, she joined her husband at the family home. Her in-laws laid down a rich meal for us. We said goodbye to Ayshah and resumed our journey to Atbara.
We stayed with my 80-year-old grandmother, also named Ayshah, at Atbara. Everyone except me spent five days there because my parents needed to rest.
The next stop for them – except for my father and brother Muhana whose passports expired and could not be renewed in Khartoum because of the war – was to be Wadi Halfa and then Egypt, a country our family has long viewed as our second home.
Trouble at the border
Egypt requires males between the age of 19 and 49 to have a visa, whereas everyone else gets a visa on arrival. I did not have a visa and, subsequently, I had other plans.
After one night in Atbara, I bid everyone farewell and headed to Port Sudan, the army-controlled Sudanese city on the Red Sea. I travelled there with friends from one of Sudan's security agencies. They took me straight to the port, where I was able to immediately join hundreds of people escaping the war aboard a Saudi navy vessel to Jeddah across the sea.
Like Port Sudan, I hardly spent any time in Jeddah. I went straight from the seaport to the city's main airport and caught a flight to Frankfurt and on to to Norway, for which I have a valid visa.
What happened to the rest of my family was unexpected.
My family arrived at the border crossing with Egypt on June 8 knowing that new entry regulations decreed by Cairo requiring that every Sudanese citizen needs an advance visa regardless of age or gender would go into effect two days later.
They rested overnight at the no-man’s land after they cleared passport control and customs on the Sudanese side. When they arrived at the gate of the Egyptian side early the next day they were told to come back at 10am. They went back on time only to be told to return three hours later.
When they did, the Egyptian guards told them the crossing was closed.
They had no choice but to return. This time, they went to Wadi Halfa, the nearest town to the Egyptian border where we have many relatives.
There they applied for visas at the Egyptian consulate, but the situation is hopelessly chaotic, with long lines and no clear or efficient processing system.
Asmaa, my fiancee, sends me tearful voice notes every day. She says she joins the line outside the consulate at 5am every day until late afternoon, when she returns home in despair after not making any progress.
She is very upset and, for reasons unknown to me, she is blaming me. I think she is just very tired.
In retrospect, they should not have stayed so long in Atbara. Two days would have been enough, but my father was reluctant to let the women travel to Egypt without a male chaperone. He gave in at the end after I assured him that I will have someone meet them on the Egyptian side and escort them all the way to Cairo.
I am still hoping to marry Asmaa, who is a medical doctor, on July 3 in Cairo. But it's looking more and more unlikely now with every passing day. If we were to marry on that date, she should have been in Cairo for one or two weeks by now preparing for the wedding.
I have contacted the Egyptian embassy in Sudan to seek help. They gave me assurances they would issue my mother, Asmaa and her mother visas, but I don't think that either of us wants to have a wedding without our entire families present.
I have not been able to sleep much lately. I am consumed with worry. Too much is going on and none of it is good or promising.
On the upside, I obtained a five-year residence visa in Norway, where I have a full scholarship to study. The university found me temporary accommodation since I cannot move to the students' residence halls before the academic year starts in September.
I also secured a visa for Egypt from the embassy in Oslo.
In September, I will start attending language courses, a requirement before I start my master's degree here in media studies.
I still have hope that everyone will make it, God willing, to Cairo, wedding or not.
As told to Hamza Hendawi, The National's Senior Correspondent in Cairo.
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
- In 1999, she became the first female chair of the White House Council of Economic Advisers
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
THE BIG MATCH
Arsenal v Manchester City,
Sunday, Emirates Stadium, 6.30pm
Spider-Man%202
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Insomniac%20Games%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20%20Sony%20Interactive%20Entertainment%0D%3Cbr%3E%3Cstrong%3EConsole%3A%20%3C%2Fstrong%3EPlayStation%205%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
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.”
French Touch
Carla Bruni
(Verve)