Palestinians queue for hours at checkpoint outside of Jericho. Willy Lowry / The National
Palestinians queue for hours at checkpoint outside of Jericho. Willy Lowry / The National
Palestinians queue for hours at checkpoint outside of Jericho. Willy Lowry / The National
Palestinians queue for hours at checkpoint outside of Jericho. Willy Lowry / The National

Occupied West Bank’s economy crashes to a halt as war drags on


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An eerie quiet has replaced the squeals of joy that usually emanate from Safari Aquapark in Jericho.

The water park has been forced to close indefinitely since Israel declared war on Gaza, following an attack by the militant group Hamas on October 7 when teams of Hamas members flooded into southern Israel and killed at least 1,400 people.

The twisting slides sit empty as a handful of mechanics busy themselves with maintenance projects. The park normally employs 60 people but that has been reduced to four since the latest chapter in the decades-long conflict kicked off.

The park was scheduled to shut for winter on November 20. The weeks following the outbreak of war should have been some of the park’s busiest. The summer heat, which is particularly intense in Jericho, has finally abated and visitors from the West Bank, Israel and abroad would normally be using the temperate October temperatures to enjoy the park’s end of season.

More than two million foreign tourists visited Jericho in 2022. The city has become something of a rival to West Bank pilgrimage and tourism city Bethlehem in recent years.

Empty water slides at Safari Aquapark in Jericho. The park has been closed since the Israel-Gaza war broke out. Willy Lowry / The National
Empty water slides at Safari Aquapark in Jericho. The park has been closed since the Israel-Gaza war broke out. Willy Lowry / The National

Jericho, which is believed to be one of the oldest inhabited places on earth, is home to a newly declared Unesco world heritage site at Tell es Sultan and a host of other tourist attractions.

October is typically the high season for tourism in the area, but business evaporated overnight after Hamas’s attack.

“This is a disaster for the economy,” Muhammed, a mechanic at the water park says. “People can’t even get into the city because of Israeli roadblocks – thank God I live slightly outside in the countryside.”

The park is so quiet that the employees can just shout across the expansive pools at each other from opposite ends. There is no need for radios, once used at peak times.

Outskirts empty

The first pool by the entrance is still full of cold blue water, but the further into the park you go the more stagnant the facilities start to look.

“Everyone’s attention is on Gaza at the moment, and rightfully so,” Muhammed says. He does fear the violence that has erupted in Jericho recently, although does not consider it much worse than what happened before October 7.

“The problem here is the effect on tourism.”

The outskirts of the ancient city are nearly empty, but life still persists in the centre of town, though it’s clear only residents are milling around. Banks and corner shops are still hives of activity but souvenir shops are void and only a handful of restaurants are open.

At Abu Firas, a sprawling restaurant, only a handful of customers popped in for a takeaway.

It was the much larger room at the back that betrayed the restaurant’s dire financial situation.

There was space for 200 people, spread across two floors decked out in ornate wallpaper. At the back, a children’s play area kitted out with slides had been packed up.

“We’re 70 per cent down on what we normally make at this time of year,” Firas Yousaf, the manager, says. A few energetic young staff in black bandannas flitted past the downbeat 38-year-old. “At least we’re still open,” he said with a sigh. “The restaurants that rely only on tourists have closed entirely.”

Qasr Al Nakheel, a luxury hotel in Jericho has been empty since since the Israel-Gaza war broke out. Willy Lowry / The National
Qasr Al Nakheel, a luxury hotel in Jericho has been empty since since the Israel-Gaza war broke out. Willy Lowry / The National

A few kilometres away from Abu Firas sits Qasr Al Nakhil, a newly opened luxury resort, with a sparkling pool and views of sand swept mountains and palm groves, that rival some of the Middle East's most sought after hotels.

The resort, which was fully booked through October, reported its occupancy rate had plummeted to zero within hours of the war.

In the days following October 7, Israel has effectively shut the occupied West Bank off from the world, barring Palestinians from leaving and making it very difficult for others to travel.

“You see if anyone wants to come from outside of Jericho, they have to stop for at least two hours at the checkpoint and leaving is the same problem,” says Fadi Abd Alaziz, general manager of Qasr Al Nakhil.

Mr Alaziz says the hotel’s 70 employees have stopped coming to work because there are no guests to cater to.

The hotel, which is still paying employees for October and November, has already lost around $245,000.

Like so many businesses in the West Bank, Mr Alaziz is not sure how long the hotel can hang on, but he knows he will do everything he can to keep it running, even amid the prospect of an increasingly violent and dangerous conflict, the ramifications of which are dire for all Palestinians, not just those in Gaza.

In the West Bank, 91 Palestinians have been killed in the last two weeks. On Sunday, Israel launched an air attack on Jenin, which struck the Al Ansar Mosque.

The Israeli air force said it struck Hamas and Palestinian Islamic Jihad members, who had been planning an imminent attack. The increased violence in the West Bank has some fearing that it could become a second front in the war.

  • Palestinians look for survivors of Israeli bombardment of the Gaza Strip at Nusseirat refugee camp. AP
    Palestinians look for survivors of Israeli bombardment of the Gaza Strip at Nusseirat refugee camp. AP
  • A survivor is found in the rubble in Nusseirat. AP
    A survivor is found in the rubble in Nusseirat. AP
  • A man is given oxygen and pulled from the rubble in Nusseirat. AP
    A man is given oxygen and pulled from the rubble in Nusseirat. AP
  • This desperate search for survivors is being replicated across the Gaza Strip. AP
    This desperate search for survivors is being replicated across the Gaza Strip. AP
  • Yocheved Lifshitz speaks to the media outside a Tel Aviv hospital after being released by Hamas. EPA
    Yocheved Lifshitz speaks to the media outside a Tel Aviv hospital after being released by Hamas. EPA
  • Israeli women who were held hostage by Palestinian Hamas militants, Yocheved Lifshitz and Nurit Cooper (also known as Nurit Yitzhak), are released by the militants. Reuters
    Israeli women who were held hostage by Palestinian Hamas militants, Yocheved Lifshitz and Nurit Cooper (also known as Nurit Yitzhak), are released by the militants. Reuters
  • Israeli Prime Minister Benjamin Netanyahu, right, welcomes French President Emmanuel Macron before their talks in Jerusalem. AP
    Israeli Prime Minister Benjamin Netanyahu, right, welcomes French President Emmanuel Macron before their talks in Jerusalem. AP
  • Palestinians search for casualties at the site of an Israeli air strike on a house in Khan Younis, in the southern Gaza Strip. Reuters
    Palestinians search for casualties at the site of an Israeli air strike on a house in Khan Younis, in the southern Gaza Strip. Reuters
  • Palestinians inspect the damage of a destroyed house that was hit by an Israeli air strike in Khan Younis. AP
    Palestinians inspect the damage of a destroyed house that was hit by an Israeli air strike in Khan Younis. AP
  • Ms Cooper and Ms Lifshitz arrive at the Tel Aviv Sourasky Medical Centre after being released by Hamas on Monday. AFP
    Ms Cooper and Ms Lifshitz arrive at the Tel Aviv Sourasky Medical Centre after being released by Hamas on Monday. AFP
  • A woman cries next to the rubble of a building after Israeli strikes on Rafah in the south of the Gaza Strip. AFP
    A woman cries next to the rubble of a building after Israeli strikes on Rafah in the south of the Gaza Strip. AFP
  • Wateen, a 14-month-old Palestinian baby, who was wounded in an Israeli strike that killed her mother and injured her twin brother Ahmed, recovers at Nasser hospital, in Khan Younis, Gaza Strip. Reuters
    Wateen, a 14-month-old Palestinian baby, who was wounded in an Israeli strike that killed her mother and injured her twin brother Ahmed, recovers at Nasser hospital, in Khan Younis, Gaza Strip. Reuters
  • A Palestinian girl clutches salvaged books as people look for survivors in the rubble of a destroyed building hit in an Israeli strike in Khan Younis. AFP
    A Palestinian girl clutches salvaged books as people look for survivors in the rubble of a destroyed building hit in an Israeli strike in Khan Younis. AFP
  • People mourn during the funeral of members of the Abu Morad family who died following Israeli strikes, in Khan Younis. AFP
    People mourn during the funeral of members of the Abu Morad family who died following Israeli strikes, in Khan Younis. AFP
  • A wounded Palestinian man arrives at Nasser Medical Complex, following Israeli air strikes on the town of Khan Younis in the southern Gaza Strip. AP
    A wounded Palestinian man arrives at Nasser Medical Complex, following Israeli air strikes on the town of Khan Younis in the southern Gaza Strip. AP
  • Red Crescent Society employees sort humanitarian aid bound for Palestinians in Gaza, at a warehouse in Arish, Egypt. EPA
    Red Crescent Society employees sort humanitarian aid bound for Palestinians in Gaza, at a warehouse in Arish, Egypt. EPA
  • Ayman Abou Chamalah stands next to his daughter Mecca as she receives care inside an incubator at a hospital in Rafah. AFP
    Ayman Abou Chamalah stands next to his daughter Mecca as she receives care inside an incubator at a hospital in Rafah. AFP
  • Israeli soldiers carry the coffin of Erik Kraunik, chief of security in the kibbutz of Be'eri, during his funeral at a cemetery in Yehud, Israel. AP
    Israeli soldiers carry the coffin of Erik Kraunik, chief of security in the kibbutz of Be'eri, during his funeral at a cemetery in Yehud, Israel. AP
  • A man sits among the rubble of a building destroyed in Israel's bombardment of Rafah, in the southern Gaza Strip. AFP
    A man sits among the rubble of a building destroyed in Israel's bombardment of Rafah, in the southern Gaza Strip. AFP
  • A Red Crescent worker sorts aid for Palestinians in Khan Younis, in the southern part of the blockaded enclave. Reuters
    A Red Crescent worker sorts aid for Palestinians in Khan Younis, in the southern part of the blockaded enclave. Reuters
  • Israeli soldiers take part in a drill near the border with Gaza ahead of an expected ground invasion. EPA
    Israeli soldiers take part in a drill near the border with Gaza ahead of an expected ground invasion. EPA
  • Men fill fuel containers with drinking water in Rafah. AFP
    Men fill fuel containers with drinking water in Rafah. AFP
  • Smoke billows over Gaza after an air strike, as seen from southern Israel. AP
    Smoke billows over Gaza after an air strike, as seen from southern Israel. AP
  • A person holds a child as Palestinians gather in Khan Younis at the site of a house destroyed during an Israeli bombardment. Reuters
    A person holds a child as Palestinians gather in Khan Younis at the site of a house destroyed during an Israeli bombardment. Reuters
  • Israeli soldiers sit on top of a tank near the border with Gaza. Getty Images
    Israeli soldiers sit on top of a tank near the border with Gaza. Getty Images
  • Buildings destroyed by Israeli air strikes in Khan Younis. Reuters
    Buildings destroyed by Israeli air strikes in Khan Younis. Reuters
  • Palestinians are evacuated from a building in Rafah that was hit during Israel's bombardment. AP
    Palestinians are evacuated from a building in Rafah that was hit during Israel's bombardment. AP
  • Shahar Idan, 9, mourns during the funeral of his brother Maayan, 18, who was killed by Hamas gunmen in the kibbutz of Nahal Oz. His father Tzahi is being held hostage in Gaza. Reuters
    Shahar Idan, 9, mourns during the funeral of his brother Maayan, 18, who was killed by Hamas gunmen in the kibbutz of Nahal Oz. His father Tzahi is being held hostage in Gaza. Reuters
  • Palestinian doctors treat a premature baby at Al Aqsa Hospital in Deir Al Balah, Gaza. AP
    Palestinian doctors treat a premature baby at Al Aqsa Hospital in Deir Al Balah, Gaza. AP
  • Rescue crews search for bodies after Hamas militants attacked the kibbutz of Be'eri in Israel. Getty Images
    Rescue crews search for bodies after Hamas militants attacked the kibbutz of Be'eri in Israel. Getty Images
  • Lorries carrying humanitarian aid head to Deir Al Balah after crossing from Egypt through Rafah. Bloomberg
    Lorries carrying humanitarian aid head to Deir Al Balah after crossing from Egypt through Rafah. Bloomberg
  • Palestinians evacuate survivors in Deir Al Balah after an Israeli bombardment. AP
    Palestinians evacuate survivors in Deir Al Balah after an Israeli bombardment. AP
  • Smoke rises after Israeli air strikes on Gaza. EPA
    Smoke rises after Israeli air strikes on Gaza. EPA
  • Israeli soldiers at a position along the border with Lebanon. EPA
    Israeli soldiers at a position along the border with Lebanon. EPA
  • A woman leans against the window of an ambulance outside Kuwait Hospital after an Israeli strike in Rafah. AFP
    A woman leans against the window of an ambulance outside Kuwait Hospital after an Israeli strike in Rafah. AFP
  • A Palestinian cries as the body of his daughter is recovered from beneath the rubble of a building destroyed during an Israeli air strike on Rafah. AFP
    A Palestinian cries as the body of his daughter is recovered from beneath the rubble of a building destroyed during an Israeli air strike on Rafah. AFP
  • A convoy carrying humanitarian aid arrives in Rafah after crossing into the Gaza Strip from Egypt. Bloomberg
    A convoy carrying humanitarian aid arrives in Rafah after crossing into the Gaza Strip from Egypt. Bloomberg
  • The pictures of more than 1,000 people abducted or killed during the attack by Hamas militants are displayed on empty seats at Tel Aviv University. Getty
    The pictures of more than 1,000 people abducted or killed during the attack by Hamas militants are displayed on empty seats at Tel Aviv University. Getty
  • Palestinians are evacuated from buildings in Rafah after the bombardment of the Gaza Strip. AP
    Palestinians are evacuated from buildings in Rafah after the bombardment of the Gaza Strip. AP
  • Israeli soldiers gather at an undisclosed location near the border with Gaza. EPA
    Israeli soldiers gather at an undisclosed location near the border with Gaza. EPA
  • Palestinians mourn outside a house in Gaza struck by Israel. Reuters
    Palestinians mourn outside a house in Gaza struck by Israel. Reuters
  • A bullet-riddled fridge in a house in the kibbutz of Kissufim in southern Israel, where 14 people were killed and four were abducted by Hamas militants on October 7. AP
    A bullet-riddled fridge in a house in the kibbutz of Kissufim in southern Israel, where 14 people were killed and four were abducted by Hamas militants on October 7. AP
  • Football fans inside Anfield stadium hold up Palestine flags during the Liverpool-Everton derby on Saturday. Reuters
    Football fans inside Anfield stadium hold up Palestine flags during the Liverpool-Everton derby on Saturday. Reuters
  • Palestinians wounded in the bombardment of Gaza are taken to Al Asa Hospital in Deir Al Balah. AP
    Palestinians wounded in the bombardment of Gaza are taken to Al Asa Hospital in Deir Al Balah. AP
  • Rescuers search for victims and survivors in buildings destroyed by air strikes in Khan Younis, Gaza. Getty
    Rescuers search for victims and survivors in buildings destroyed by air strikes in Khan Younis, Gaza. Getty
  • Residents of Tel Aviv show support for the families of hostages being held in Gaza by Hamas. Reuters
    Residents of Tel Aviv show support for the families of hostages being held in Gaza by Hamas. Reuters

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

MATCH INFO

Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')

Olympiakos 2 (El-Arabi 06', Semedo')

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

OPENING FIXTURES

Saturday September 12

Crystal Palace v Southampton

Fulham v Arsenal

Liverpool v Leeds United

Tottenham v Everton

West Brom v Leicester

West Ham  v Newcastle

Monday  September 14

Brighton v Chelsea

Sheffield United v Wolves

To be rescheduled

Burnley v Manchester United

Manchester City v Aston Villa

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

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

UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%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.”

'Will%20of%20the%20People'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EMuse%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EWarner%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A

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The National
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Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

The specs

Engine: 2.2-litre, turbodiesel

Transmission: 6-speed auto

Power: 160hp

Torque: 385Nm

Price: Dh116,900

On sale: now

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: October 24, 2023, 4:41 AM