On August 2, 1990, Saddam Hussein sent his troops into Kuwait. The two-day operation turned into a seven-month occupation and, for many Iraqis, opened the door to 30 years of devastation which is still ongoing. AFP
On August 2, 1990, Saddam Hussein sent his troops into Kuwait. The two-day operation turned into a seven-month occupation and, for many Iraqis, opened the door to 30 years of devastation which is still ongoing. AFP
On August 2, 1990, Saddam Hussein sent his troops into Kuwait. The two-day operation turned into a seven-month occupation and, for many Iraqis, opened the door to 30 years of devastation which is still ongoing. AFP
On August 2, 1990, Saddam Hussein sent his troops into Kuwait. The two-day operation turned into a seven-month occupation and, for many Iraqis, opened the door to 30 years of devastation which is stil

Invasion of Kuwait 30 years on: 'Our lives changed forever'


Mina Al-Oraibi
  • English
  • Arabic

“We are not going back to Iraq, but you cannot tell anyone”.

I was 10 years old when I heard those words. I was staying in a hotel in Jeddah with my parents and sister, having come back from performing Umrah, the mini-pilgrimage in Makkah. We had packed up our home of only 10 months in Riyadh and were getting ready to head back to Baghdad. My parents decided on a stop in Makkah. The following day, October 9, 1990, we were due to fly to Amman and from there take a 12-hour drive to Baghdad. We would eventually make that journey, but not for many years.

My mother sat me down to tell me that our plans had changed. Going back to Baghdad was no longer possible. This came after a tumultuous two-month period, during which my parents’ lives had been turned upside down, as had the lives of millions of fellow Iraqis and Kuwaitis. The Iraqi regime had invaded Kuwait on August 2, upending the regional order – and with it all semblance of normality for the people of both countries.

From that day, our lives changed forever. A sense of fear of the unknown entered our lives and has yet to dissipate. We watched as Iraq became a pariah state, as all hopes of Saddam Hussein stepping back from the folly of the Kuwait invasion were dashed. Six months later, Iraq would retreat from Kuwait but only after great damage had been done to the two nations.

My father, a diplomat and consul in Iraq’s embassy in Riyadh, decided very soon after Saddam’s invasion of Kuwait that he could no longer represent the regime. My mother strongly agreed. A diplomat for more than 20 years and hailing from a family dedicated to public service, it was not an easy decision. But as a couple who opposed much of Saddam’s behaviour, there was no longer a way of carrying on. My parents had made a bold decision and had to find a way out. My father reached out secretly to Saudi authorities. The request for refuge was accepted and a plan was put into motion for our “disappearance”.

My sister, who was 12 at the time and had the maturity of someone twice her age, was informed in advance. I was too young – and too talkative – to be trusted with such a life or death decision. So I was only told the night before we were going to change course.

  • Saddam Hussein (L) with Iraqi troops in occupied Kuwait in 1990-1991. AFP
    Saddam Hussein (L) with Iraqi troops in occupied Kuwait in 1990-1991. AFP
  • Iraqi soldiers in Kuwait City on August 3, 1990. AFP
    Iraqi soldiers in Kuwait City on August 3, 1990. AFP
  • Sheikh Fahd Al Ahmed al-Sabah (C), brother of Emir of Kuwait, during the 1982 World Cup in Valladolid, Spain. He was killed by Iraqi troops during the invasion of Kuwait in 1990. AFP
    Sheikh Fahd Al Ahmed al-Sabah (C), brother of Emir of Kuwait, during the 1982 World Cup in Valladolid, Spain. He was killed by Iraqi troops during the invasion of Kuwait in 1990. AFP
  • Sheikh Jaber Al Ahmad Al Sabah (top), Emir of Kuwait, disembarks on March 14, 1991 upon his arrival at Kuwait after seven months in exile during the Iraqi occupation of his country. AFP
    Sheikh Jaber Al Ahmad Al Sabah (top), Emir of Kuwait, disembarks on March 14, 1991 upon his arrival at Kuwait after seven months in exile during the Iraqi occupation of his country. AFP
  • US President George Bush, the architect of the liberation of Kuwait, in Washington, on November 30, 1990. AFP
    US President George Bush, the architect of the liberation of Kuwait, in Washington, on November 30, 1990. AFP
  • US Secretary of State James Baker (5th R) and Iraqi Foreign Minister Tariq Aziz in Geneva January 9, 1991. The meeting failed to convince Saddam to leave Kuwait, setting the scene for the Gulf War. Reuters
    US Secretary of State James Baker (5th R) and Iraqi Foreign Minister Tariq Aziz in Geneva January 9, 1991. The meeting failed to convince Saddam to leave Kuwait, setting the scene for the Gulf War. Reuters
  • Iraqi prisoners of war in Saudi Arabian after giving themselves up to US troops in 1991. AP
    Iraqi prisoners of war in Saudi Arabian after giving themselves up to US troops in 1991. AP
  • Allied Forces Commander Norman Schwarzkopf (L) meeting with Iraqi General Sultan Hashim (2nd R) in Safwan in Iraq on March 3, 1991, to set conditions for Iraq's surrender in the Gulf War. Reuters
    Allied Forces Commander Norman Schwarzkopf (L) meeting with Iraqi General Sultan Hashim (2nd R) in Safwan in Iraq on March 3, 1991, to set conditions for Iraq's surrender in the Gulf War. Reuters
  • US General Norman Schwarzkopf (C), in Riyadh on February 10, 1991. AFP
    US General Norman Schwarzkopf (C), in Riyadh on February 10, 1991. AFP
  • US General Norman Schwarzkopf (L), Allied Gulf War Commander, and General Sultan Hashim of Iraq (R) after talks to discuss Iraqi surrender terms in the Gulf War, in Safwan in south Iraq, on March 3, 1991. Reuters
    US General Norman Schwarzkopf (L), Allied Gulf War Commander, and General Sultan Hashim of Iraq (R) after talks to discuss Iraqi surrender terms in the Gulf War, in Safwan in south Iraq, on March 3, 1991. Reuters
  • Iraqi soldiers carrying surrender flags on February 25, 1991 in Kuwait City. AFP
    Iraqi soldiers carrying surrender flags on February 25, 1991 in Kuwait City. AFP
  • Shiite rebels on the outskirts of the southern Iraqi city of Nasiriyah on March 27, 1991. Saddam crushed the rebellion, although he was defeated in the Gulf War. AFP
    Shiite rebels on the outskirts of the southern Iraqi city of Nasiriyah on March 27, 1991. Saddam crushed the rebellion, although he was defeated in the Gulf War. AFP
  • A photo dated February 16, 1991 showing damage near a church caused by an allied bombing raid in Baghdad. AFP
    A photo dated February 16, 1991 showing damage near a church caused by an allied bombing raid in Baghdad. AFP
  • A view dated March 8, 1991 of damage in downtown Baghdad from an Allied air strike or missiles raid. AFP
    A view dated March 8, 1991 of damage in downtown Baghdad from an Allied air strike or missiles raid. AFP
  • A car on February 7, 1991 in Samawa, south of Baghdad, after an allied bombing raid. AFP
    A car on February 7, 1991 in Samawa, south of Baghdad, after an allied bombing raid. AFP

The following morning, we went to the airport to head to Iraq via Jordan. Being a diplomat, my father was escorted by colleagues in the Iraqi consulate at Jeddah airport, adding to the complication of trying to pull off an escape. When finally we were alone, at the gate, we were met by a Saudi officer who took us to another gate and another future.

The flight manifest of the Jeddah-Amman flight said that the Al-Oraibi family boarded the plane ... but they never landed in Amman. Instead, we were escorted to another aircraft that took us back to Riyadh, with new documents, new names and a new life. Upon our return to Riyadh, we moved into a safe house and didn’t step outside its front door for months. My sister and I did not go to school until the Iraqi embassy in Riyadh closed and we felt safer leaving home. Even then, we were enrolled under aliases.

My father had sought political asylum which meant going back to his homeland became an impossibility – along with many others who rejected Saddam’s crimes. And while he met with leaders of “the opposition”, he never formally joined them, sensing early on much of the angst they would later bring to Iraq.

  • Picture taken on August 14, 1990 at Ruwaished showing Arab refugees from different countries waiting for the permission to return to their homelands at the Iraq-Jordan border checkpoint as thousands of foreigners flee the war in Iraq and Kuwait. AFP
    Picture taken on August 14, 1990 at Ruwaished showing Arab refugees from different countries waiting for the permission to return to their homelands at the Iraq-Jordan border checkpoint as thousands of foreigners flee the war in Iraq and Kuwait. AFP
  • August 1990: A training camp for new recruits in the United Arab Emirates, following the country's appeal for servicemen on the 11th August 1990, during the Gulf Crisis. Getty
    August 1990: A training camp for new recruits in the United Arab Emirates, following the country's appeal for servicemen on the 11th August 1990, during the Gulf Crisis. Getty
  • A reproduction of a picture displayed at the Nasr or Victory Museum in Baghdad shows Iraqi President Saddam Hussein (L) visiting Iraqi troops at a military camp in occupied territory in Kuwait after the August 2, 1990 invasion of the Gulf emirate. Getty
    A reproduction of a picture displayed at the Nasr or Victory Museum in Baghdad shows Iraqi President Saddam Hussein (L) visiting Iraqi troops at a military camp in occupied territory in Kuwait after the August 2, 1990 invasion of the Gulf emirate. Getty
  • The Emir of Kuwait Jaber Al Sabah (R) walks with Egyptian President Hosni Mubarak 9 August 1990 upon his arrival for the emergency Arab Summit to discuss Iraq's invasion of Kuwait and the worsening situation. AFP
    The Emir of Kuwait Jaber Al Sabah (R) walks with Egyptian President Hosni Mubarak 9 August 1990 upon his arrival for the emergency Arab Summit to discuss Iraq's invasion of Kuwait and the worsening situation. AFP
  • A French soldier looks through binoculars as he mans an anti-craft gun near Djibouti airport, on August 20, 1990, as French army was deployed in the Persian Gulf since Iraq's invasion of Kuwait on August 02, 1990, leading to a conflict between Iraq and Kuwait and an international military intervention. AFP
    A French soldier looks through binoculars as he mans an anti-craft gun near Djibouti airport, on August 20, 1990, as French army was deployed in the Persian Gulf since Iraq's invasion of Kuwait on August 02, 1990, leading to a conflict between Iraq and Kuwait and an international military intervention. AFP
  • A demonstration in Kuwait, following the country's invasion by Iraq at the start of the Gulf War, 4th-6th August 1990. In the centre is the Emblem of Kuwait, adopted in 1962. Getty
    A demonstration in Kuwait, following the country's invasion by Iraq at the start of the Gulf War, 4th-6th August 1990. In the centre is the Emblem of Kuwait, adopted in 1962. Getty
  • A Kuwaiti refugee stands beside his car outside Kuwait City after Iraq invaded 30 years ago. Scott Applewhite / AP
    A Kuwaiti refugee stands beside his car outside Kuwait City after Iraq invaded 30 years ago. Scott Applewhite / AP

And yet, we were lucky. We found safety in Saudi Arabia and the authorities delivered on their promise of protecting us and ensuring my sister and I had good schooling. We eventually settled in the UK and became British citizens, where my sister and I thrived. It took a decade for us to have our own travel documents and to this day I carry my British passport with me wherever I go.

Only as an adult did I begin to realise the magnitude of my parents’ decision. That night, 30 years ago, as a child I had only two concerns: what school would I go to? And when would I see my beloved extended family again? For the first, my mother explained it would take some time before my sister and I could go back to our school, Manarat Al Riyadh, as our family effectively went into hiding in Saudi Arabia. As for the second question, “only God knows”.

My parents had made the decision to defect without telling a single member of our family – it was the best protection for them when inevitably they would be questioned by the Iraqi intelligence services. My parents were cut off from their families by virtue of deciding to get out of government work. In Saddam’s Iraq, resigning from the government was not an option. Soon after we got word that all my father’s assets had been seized, including our beloved family home.

It ended up being 13 years until we could go back to Iraq. Years of exile and fear of the unknown were compounded by longing for our loved ones back in Iraq. Only when we returned to Baghdad in December 2003 did I realise how much had been lost. From 1990 to 2003 we lived our lives waiting for the day we could “go back”. It turns out there is no “going back”.

Saddam eventually withdrew from Kuwait after a 42-day war known as “Operation Desert Storm” led by the US that left Baghdad weaker than ever before. The sanctions that followed crippled Iraqi society, particularly its middle class, but did little to weaken Saddam’s regime. Iraq has still not recovered from the breakdown of the state’s institutions, healthcare, and education services, compounded by ensuing years of conflict.

Around 2.7 million claims with a total value of $352.5 billion (Dh1.294 trillion) were made against the Iraqi state for the invasion of Kuwait with the United Nations Compensation Commission. It was only in 2005 that the commission announced it had concluded processing claims, amounting to $52.4bn for 1.5 million successful claims. However, no money or entity in the world can compensate those who lost loved ones or for the years of their lives paying for the fall-out from that terrible invasion.

As for my family, my father went back to serve Iraq in 2003, as a non-political civil servant, among a number of diplomats in exile who were encouraged to return to the Ministry of Foreign Affairs and re-establish Iraq’s diplomatic presence around the world.

How Iraq could have fared, had it not been for the disastrous 1990 invasion, we will never know. But with Saddam at the helm, it would have been just a matter of time before another aggression hit Iraq. The political ramifications of the invasion of Kuwait are rarely mentioned in Iraq today, as so much devastation has occurred in the last three decades.

As for the young people on the streets of Baghdad, Najaf, Sulaimania or Basra today, most were born after the occupation – the 2003 American one of Iraq, rather than the 1990 occupation of Kuwait. And so, this 30-year anniversary passes without much notice in Iraq, as people struggle with a broken economy, militia rule and a pandemic.

But for older generations, it is a sombre moment to mark how much we have lost since that fateful day of the Kuwait invasion that cost Iraq dearly and destroyed its future. So much potential lost in one of the world's richest nations, both in natural and human resource. And that is why the young protesters’ chants of "nureed watan" (we want a homeland) resonate across generations, especially those displaced over the past decades.

TOP%2010%20MOST%20POLLUTED%20CITIES
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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.

Company%C2%A0profile
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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%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Company%C2%A0profile
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Most match wins on clay

Guillermo Vilas - 659

Manuel Orantes - 501

Thomas Muster - 422

Rafael Nadal - 399 *

Jose Higueras - 378

Eddie Dibbs - 370

Ilie Nastase - 338

Carlos Moya - 337

Ivan Lendl - 329

Andres Gomez - 322

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

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Normal People

Sally Rooney, Faber & Faber
 

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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