Clockwise from top left, the new coalition is made up of: Yesh Atid, led by Yair Lapid; Yamina, led by Naftali Bennett; New Hope, led by Gideon Sa'ar; Israel Beiteinu led by Avigdor Lieberman; the Israeli Labour Party, led by Merav Michaeli; Ra'am, led by Mansour Abbas; Blue and White, led by Benny Gantz; and Meretz, led by Nitzan Horowitz. AFP
Clockwise from top left, the new coalition is made up of: Yesh Atid, led by Yair Lapid; Yamina, led by Naftali Bennett; New Hope, led by Gideon Sa'ar; Israel Beiteinu led by Avigdor Lieberman; the Israeli Labour Party, led by Merav Michaeli; Ra'am, led by Mansour Abbas; Blue and White, led by Benny Gantz; and Meretz, led by Nitzan Horowitz. AFP
Clockwise from top left, the new coalition is made up of: Yesh Atid, led by Yair Lapid; Yamina, led by Naftali Bennett; New Hope, led by Gideon Sa'ar; Israel Beiteinu led by Avigdor Lieberman; the Israeli Labour Party, led by Merav Michaeli; Ra'am, led by Mansour Abbas; Blue and White, led by Benny Gantz; and Meretz, led by Nitzan Horowitz. AFP
Clockwise from top left, the new coalition is made up of: Yesh Atid, led by Yair Lapid; Yamina, led by Naftali Bennett; New Hope, led by Gideon Sa'ar; Israel Beiteinu led by Avigdor Lieberman; the Isr

Who is in Israel's new coalition government?


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Israel's new grand coalition has won the confidence of the Knesset and is now the official government – ending the 12-year premiership of Benjamin Netanyahu.

With the first test completed, the coalition – which brings together religious, secular, nationalist, leftist, centrist and Arab parties – now has to prove it can overcome its internal contradictions and differences to govern Israel.

The plan, hashed out in the days before the vote on Sunday night, will see the new government focus on internal issues and righting the economy after the Covid-19 pandemic.

Contentious issues, such as the Arab-Israeli peace process, will be put on the back burner, even as Egypt tries to broker a lasting ceasefire after an 11-day conflict in May between Israel and Hamas in Gaza.

Naftali Bennett of the nationalist right-wing Yamina will lead the coalition as prime minister for the first half of the term with Yair Lapid of Yesh Atid – the man who assembled the coalition and whose party is the largest member of the bloc – serving as prime minister for the final two years.

  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People play in front of a banner with pictures of former Prime Minister Benjamin Netanyahu after Israel's parliament voted in a new coalition government, ending Netanyahu's 12-year hold on power, in Tel Aviv, Israel. Reuters
    People play in front of a banner with pictures of former Prime Minister Benjamin Netanyahu after Israel's parliament voted in a new coalition government, ending Netanyahu's 12-year hold on power, in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
    People celebrate after Israel's parliament voted in a new coalition government, ending Benjamin Netanyahu's 12-year hold on power, at Rabin Square in Tel Aviv, Israel. Reuters
  • Naftali Bennett, Israeli's new prime minister and leader of the Yamina party, embraces an attendee at the Knesset in Jerusalem, Israel. Bloomberg
    Naftali Bennett, Israeli's new prime minister and leader of the Yamina party, embraces an attendee at the Knesset in Jerusalem, Israel. Bloomberg
  • Naftali Bennett, Israeli's new prime minister and leader of the Yamina party, speaks during a meeting of the new government at the Knesset in Jerusalem, Israel. Bloomberg
    Naftali Bennett, Israeli's new prime minister and leader of the Yamina party, speaks during a meeting of the new government at the Knesset in Jerusalem, Israel. Bloomberg

Here are the main players in the new 61-seat coalition:

Yair Lapid: Yesh Atid (There Is a Future) 17 seats

Yair Lapid announced on Wednesday he had managed to form a seven-party ruling coalition. AP
Yair Lapid announced on Wednesday he had managed to form a seven-party ruling coalition. AP

Mr Lapid, a 57-year-old secular centrist, was given the task of forming a government in the past month after Mr Netanyahu failed to put together his own coalition following elections in March – the fourth inconclusive vote in less than two years. His party, Yesh Atid holds 17 seats, making it the largest in the coalition.

He began his television career in 1994 as the anchor of an evening news programme, but transitioned into politics in 2012, when he founded Yesh Atid (There Is a Future).

Mr Lapid served under Mr Netanyahu from 2013 as Israel's finance minister but joined the opposition in 2015. In 2019, Yesh Atid joined up with two other parties – Telem and the Israel Resilience Party – to form the Blue and White alliance.

Benny Gantz: Kahol Lavan (Blue and White) 8 seats

Israeli Deputy Prime Minister and Defence Minister Benny Gantz kept the Blue and White name for his party after partner parties left the alliance. AFP
Israeli Deputy Prime Minister and Defence Minister Benny Gantz kept the Blue and White name for his party after partner parties left the alliance. AFP

Benny Gantz, 62, was the 20th Israel military chief of general staff before he became a centrist opponent of Mr Netanyahu. After battling three elections to a near dead-heat with the longest-serving Israeli prime minister, he joined a coalition with the Likud head but that fell apart leading to the March election.

Mr Gantz has sought a similar anti-Netanyahu coalition before. In the lead up to the April 2019 election, he joined his Israel Resilience Party with Yair Lapid's Yesh Atid to form the Kahol Lavan, or Blue and White – the colours of the Israeli flag – citing their "national responsibility". Centre-right party Telem also joined the alliance.

When they failed to unseat Mr Netanhayu, Mr Lapid returned to his original party and Telem also departed, but Mr Gantz continued to head Blue and White, which now holds eight seats in the Knesset.

Mr Netanyahu praised the military man for decades of "excellent service", describing him as "a high-quality, ethical, responsible, balanced and thoughtful chief of staff".

Naftali Bennett: Yamina (Rightwards) 7 seats

One of Mr Netanyahu's former proteges, Mr Bennett, 49, is now set to become the coalition's prime minister for two years, before rotating with Mr Lapid. The seven seats his right-wing Yamina party won in the March elections secured his place as kingmaker in the coalition.

The nationalist tech millionaire is known for his aspirations to expand Israel's settlements and annex up to 60 per cent of the West Bank.

Mr Bennett made his debut as Mr Netanyahu’s chief of staff for two years.

The two clashed when Mr Bennett fiercely opposed Mr Netanyahu's decision in late 2009 to slow settlement construction – a US-led effort to encourage Palestinians to renew peace talks.

Mr Bennett briefly served as head of the West Bank settler’s council, Yesha.

Two months ago, Mr Bennett signed a pledge on national television.

“I won’t let Lapid become prime minister, with or without a rotation, because I’m a man of the right and for me, values are important,” he said.

Avigdor Lieberman: Israel Beiteinu (Israel Our Home) 7 seats

Yisrael Beitenu leader Avigdor Lieberman has been a vocal critic of former ally Benjamin Netanyahu. AFP
Yisrael Beitenu leader Avigdor Lieberman has been a vocal critic of former ally Benjamin Netanyahu. AFP

Despite forming part of the Likud-led bloc in the 20th Knesset and running on a joint platform with Likud for the 19th Knesset, Yisrael Beiteinu leader Avigdor Lieberman, 62, has been vocal in his opposition to Mr Netanyahu and is now lending his party's six seats to Mr Lapid's coalition.

Mr Lieberman's party describes itself as "a national movement with the clear vision to follow in the bold path of Ze'ev Jabotinsky", the founder of Revisionist Zionism.

He served as director general of Likud from 1993 to 1996 and then as director general of the prime minister's office.

He founded and became head of the Yisrael Beiteinu party in 1999.

Mr Lieberman, 61, served two terms as foreign minister, from April 2009 to December 2012, and from November 2013 to May 2015.

Merav Michaeli: HaAvoda (Israeli Labour Party) 7 seats

Merav Michaeli of the Israeli Labour Party has engaged in issues including gender equality and LGBT and worker rights. AFP
Merav Michaeli of the Israeli Labour Party has engaged in issues including gender equality and LGBT and worker rights. AFP

Merav Michaeli, 54, currently heads HaAvoda (Israeli Labour Party), the largest left-wing party in the country, which has been the dominant partner in every government since 1948.

She has been a member of the foreign affairs and defence committees and subcommittees and is also a member of the house committee.

Ms Michaeli chairs the Zionist Union parliamentary group and has engaged in extensive political activity in sectors including society, economy, gender equality and LGBT and worker rights.

Prior to her election to the Knesset, Ms Michaeli was a journalist, regularly producing op-eds and interviews for Haaretz newspaper.

Gideon Sa'ar: Tikva Hadasha (New Hope) 6 seats

Gideon Saar, leader of Israel's Tikva Hadasha Party, has called for the annexation of the occupied West Bank. AFP
Gideon Saar, leader of Israel's Tikva Hadasha Party, has called for the annexation of the occupied West Bank. AFP

Gideon Sa’ar, 54, head of the New Hope party, has played a role in Israeli politics for almost two decades. He has served as aide to the attorney general and the state attorney, as well as serving as Benjamin Netanyahu’s Cabinet secretary.

Elected to the Knesset in 2003, he has served as the Likud parliamentary group chairman.

In 2013, he was appointed minister of internal affairs.

But in December 2020, Mr Sa’ar announced that he would leave Likud and form his own party, New Hope.

Mr Sa’ar is opposed to a two-state solution to the conflict with Palestine and has called for the annexation of the occupied West Bank, while being open to allowing the Palestinians autonomy in a federation with Jordan.

Nitzan Horowitz: Meretz (Vigour) 6 seats

Nitzan Horowitz of the Meretz party has championed the rights of African migrants. AFP
Nitzan Horowitz of the Meretz party has championed the rights of African migrants. AFP

Nitzan Horowitz, 56, leader of Meretz, has largely championed social issues, advocating the rights of African migrants in Tel Aviv and criticising the existence of homophobia in the city.

The Meretz party is a left-wing, social-democratic and green party that reached its political peak between 1992 and 1996, when it had 12 seats. In the March elections, it won six seats.

Mr Horowitz, a 56-year-old former television journalist, served two full terms in the Knesset between 2009 and 2015.

Before being elected to the Knesset, he was the foreign affairs commentator and head of the international desk at Hadashot 10, the news division of Israel's Channel 10.

Mansour Abbas: Ra'am (United Arab List) 4 seats

Mansour Abbas of Ra'am had previously advocated working with Benjamin Netanyahu. AFP
Mansour Abbas of Ra'am had previously advocated working with Benjamin Netanyahu. AFP

Mansour Abbas, 47, made history on Sunday night by becoming the first Arab politician in Israel to join the government, taking the position of deputy minister of Arab affairs in the Prime Minister's office.

He is the leader of the small Islamist Arab party known by its Hebrew acronym, Ra'am, with four seats in the current Parliament. Ra'am is the political wing of the southern branch of Israel's Islamic Movement, which was established in 1971 and traces its origins to the Muslim Brotherhood.

Ra'am formally agreed to join a Lapid-Bennett coalition government, though it would not hold any Cabinet seats.

Mr Abbas's party split from Israel's main Arab coalition, the Joint List, before a March 23 election after advocating, unsuccessfully, that they work with Mr Netanyahu and other right-wing factions to improve living conditions for Arabs.

Although Arabs make up just over 20 per cent of Israel’s population, an Arab party has never before been part of an Israeli coalition government.

Ministers in Israel’s coalition government:

  • Prime Minister/Community Affairs: Naftali Bennett (Yamina)

  • Alternate Prime Minister/Foreign Affairs: Yair Lapid (Yesh Atid)
  • Deputy Prime Minister/Defence: Benny Gantz (Blue and White)
  • Deputy Prime Minister/Justice: Gideon Sa'ar (New Hope)
  • Finance: Avigdor Lieberman (Yisrael Beytenu)
  • Education: Yifat Shasha-Biton (New Hope)
  • Interior: Ayelet Shaked (Yamina)
  • Health: Nitzan Horowitz (Meretz)
  • Transport: Merav Michaeli (Labour)
  • Environmental Protection: Tamar Zandberg (Meretz)
  • Internal Security: Omer Bar-Lev (Labour)
  • Communications: Yoaz Hendel (New Hope)
  • Economy: Orna Barbivai (Yesh Atid)
  • Labour, Social Services and Social Affairs: Meir Cohen (Yesh Atid)
  • National Infrastructure, Energy and Water: Karine Elharrar (Yesh Atid)
  • Diaspora Affairs: Nachman Shai (Labour)
  • Intelligence: Elazar Stern (Yesh Atid)
  • Tourism: Yoel Razvozov (Yesh Atid)
  • Religious Affairs: Matan Kahana (Yamina)
  • Culture and Sports: Hili Tropper (Blue and White)
  • Aliyah and Integration: Pnina Tamano-Shata (Blue and White)
  • Agriculture and Negev and Galilee Development: Oded Forer (Yisrael Beiteinu)
  • Housing and Construction/Jerusalem Affairs and Heritage: Ze'ev Elkin (New Hope)
  • Regional Co-operation: Issawi Frej (Meretz)
  • Science and Technology: Orit Farkash-Hacohen (Blue and White)
  • Social Equity: Meirav Cohen (Yesh Atid)
  • Minister in the Finance Ministry: Hamad Amar (Yisrael Beiteinu)

Deputy ministers:

  • deputy minister of Arab affairs in the Prime Minister's Office: Mansour Abbas (Ra'am)
  • deputy minister of economic reforms in the Prime Minister's Office: Abir Kara (Yamina)
  • deputy minister of defence: Alon Schuster (Blue and White)
  • deputy minister of foreign Affairs: Idan Roll (Yesh Atid)
  • deputy minister of internal security: Yoav Segalovich (Yesh Atid)

Knesset positions:

  • Knesset Speaker: Mickey Levy (Yesh Atid)

Read more on Israel's coalition here: 

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

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Sting & Shaggy

44/876

(Interscope)

2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1
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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

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

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Match info

Champions League quarter-final, first leg

Liverpool v Porto, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

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.”

Uefa Nations League: How it works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

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Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong