Prince Rahim Al Hussaini, the new Aga Khan, has served within the Aga Khan Development Network. AFP
Prince Rahim Al Hussaini, the new Aga Khan, has served within the Aga Khan Development Network. AFP
Prince Rahim Al Hussaini, the new Aga Khan, has served within the Aga Khan Development Network. AFP
Prince Rahim Al Hussaini, the new Aga Khan, has served within the Aga Khan Development Network. AFP

Who is Rahim Al Hussaini, the new Aga Khan, spiritual leader of Ismaili Muslims


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OBITUARY: The Aga Khan, who provided aid and development where others did not

Rahim Al Hussaini has been named the new Aga Khan, spiritual leader of the world's millions of Ismaili Muslims, following the death of his father this week.

The 53-year-old was designated as the Aga Khan V, the 50th hereditary imam of the Ismaili Muslims, in his father's will. His father died on Tuesday in Portugal.

The Aga Khan Development Network and the Ismaili religious community had announced earlier that Prince Karim Al Hussaini, Aga Khan IV and 49th hereditary imam of the Ismaili Muslims, died surrounded by his family.

Prince Rahim is the eldest son of the former Aga Khan. He was educated in the US, studying comparative literature at Brown University, and has served on the boards of various agencies within the Aga Khan Development Network, the spiritual leader's main philanthropic organisation.

The organisation deals mainly with issues of health care, housing, education and rural economic development. It says it works in over 30 countries and has an annual budget of about $1 billion for non-profit development activities.

The Aga Khan Development Network said Prince Rahim took a special interest in its work to fight climate change and protect the environment.

In 1957, the late Aga Khan was made heir to the family’s 1,300-year dynasty as leader of the Ismaili sect. Over decades, Aga Khan IV evolved into a business magnate and a philanthropist, moving between the spiritual and the worldly with ease.

A defender of Islamic culture and values, he was widely regarded as a builder of bridges between Muslim societies and the West despite – or perhaps because of – his reticence about becoming involved in politics.

A network of hospitals bearing the Aga Khan's name is scattered in places where health care was lacking for the poorest people − including Bangladesh, Tajikistan and Afghanistan − where he spent tens of millions of dollars in developing local economies.

Ismailis lived for many generations in Iran, Syria and South Asia, before also settling in East Africa, Central Asia and the Middle East, as well as Europe, North America and − more recently − Australia. They consider it a duty to donate up to 12.5 per cent of their income to the Aga Khan as steward.

Shenila Khoja-Moolji, an associate professor at Georgetown University who researches Muslim societies, told Associated Press that Ismailis turn to the Aga Khan in matters of faith and daily life. Prince Rahim has three siblings, two brothers and one sister.

Semi-final fixtures

Portugal v Chile, 7pm, today

Germany v Mexico, 7pm, tomorrow

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2. Paul Pogba - to Manchester United in 2016/17 - €105m
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4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
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9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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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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7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

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THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Race card for Super Saturday

4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.

6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.

Updated: February 06, 2025, 4:59 AM