Welcome to The National's weekly newsletter Beshara, where we share the most positive stories of the week.
Snow in Central Park in Manhattan, New York City. AFP
As we fast approach the end of the year, many of us across the newsroom are looking back on the defining moments of 2025 and also ahead for what to expect in 2026. We at The National enjoy working as your eyes and ears on the world. Journalists are also your memory – your chroniclers of history as it happens, and your analysts, studying signals from the past and the present to anticipate what could come next.
Throughout these last weeks, before we ring in the New Year, you will see and hear from many of our dedicated reporters and editors sharing stories and insights on the past 12 months – both good and bad – but all with lessons we can learn.
This week’s Beshara looks back on the brightest moments, and I’ll see you next week for the excitement ahead.
Syrians celebrate the US announcing it will lift sanctions on the country in May. Anadolu
But first, to the regional shifts in the right direction. This past week, some positive developments reminded us of the progress we’ve seen across Syria, Lebanon and Gaza this past year. While tentative and fragile, key turning points have renewed hope for their populations, millions of people who for so long have borne the brunt of conflict or corruption.
While the situation is still so far from the real, tangible resolution the world awaits and hunger levels remain critical, famine has been reversed in Gaza.
The permanent lifting by the US of its so-called Caesar sanctions on Syria will pave the way for the return of investment in the country.
Lebanon’s announcement that it is close to disarming Hezbollah indicates a chance for the country to strengthen its governance.
As Paul Salem asks in his op-ed: after the changes over the past year, might the Levant – in particular Syria and Lebanon – be on course to re-establishing sovereignty, functioning statehood and economic revival?
Quoted
'Will Syria’s leaders be able to restore Aleppo to what it once was? Can they help rebuild the shattered lives of the countless many? I hope so. Aleppo isn’t just a Syrian treasure; it is a world treasure'
One of the best photos taken by our staff photographers in the UAE this year, at the Dubai Airshow. Chris Whiteoak / The National
From the picture desk to our feature writers, we have a raft of round-ups to remind you of the highlights of 2025.
These incredible images from The National’s photographers are unsurpassed in their summing up of the diversity and joy of life in the UAE this past year.
And if you were lucky enough, though none as lucky as Saeed Saeed, you may have been at one of these top 20 live shows that graced the Emirates this year.
But if you’re reading from afar, or just prefer a show from your sofa, this collaborative effort is a reminder of the best of the small screen, and William Mullally, our resident award-winning film critic, shares his list of the best Arab films that hit the big screen.
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
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.”
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
