• Protesters take part in a demonstration against the military coup in Yangon. AFP
    Protesters take part in a demonstration against the military coup in Yangon. AFP
  • Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
    Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
  • Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
    Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
  • Police arrest a protester during a demonstration against the military coup in Mawlamyine in Mon State. AFP
    Police arrest a protester during a demonstration against the military coup in Mawlamyine in Mon State. AFP
  • Demonstrators dressed as characters from the Spanish television series 'La Casa de Papel' (Money Heist) flash the three-finger salute and hold placards during a protest against the military coup outside the Russian Embassy in Yangon, Myanmar. People continued to rally across the country despite orders banning mass gatherings and reports of increasing use of force by police against anti-coup protesters. Myanmar's military seized power and declared a state of emergency for one year after arresting State Counselor Aung San Suu Kyi and Myanmar president Win Myint in an early morning raid on 01 February. EPA
    Demonstrators dressed as characters from the Spanish television series 'La Casa de Papel' (Money Heist) flash the three-finger salute and hold placards during a protest against the military coup outside the Russian Embassy in Yangon, Myanmar. People continued to rally across the country despite orders banning mass gatherings and reports of increasing use of force by police against anti-coup protesters. Myanmar's military seized power and declared a state of emergency for one year after arresting State Counselor Aung San Suu Kyi and Myanmar president Win Myint in an early morning raid on 01 February. EPA
  • School teachers march holding placards during a protest against the military coup outside the Chinese Embassy in Yangon, Myanmar. EPA
    School teachers march holding placards during a protest against the military coup outside the Chinese Embassy in Yangon, Myanmar. EPA
  • Protesters take part in a demonstration against the military coup in Yangon. AFP
    Protesters take part in a demonstration against the military coup in Yangon. AFP
  • Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
    Protesters take part in a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
  • School teachers hold placards calling for the release of detained Myanmar State Counselor Aung San Suu Kyi (L) and President Win Myint (R) during a protest against the military coup outside the Chinese Embassy in Yangon, Myanmar. EPA
    School teachers hold placards calling for the release of detained Myanmar State Counselor Aung San Suu Kyi (L) and President Win Myint (R) during a protest against the military coup outside the Chinese Embassy in Yangon, Myanmar. EPA
  • Protesters hold up an image of Aung San Suu Kyi and signs as they demonstrate against the military coup in Myeik, Tanintharyi region. AFP
    Protesters hold up an image of Aung San Suu Kyi and signs as they demonstrate against the military coup in Myeik, Tanintharyi region. AFP
  • Police arrest a protester during a demonstration against the military coup in Mawlamyine. AFP
    Police arrest a protester during a demonstration against the military coup in Mawlamyine. AFP
  • Protesters hold up signs during a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP
    Protesters hold up signs during a demonstration against the military coup in front of the Chinese embassy in Yangon. AFP

Decoding Asean's deliberate silence over Myanmar


  • English
  • Arabic

Much has been said and written about the global response to the unfolding crisis in Myanmar, where the long-dominant military staged a coup earlier this month. Experts have discussed the deep influence of neighbouring China, an important economic partner, and the likely impact of American sanctions on the strategic calculus of the South-East Asian nation's junta.

Others have focused on the sophisticated way the military brass orchestrated its coup against Aung San Suu Kyi's democratically elected government, with which it had shared power for half a decade.

Somewhat missing in the discussions, though, has been the role of Myanmar's influential neighbours and, more broadly, the Association of South-East Asian Nations (Asean), in legitimising the junta’s behind-the-scenes rule and atrocities in recent decades.

On the most fundamental level, the events in Myanmar have exposed Asean’s dysfunctional decision-making process. They have also laid bare the opportunism of key nations in the region.

Asean was born in the crucible of the Cold War, as the US and the Soviet Union jostled for influence in post-colonial South-East Asia. Its antecedents were the now-defunct, pro-US South-East Asia Treaty Organisation and the "non-aligned" Greater Malayan Confederation – better known as Maphilindo – which was composed of Malaysia, the Philippines and Indonesia. A decade into the Cold War, and just years into the so-called "Konfrontasi" skirmishes between Indonesia and the newly emerging Malaysian Federation from 1963 to 1966, the establishment of an inclusive regional organisation became a strategic imperative.

In a tale of strategic foresight and visionary leadership, five countries – Indonesia, Malaysia, the Philippines, Singapore and Thailand – established Asean in the late 1960s. Their goals included preserving national strategic autonomy, preventing intra-regional conflicts amid long-standing disputes and creating a semblance of peace and prosperity despite the proxy conflicts between the two superpowers.

The upshot is the establishment of arguably the most successful regional integration experiment outside of the West. Over the next half-century, Asean would evolve into an increasingly mature and all-inclusive organisation, having absorbed the region's communist and post-communist regimes following the Vietnam War.

Asean’s regional integration is impressive.

Years of sustained dialogue and a shared sense of destiny meant that its members became increasingly willing either to downplay or fully resolve their territorial disputes, from the Philippine-Malaysian conflict over oil-rich Sabah to the Indonesia-Malaysia maritime disputes over Pulau Ligitan and Pulau Sipadan. As Asean's de facto leader, Indonesia convinced Thailand and Cambodia to resolve their border dispute involving the area surrounding the Temple of Preah Vihear through international adjudication.

A signing ceremony at the first Asean meeting in Bangkok in August, 1967. AFP
A signing ceremony at the first Asean meeting in Bangkok in August, 1967. AFP
Myanmar's then state counsellor Aung San Suu Kyi meets Vietnam's then president, the late Tran Dai Quang, at an Asean-linked summit in Hanoi in 2018. Reuters
Myanmar's then state counsellor Aung San Suu Kyi meets Vietnam's then president, the late Tran Dai Quang, at an Asean-linked summit in Hanoi in 2018. Reuters

The bloc, meanwhile, finalised a trade deal among its member states – called the Asean Free Trade Area Agreement – leading to reductions in tariffs to between zero and five per cent. Success encouraged the region to pursue fuller integration through an Asean Economic Community, which, when established, aims to create a single market and production base for the flow of goods, services, capital and labour in the region.

Asean proved so successful in fostering peace and prosperity in the region that by the 1990s, it aspired to become the engine of pan-regional integration across the Asia-Pacific. Through mechanisms such as the Asean Regional Forum, member states provided a key post-Cold War platform for institutionalised dialogue among major powers, namely the US, China, India, Japan and Russia.

In the recent past, however, the lack of internal coherence and global relevance has been exposed – and the Myanmar crisis is its most potent expression.

The twin principles that facilitated Asean's expansion through the decades are the mushawara and muafakat, two terms originating from Arabic and meaning consultation and consensus, respectively. Almost every one of the organisation's important geopolitical decisions was made after extensive consultation and painstaking consensus-building efforts.

On the surface, this seemed a perfectly reasonable way to foster co-operation and common understanding among extremely diverse nations, including impoverished post-communist states, authoritarian kingdoms, unruly middle-income democracies and a wealthy city-state. However, the principle of consensus-building quickly turned into unanimity-based decision-making in practice, setting the stage for institutional paralysis in times of crisis. An overemphasis on inclusiveness also meant its embracing of the region's more repressive regimes.

  • A candidate of Democracy Party for a New Society talks with microphone during an election campaign rally at downtown area in Yangon, Myanmar on Sunday. EPA
    A candidate of Democracy Party for a New Society talks with microphone during an election campaign rally at downtown area in Yangon, Myanmar on Sunday. EPA
  • Ei Tinzar Maung speaks during a campaign ahead of the November 8 general election. AFP
    Ei Tinzar Maung speaks during a campaign ahead of the November 8 general election. AFP
  • An elderly man casts his ballot during early voting at a polling station in Yangon. EPA
    An elderly man casts his ballot during early voting at a polling station in Yangon. EPA
  • Elderly people wait to cast their ballots during early voting at a polling station in Yangon. EPA
    Elderly people wait to cast their ballots during early voting at a polling station in Yangon. EPA
  • Myanmar President Win Myint greets members of the media after casting his ballot in Naypyitaw. EPA
    Myanmar President Win Myint greets members of the media after casting his ballot in Naypyitaw. EPA
  • Myanmar State Counselor Aung San Suu Kyi casts an advance vote in Naypyitaw. Reuters
    Myanmar State Counselor Aung San Suu Kyi casts an advance vote in Naypyitaw. Reuters
  • Supporters of National League for Democracy (NLD) take part in a boat rally ahead of a November 8 general election in the Yangon river. Reuters
    Supporters of National League for Democracy (NLD) take part in a boat rally ahead of a November 8 general election in the Yangon river. Reuters
  • An NLD supporter holds a flag on the top of a boat as he takes part in a rally in the Yangon river. Reuters
    An NLD supporter holds a flag on the top of a boat as he takes part in a rally in the Yangon river. Reuters
  • NLD supporters party take part in a boat rally in the Yangon river. Reuters
    NLD supporters party take part in a boat rally in the Yangon river. Reuters
  • NLD supporters greet to a boat rally. Reuters
    NLD supporters greet to a boat rally. Reuters
  • NLD supporters take part in a boat rally in the Yangon river. Reuters
    NLD supporters take part in a boat rally in the Yangon river. Reuters
  • NLD supporters take part in a boat rally in the Yangon river. Reuters
    NLD supporters take part in a boat rally in the Yangon river. Reuters
  • An elderly man leaves after casting his ballot in Yangon. EPA
    An elderly man leaves after casting his ballot in Yangon. EPA
  • Election staff carry a mobile ballot box in Yangon last week, as advance voting in the country's election began for elderly people. AFP
    Election staff carry a mobile ballot box in Yangon last week, as advance voting in the country's election began for elderly people. AFP
  • Officers and volunteers from Union Election Commission walk to collect ballots from elderly people who make an early voting on the outskirts of Yangon. AP Photo
    Officers and volunteers from Union Election Commission walk to collect ballots from elderly people who make an early voting on the outskirts of Yangon. AP Photo
  • An election official is seen in a residence in Yangon last week, as advance voting in the country's elections began for elderly people. AFP
    An election official is seen in a residence in Yangon last week, as advance voting in the country's elections began for elderly people. AFP

And so, when the Myanmar junta introduced largely cosmetic political reforms a decade ago, Asean was quick to hail them as a sign of democratisation – as did the Obama administration and much of the West. Myanmar even hosted a World Economic Forum meeting in 2013. Key members such as Singapore and Thailand poured billions of dollars into the country, even as the generals retained veto power over vital organs of the state, including the legislature.

When it became clear that the armed forces, known as Tatmadaw, engaged in atrocities against the Rohingya, Myanmar's largest Muslim minority group, Asean either turned a blind eye or refused to take a tough stance. Malaysia and Indonesia – both Muslim-majority countries – were the only member states to call for more decisive action against the Tatmadaw amid allegations of ethnic cleansing.

It was precisely Asean’s collective complacency, if not culpability, that emboldened the junta to launch its coup against Suu Kyi's popular civilian government on February 1. But even that wasn’t enough to mobilise a concerted pushback by the regional body. Only Malaysia, Indonesia and Singapore condemned the move.

The ICC is investigating atrocities allegedly committed by the Myanmar military against the Rohingya ethnic minority. AFP
The ICC is investigating atrocities allegedly committed by the Myanmar military against the Rohingya ethnic minority. AFP

A vast majority of Asean's member states were either silent days into the crisis or, as in the case of Cambodia and the Philippines, dismissed what has since become an international crisis as nothing but an "internal matter".

Thailand, one of Asean's founding members and a key source of investment and remittance for Myanmar, has been among the biggest enablers of the coup. Thai Prime Minister Prayuth Chan-ocha, a former general who himself seized power in his country through a military takeover in 2014, has emphasised the need for the two nations to "maintain good relations" with each other.

No wonder then that Myanmar's junta has formally sought the Thai leadership's assistance in managing the post-coup landscape, a reflection of co-ordination between these two regimes.

They say you can choose your friends but not your neighbours. But most of Asean's member states, particularly Thailand, chose to be friends with Myanmar’s generals even though it meant emboldening them to grab power and, thereby, overrule the overwhelming mandate of its people.

Richard Javad Heydarian is a professorial chairholder in geopolitics at Polytechnic University of the Philippines and author of, among others, 'The Indo-Pacific: Trump, China and the New Struggle for Global Mastery'

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

No person who has received refuge in Poland will be sent back to a country torn by war.

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

THE SPECS

Engine: 2.0-litre four-cylinder turbo

Transmission: eight-speed automatic

Power: 258hp at 5,000-6,500rpm

Torque: 400Nm from 1,550-4,400rpm

Fuel economy, combined: 6.4L/100km

Price, base: from D215,000 (Dh230,000 as tested)

On sale: now

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
Chatham House Rule

A mark of Chatham House’s influence 100 years on since its founding,  was Moscow’s formal declaration last month that it was an “undesirable
organisation”. 

 

The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.  

 

The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events. 

 

Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.  

 

That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.  

 

This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.  

 

These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.  

 

Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.   

 
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

UAE currency: the story behind the money in your pockets
The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

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

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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.”

WTL%20SCHEDULE
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SPECS

Mini John Cooper Works Clubman and Mini John Cooper Works Countryman

Engine: two-litre 4-cylinder turbo

Transmission: nine-speed automatic

Power: 306hp

Torque: 450Nm

Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500