• Lucknow Super Giants' Mayank Yadav has bowled the fastest delivery of IPL 2024, clocking at 156.7kph (97.3mph). AP
    Lucknow Super Giants' Mayank Yadav has bowled the fastest delivery of IPL 2024, clocking at 156.7kph (97.3mph). AP
  • Nandre Burger (Rajasthan Royals): 153kph (95mph). AP
    Nandre Burger (Rajasthan Royals): 153kph (95mph). AP
  • Gerald Coetzee (Mumbai Indians): 152.3kph (94.6mph). AFP
    Gerald Coetzee (Mumbai Indians): 152.3kph (94.6mph). AFP
  • Alzarri Joseph (Royal Challengers Bengaluru): 151.2kph (94mph). AP
    Alzarri Joseph (Royal Challengers Bengaluru): 151.2kph (94mph). AP
  • Matheesha Pathirana (Chennai Super Kings): 150.9kph (93.7mph). AFP
    Matheesha Pathirana (Chennai Super Kings): 150.9kph (93.7mph). AFP
  • Umran Malik (Sunrisers Hyderabad): 147.9kph (92mph). AFP
    Umran Malik (Sunrisers Hyderabad): 147.9kph (92mph). AFP
  • Kagiso Rabada (Punjab Kings): 147.2kph (91.4mph). AP
    Kagiso Rabada (Punjab Kings): 147.2kph (91.4mph). AP
  • Spencer Johnson (Gujarat Titans): 145kph (90mph). AFP
    Spencer Johnson (Gujarat Titans): 145kph (90mph). AFP
  • Tushar Deshpande (Chennai Super Kings): 144.9kph (90mph). AFP
    Tushar Deshpande (Chennai Super Kings): 144.9kph (90mph). AFP
  • Yash Thakur (Lucknow Super Giants): 144.6kph (89.8mph). Sportzpics for IPL
    Yash Thakur (Lucknow Super Giants): 144.6kph (89.8mph). Sportzpics for IPL
  • Pat Cummins (Sunrisers Hyderabad): 144.3kph (89.6mph). AFP
    Pat Cummins (Sunrisers Hyderabad): 144.3kph (89.6mph). AFP
  • Harshit Rana (Kolkata Knight Riders): 143.6kph (89.2mph). AFP
    Harshit Rana (Kolkata Knight Riders): 143.6kph (89.2mph). AFP
  • Harshal Patel (Punjab Kings): 143.4kph (89mph). AP
    Harshal Patel (Punjab Kings): 143.4kph (89mph). AP

Fastest deliveries of IPL 2024, including those from Mayank, Burger, and Umran


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The Indian Premier League boasts the biggest collection of top players in the game, and that extends to fast bowling as well.

While fast bowlers can only truly be gauged in the longer formats, T20 cricket offers a platform for them to showcase one particular skill – pure pace.

The shortest format allows pacers to go full throttle and not worry about conserving energy for later spells. That means T20 cricket is where the fastest deliveries are registered nowadays.

This IPL is barely a week old and we have already seen some sizzling deliveries from the faster men. A few quicks have yet to feature and they will surely fire up the speed gun when they get a chance.

Fastest deliveries of IPL 2024

1. Mayank Yadav (Lucknow Super Giants): 156.7kph (97.3mph)

2. Nandre Burger (Rajasthan Royals): 153kph (95mph)

3. Gerald Coetzee (Mumbai Indians): 152.3kph (94.6mph)

4. Alzarri Joseph (Royal Challengers Bengaluru): 151.2kph (94mph)

5. Matheesha Pathirana (Chennai Super Kings): 150.9kph (93.7mph)

6. Umran Malik (Sunrisers Hyderabad): 147.9kph (92mph)

7. Kagiso Rabada (Punjab Kings): 147.2kph (91.4mph)

8. Mitchell Starc (Kolkata Knight Riders): 147.1kph (91.4mph)

9. Spencer Johnson (Gujarat Titans): 145kph (90mph)

10. Tushar Deshpande (CSK): 144.9kph (90mph)

11. Yash Thakur (Lucknow Super Giants): 144.6kph (89.8mph)

12. Pat Cummins (Sunrisers Hyderabad): 144.3kph (89.6mph)

13. Harshit Rana (Kolkata Knight Riders): 143.6kph (89.2mph)

14. Harshal Patel (Punjab Kings): 143.4kph (89mph)

Mayank Yadav

The Delhi-based fast bowler took the IPL by storm on Saturday as he delivered the fastest delivery of the tournament. The Lucknow Super Giants quick turned the match against Punjab Kings on its head with a blistering spell where he clocked well in excess of 150kph and maxed out at 155.8kph (97mph).

Yadav proved almost impossible to get under as the 21-year-old announced himself on the big stage on debut. In the next match, he blew away Bengaluru with an even more devastating spell and fastest delivery. If he remains fit, expect Yadav to be fast-tracked into the national team.

Nandre Burger

The young South African quick seems destined for big things. The left-arm pacer is gifted with natural pace, which was on full display during Thursday's match against Delhi Capitals.

Burger made full use of a quick surface in Jaipur, bursting through the defence of Mitchell Marsh and hurrying Ricky Bhui with a quick short ball. To top it, he cranked up his speed to 153kph (95mph). South Africa have produced a truly special talent.

Matheesha Pathirana

The Chennai Super Kings quick had hamstring issues coming into the tournament but showed no signs of discomfort as he hit top speed straightaway in a lethal spell against Gujarat Titans at Chepauk. Pathirana hurried a seasoned batsman like David Miller in his first over where he consistently clocked 150kph and more, and then utilised his slower delivery judiciously. That slingy 'Malinga-like' action makes him almost unplayable.

Alzarri Joseph

One of the few bowlers who can make the most of the new two bouncer per over rule in IPL. The Windies quick enjoys testing the middle of the pitch and batsmen have found it difficult to go after him whenever he digs it in short. Could well see him bowl short almost exclusively as the tournament progresses.

Gerald Coetzee

An important member of the Mumbai bowling line-up who provides a lethal edge with the ball after Jasprit Bumrah. He had a groin issue coming into the tournament but was firing on all cylinders against Gujarat.

The young quick is being closely monitored by the South African management as he is an important part of their T20 World Cup plans. And we can see why.

Umran Malik

The Sunrisers Hyderabad quick was in the Indian team up until recently. However, he seems to have lost the trust of team management due to a lack of control. But what the 24-year-old still has is plenty of pace.

Malik bowled just one over in the high-scoring thriller against Mumbai after coming on as an impact substitute. He was hit for two sixes and taken out of the attack. But in that over, he easily topped 90mph. However, if he does not get his radar right soon, a generational talent like Malik – who has been clocked at 97 mph – might get lost.

Kagiso Rabada

The South African quick is one of the few bowlers who can bowl in any format and conditions, as long as he is fit. Has started off well this IPL, picking up wickets, bowling at top pace and maintaining an economy close to seven an over.

However, he will need a lot better support from the likes of Sam Curran and Arshdeep Singh to get the freedom to go all out.

Spencer Johnson

The Aussie left-arm quick took to the IPL like a duck to water, showing good discipline, pace and the ability to control the middle phase of the innings.

Gujarat's new-ball pairing of Umesh Yadav and Azmatullah Omarzai does not inspire a lot of confidence, and they will need a bit more discipline there so that their spinners and Johnson can do their thing.

Jerseys of IPL 2024 teams

  • Gujarat Titans have kept the same design pattern for 2024 but have added gold accents to what is an already impressive kit. Photo: Gujarat Titans / X
    Gujarat Titans have kept the same design pattern for 2024 but have added gold accents to what is an already impressive kit. Photo: Gujarat Titans / X
  • The most striking jersey in IPL, and possibly T20 cricket. There is very little else needed once you have that distinct yellow on. Camouflage flaps are Dhoni's touch to the kit. Near perfection. Photo: CSK / Instagram
    The most striking jersey in IPL, and possibly T20 cricket. There is very little else needed once you have that distinct yellow on. Camouflage flaps are Dhoni's touch to the kit. Near perfection. Photo: CSK / Instagram
  • Rajasthan Royals started the IPL with a blue kit but have now gone pink, in line with the famous colours of Jaipur. The kit also has the distinct 'bandhani' pattern that is unique to the region. Photo: Rajasthan Royals / Instagram
    Rajasthan Royals started the IPL with a blue kit but have now gone pink, in line with the famous colours of Jaipur. The kit also has the distinct 'bandhani' pattern that is unique to the region. Photo: Rajasthan Royals / Instagram
  • The Sunrisers franchise have brought the striking colours from the South African T20 league to Hyderabad for the IPL. Photo: SRH / X
    The Sunrisers franchise have brought the striking colours from the South African T20 league to Hyderabad for the IPL. Photo: SRH / X
  • Mumbai have refined their design to have some subtle patterns on the kit. Unique gold highlights on blue jerseys are intrinsic to the Mumbai kit, and many teams have tried to emulate that. Photo: Mumbai Indians
    Mumbai have refined their design to have some subtle patterns on the kit. Unique gold highlights on blue jerseys are intrinsic to the Mumbai kit, and many teams have tried to emulate that. Photo: Mumbai Indians
  • Kolkata have never disappointed with their kits. The purple jersey with gold accents on the sleeve complete a classy look. Photo: KKR / X
    Kolkata have never disappointed with their kits. The purple jersey with gold accents on the sleeve complete a classy look. Photo: KKR / X
  • Royal Challengers have ditched black and gone for dark blue this season. Will it change their luck this time? Photo: RCB / X
    Royal Challengers have ditched black and gone for dark blue this season. Will it change their luck this time? Photo: RCB / X
  • Delhi Capitals' jersey has a unique design element - the map of the state on the torso. The logos go well with the colours. Photo: Delhi Capitals / X
    Delhi Capitals' jersey has a unique design element - the map of the state on the torso. The logos go well with the colours. Photo: Delhi Capitals / X
  • Lucknow Super Giants have stuck to the same design as last season. Another blue kit. Plus the logos make the kit look cluttered. Photo: LSG / Instagram
    Lucknow Super Giants have stuck to the same design as last season. Another blue kit. Plus the logos make the kit look cluttered. Photo: LSG / Instagram
  • Punjab Kings tried to add some character to the jersey, but have gone with blue trousers. Another combination of blue and red? At least there are a few orange flames in there to break the pattern. Photo: Punjab Kings / X
    Punjab Kings tried to add some character to the jersey, but have gone with blue trousers. Another combination of blue and red? At least there are a few orange flames in there to break the pattern. Photo: Punjab Kings / X

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

UAE currency: the story behind the money in your pockets
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Sour%20Grapes
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EZakaria%20Tamer%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESyracuse%20University%20Press%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E176%3C%2Fp%3E%0A
How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

 


 

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 chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

Everton%20Fixtures
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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

While you're here
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Predictions

Predicted winners for final round of games before play-offs:

  • Friday: Delhi v Chennai - Chennai
  • Saturday: Rajasthan v Bangalore - Bangalore
  • Saturday: Hyderabad v Kolkata - Hyderabad
  • Sunday: Delhi v Mumbai - Mumbai
  • Sunday - Chennai v Punjab - Chennai

Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore

Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

MATCH INFO

Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')

Man of the match Son Heung-min (Tottenham)

Mobile phone packages comparison
The%20National%20selections
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West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

HOW DO SIM CARD SCAMS WORK?

Sim swap frauds are a form of identity theft.

They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen 

They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

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 to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

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Updated: April 03, 2024, 10:21 AM