Borussia Dortmund striker Sebastien Haller left the team's pre-season training camp in Switzerland on Monday after a tumour was found in his testicle.
The Ivory Coast international joined the German club earlier this month as a replacement for Erling Haaland, who has signed for Manchester City.
"In the course of intensive medical examinations, a tumour was finally discovered in the testicles during the course of the day," Dortmund said.
"During the coming days, further examinations will take place in a specialised medical centre," they added.
Dortmund paid Ajax €31 million ($31.5 million) for the 28-year-old after he scored 47 goals in 66 appearances for the Dutch side after joining in 2021 from West Ham United.
His 21 league goals in 31 games saw him finish as top scorer in the 2021/22 Eredivisie as Ajax secured a record-extending 36th title.
Haller also etched his name into Champions League history, scoring in all six group games - Cristiano Ronaldo is the other player to have achieved that feat - and became the fastest player to record 10 goals in the competition.
"This news today came as a shock to Sebastien Haller and to all of us. The entire Borussia Dortmund family wishes Sebastien a full recovery as soon as possible and that we can hug him again soon," Dortmund's sporting director Sebastian Kehl said in a club statement.
"We will do everything in our power to ensure that he receives the best possible treatment," he added.
Dortmund's first game of the new Bundesliga season is against Bayer Leverkusen on August 6, eight days after heading to third-tier 1860 Munich in the first round of the German Cup.
100 notable summer transfers
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Perr Schuurs - Ajax to Torino (£8m). AFP -

Paco Alcacer - Villarreal to Sharjah (loan). Getty Images -

Matheus Nunes - Sporting to Wolves (£38m). AFP -

Tanguy Nianzou - Bayern Munich to Sevilla (£16.9m). AFP -

Alan Virginius - Sochaux to Lille (£3.8m). AFP -

Thilo Kehrer - PSG to West Ham (£10.1m). Getty Images -

Pervis Estupinan - Villarreal to Brighton (£15.1m). Getty Images -

Destiny Udogie - Udinese to Tottenham (£15.1m). Loaned back to Udinese. Reuters -
Sergio Gomez - Anderlecht to Manchester City (£11m). Photo: Manchester City -

Alex Collado - Barcelona to Elche (loan). AFP -

Remo Freuler - Atalanta to Nottingham Forest (£9m). AP -

Marc Bartra - Real Betis to Tranbzonspor (undisclosed fee). Getty Images -

Giovani Lo Celso - Tottenham to Villarreal (loan). Getty Images -

Cheikhou Kouyate - Crystal Palace to Nottingham Forest (free). Getty Images -

Emmanuel Dennis - Watford to Nottingham Forest (£20m). Getty Images -

Nico González - Barcelona to Valencia (loan). AP Photo -

Luca Pellegrini - Juventus to Eintracht Frankfurt (loan). AFP -

Daniel Wass - Atletico Madrid to Brondby (£1.7m). EPA -

Pablo Marí - Arsenal to Monza (loan). AP -

Dries Mertens - Napoli to Galatasaray (free). AFP -

Jordan Veretout - Roma to Marseille (£9.3m). Reuters -

Christian Benteke - Crystal Palace to DC United (undisclosed fee). AFP -

Maxwell Cornet - West Ham United to Burnley (£17.5m). PA -

Georginio Wijnaldum - PSG to Roma (loan). AFP -

Lucas Torreira - Arsenal to Galatasaray (£5m). AFP -

Marc Cucurella - Brighton to Chelsea (£55m). Getty Images -

Ademola Lookman - RB Leipzig to Atalanta (£12.6m). PA via AP -

Renato Sanches - Lille to Paris Saint-Germain (£12.6m). AFP -

Riqui Puig - Barcelona to LA Galaxy (free). AP Photo -

Alex Telles - Manchester United to Sevilla (loan). AFP -

Carney Chukwuemeka - Aston Villa to Chelsea (£20m). Reuters -

Kasper Schmeichel - Leicester City to Nice (£1m). AFP -

Mattia Viti - Empoli to Nice (£10.9m). AFP -

Gabriel Slonina - Chicago Fire to Chelsea (£8.3m). Reuters -

Bernd Leno - Arsenal to Fulham (£3m). AFP -

Charles De Ketelaere - Club Brugge to AC Milan (£26.8m). AFP -

Joe Rodon - Tottenham to Stade Rennais (loan). AFP -

Borja Mayoral - Real Madrid to Getafe (£8.4m). EPA -

Cesc Fabregas - Monaco to Como (free). EPA -

Alexis Beka Beaka - Lokomotiv Moscow to Nice (£11.7m). AFP -

Marcus Tavernier -Middlesbrough to Bournemouth (£10m). Getty Images -

Aaron Ramsey - Juventus to Nice (free). AFP -

Orel Mangala - Stuttgart to Nottingham Forest (£12.7m). AFP -

David Raum - Hoffenheim to RB Leipzig (£21.8m). Getty Images -

Oscar Mingueza - Barcelona to Celta Vigo (£2.5m). Getty Images -

Jules Kounde - Sevilla to Barcelona (£45m). AFP -

Dwight McNeil - Burnley to Everton (£20m). Getty Images -

Arnaud Kalimuendo - PSG to Rennes (£21m). Getty Images -

Filip Kostic - Eintracht Frankfurt to Juventus (£14.4m). EPA -

Salvatore Sirigu - Genoa to Napoli (free). Reuters -

Mikkel Damsgaard - Sampdoria to Brentford (£12.7m). EPA -

Malang Sarr - Chelsea to Monaco (loan). AFP -

Issa Diop - West Ham United to Fulham (£15m). Getty Images -

Alexis Sanchez - Internazionale to Marseille (free). Getty Images -

Timo Werner - Chelsea to RB Leipzig (£18m). AP -

Amadou Onana - Llle to Everton (£33.8m). AFP -

Emirhan Ilkhan - Besiktas to Torino (£3.8m). PA -

Gonçalo Guedes - Valencia to Wolves (£27.5m). AP Photo -

Conor Coady - Wolves to Everton (loan). Getty Images -

Anthony Modeste - Cologne to Borussia Dortmund (£3.8m). EPA -

Angeliño - RB Leipzig to Hoffenheim (loan). Getty Images -

Marcos Senesi - Feyenoord to Bournemouth (£12.6m). AFP -

Isco - Real Madrid to Sevilla (free). EPA -

Raheem Sterling - Manchester City to Chelsea (£50m). Getty Images -

Lisandro Martinez - Ajax to Manchester United (£46m). Getty Images -

Robert Lewandowski - Bayern Munich to Barcelona (£38.3m). AFP -

Hugo Ekitike - Reims to Paris Saint-Germain (loan). AFP -

Thomas Henry - Venezia to Verona (£3.8m). Getty Images -

Takefusa Kubo - Real Madrid to Real Sociedad (£5.2m). Getty Images -

Kalidou Koulibaly - Napoli to Chelsea (£33.8m). EPA -

Chancel Mbemba - Porto to Marseille (free). EPA -

Breel Embolo - Borussa Monchengladbach to Monaco (£10.6m). EPA -

Christian Eriksen - Brentford to Manchester United (free). PA -

Raphinha - Leeds United to Barcelona (£49m). Getty Images -

Federico Bernardeschi - Juventus to Toronto FC (free). Getty Images -

Andrea Cambiaso - Genoa to Juventus (£5.9m). Getty Images -

Arturo Vidal - Inter Milan to Flamengo (free). Getty Images -

Mohamed Bayo - Clermont to Lille (£11.8m). AFP -

Francisco Trincao - Barcelona to Sporting (loan). Getty Images -

Samu Castillejo - AC Milan to Valencia (undisclosed fee). PA -

Lewis Ferguson - Aberdeen to Bologna (£3m). PA -

Keane Lewis-Potter - Hull City to Brentford (£16m). PA -

Alessio Romagnoli - AC Milan to Lazio (free). Getty Images -

Nathan Collins - Burnley to Wolves (£20.5m). PA -

Andriy Yarmolenko - West Ham United to Al Ain (free). AP Photo -

David Ospina - Napoli to Al Nassr (free). Getty Images -

Kristian Thorstvedt - Genk to Sassuolo (£8.4m). Reuters -

Andreas Pereira -Manchester United to Fulham ( £10m). Getty Images -

Gabriel Jesus - Manchester City to Arsenal (£45m). Getty Images -

Steven Bergwijn - Tottenham Hotspur to Ajax (£26.5m). AP Photo -

Andreas Christensen - Chelsea to Barcelona (free). AFP -

Sébastien Haller - Ajax to Borussia Dortmund (£30.8m). AFP -

Flynn Downes - Swansea City to West Ham United (£12m). PA -

Junior Messias - Crotone to AC Milan (£3.8m). Reuters -

Luis Sinisterra - Feyenoord to Leeds United (£21.3m). AFP -

Brais Méndez - Celta Vigo to Real Sociedad (£12.8m). Getty Images -

Moussa Niakhaté - Mainz to Nottingham Forest (£8.7m). Getty Images -

Romeo Lavia - Manchester City to Southmpton (£12m). AP Photo -

Tyler Adams - RB Leipzig to Leeds United (£20m). AP -

Axel Witsel - Borussia Dortmund to Atletico Madrid (free). EPA -

Maya Yoshida - Sampdoria to Schalke (free). AP Photo -

Tyrell Malacia - Feyenoord to Manchester United (£12.9m). AP Photo -

Zeki Celik - Lille to Roma (£6m). AFP -

Ritsu Doan - PSV Eindhoven to Freiburg (£6.5m). AFP -

Divock Origi - Liverpool to AC Milan (free). AFP -

Rolando Mandragora - Torino to Fiorentina (£7m). EPA -

Joao Palhinha - Sporting to Fulham (£17m). Getty Images -

Franck Kessie - AC Milan to Barcelona (free). Getty Images -

Trezeguet - Aston Villa to Trabzonspor (£3.4m). AFP -

Kalvin Phillips - Leeds United to Manchester City (£45m). Reuters -

Giulian Biancone - Troyes to Nottingham Forest (£5m). AFP -

Giuliano Simeone - Atletico Madrid to Real Zaragoza (loan). EPA -

Raoul Bellanova - Cagliari to Inter Milan (loan). Getty Images -

Richarlison - Everton to Tottenham (£50 million). PA -

Fabio Carvalho - Fulham to Liverpool (£5 million). PA -

James Tarkowski Burnley to Everton (free). Getty Images -

Sime Vrsaljko - Atletico Madrid to Olympiakos (free). AP Photo -

Dean Henderson - Manchester United to Nottingham Forest (loan). PA -

Luuk de Jong - Sevilla to PSV Eindhoven (£3.4m). AP Photo -

Henrikh Mkhitaryan - Roma to Inter Milan (free). Reuters -

Cenk Tosun - Everton to Besiktas (free). Reuters -

Andre Onana - Ajax to Inter Milan (free). Getty -

Moussa Sissoko - Watford to Nantes (£2m). AFP -

Corentin Tolisso - Bayern Munich to Lyon (free). AFP -

Vitinha - Porto to Paris Saint-Germain (£34m). AFP -

Romelu Lukaku - Chelsea to Inter Milan (loan). PA -

Lorenzo Insigne - Napoli to Toronto FC (free). AP -

Sven Botman - Lille to Newcastle United (£31.9m). AFP -

Takumi Minamino - Liverpool to Monaco (£15.5m). Getty Images -

Alphonse Areola - Paris Saint-Germain to West Ham United (£7.8m). AFP -

Lucas Leiva - Lazio to Gremo (free). Getty Images -

Joselu - Alaves to Espanyol (free). Getty Images -

Matt Turner - New England Revolution to Arsenal (£4.7m). Reuters -

Fernandinho - Manchester City to Athletico Paranaense (free). PA -

Bartol Franjic - Dinamo Zagreb to Wolfsburg (£6.9m). Getty Images -

Wahbi Khazri - Saint-Etienne to Montpellier (free). AFP -

Tobias Figueiredo - Hull City to Nottingham Forest (free). PA -

Pietro Pellegri - Monaco to Tornio (£3.9m). Getty Images -

Erling Haaland - Borussia Dortmund to Manchester City. Getty Images -

Malcolm Ebiowei - Derby County to Crystal Palace (undisclosed). PA -

Taiwo Awoniyi - Union Berlin to Nottingham Forest (£17m). Getty Images -

Gareth Bale - Real Madrid to Los Angeles FC (free). PA -

Lucas Alario - Bayer Leverkusen to Eintracht Frankfurt (£5.6m). PA -

Sadio Mane - Liverpool to Bayern Munich (£28m). Getty Images -

Armindo Sieb - Bayern Munich to Greuther Fürth (undisclosed fee). Getty Images -

Nick Pope - Burnley to Newcastle (£10m). PA -

Ki-Jana Hoever - Wolves to PSV Eindhoven (loan). PA -

Ryan Fredericks - West Ham United to Bournemouth (free). Getty Images -

Mario Götze - PSV Eindhoven to Eintracht Frankfurt (£3.4m). Getty Images -

Fabio Vieira - Porto to Arsenal (£30m). EPA -

Antonio Rudiger - Chelsea to Real Madrid (free). PA -

Merih Demiral - Juventus to Atalanta (£17.2m). AFP -

Giovanni Simeone - Cagliari to Hellas Verona (£10.3m). AP -

Marc Roca - Bayern Munich to Leeds United (£10m). PA -

Yves Bissouma - Brighton to Tottenham (£25m). PA -

Gavin Bazunu - Manchester City to Southampton (£12m). PA -

Darwin Nunez - Benfica to Liverpool (£64.3m). PA -

Aurelien Tchouameni - Monaco to Real Madrid (£85.3m). AFP -

Nemanja Matic - Manchester United to Roma (free). EPA -

Ryan Gravenberch - Ajax to Bayern Munich (£20m). EPA -

Giorgio Chiellini - Juventus to Los Angeles FC (released). Getty Images -

Cameron Carter-Vickers - Tottenham to Celtic (£6m). AFP -

Alexandre Lacazette - Arsenal to Lyon (free transfer). AFP
COMPANY PROFILE
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
While you're here
Ed Husain: The far left is trying to hijack Muslim minds in the West
Sulaiman Hakemy: Why it is very important to lose elections
Rashmee Roshan Lall: US race relations in three words
The%20specs%3A%202024%20Mercedes%20E200
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)
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.
While you're here
Nasser bin Nasser: Is US-China conflict in West Asia inevitable?
Sholto Byrnes: Time for an uninhibited China to lead Asia
Damien McElroy: BRI has changed the rules of the game
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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
While you're here...
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.”
SPECS
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
RIDE%20ON
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
While you're here
Shaikha Salem Al Dhaheri: 'I want my sons' generation to learn what my father taught me'
Nick Wesbter: What is aflaj – the ancient desert irrigation system used in Al Ain?
Anna Zacharias: Al Ain Palace Museum hosts classes in lost Emirati arts
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Company%20Profile
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor
If%20you%20go
Long read
Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Quick%20facts
The specs
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.


