• Real Madrid's Federico Valverde celebrates scoring in their Champions League win over RB Leipzig at the Santiago Bernabeu on Wednesday, September 14, 2022. EPA
    Real Madrid's Federico Valverde celebrates scoring in their Champions League win over RB Leipzig at the Santiago Bernabeu on Wednesday, September 14, 2022. EPA
  • Real Madrid substitute Marco Asensio makes it 2-0 against Leipzig. EPA
    Real Madrid substitute Marco Asensio makes it 2-0 against Leipzig. EPA
  • Real manager Carlo Ancelotti during the match against Leipzig. Getty
    Real manager Carlo Ancelotti during the match against Leipzig. Getty
  • RB Leipzig's Christopher Nkunku fights for the ball with Real defender Aurelien Tchouameni and goalkeeper Thibaut Courtois. EPA
    RB Leipzig's Christopher Nkunku fights for the ball with Real defender Aurelien Tchouameni and goalkeeper Thibaut Courtois. EPA
  • Real Madrid midfielder Federico Valverde scores against Leipzig. AP
    Real Madrid midfielder Federico Valverde scores against Leipzig. AP
  • Real midfielder Eduardo Camavinga and Mohamed Simakan of RB Leipzig battle for possession. EPA
    Real midfielder Eduardo Camavinga and Mohamed Simakan of RB Leipzig battle for possession. EPA
  • Federico Valverde celebrates scoring Real's first goal in their 2-0 win over Leipzig. Reuters
    Federico Valverde celebrates scoring Real's first goal in their 2-0 win over Leipzig. Reuters
  • Real's Luka Modric passes the ball during the Champions League win over Leipzig. EPA
    Real's Luka Modric passes the ball during the Champions League win over Leipzig. EPA
  • Marco Asensio celebrates with teammates after scoring for Real. Getty
    Marco Asensio celebrates with teammates after scoring for Real. Getty
  • Real Madrid midfielder Toni Kroos and Dominik Szoboszlai of RB Leipzig. AFP
    Real Madrid midfielder Toni Kroos and Dominik Szoboszlai of RB Leipzig. AFP

Federico Valverde adds goals to repertoire as Real face Atletico in Madrid derby


Ian Hawkey
  • English
  • Arabic

Before the season began, Real Madrid manager Carlo Ancelotti set his talented young midfielder Federico Valverde a challenge. “If you aren’t capable of scoring 10 goals in a season, I’ll tear up my coaching licence and retire,” the Italian joked to the Uruguayan.

The motivation is evidently working. In this, Valverde’s fifth season in Madrid’s first-team squad, he has already matched his best tally – three goals – for a single campaign, and will go into Sunday’s city derby against Atletico with a pair of spectacular strikes fresh in his memory.

Against Mallorca last weekend, he ran from midway inside his own half, swerved past opponents to their right and their left before unleashing a piledriver to launch a comeback from behind that ended with Real winning 4-1.

On Wednesday, with Madrid struggling to assert themselves against RB Leipzig in the Champions League, he thundered in another left-footer to set the European champions on a path to a 2-0 triumph.

As eye-catching as the goal was the celebration – fists clenched, knees bent, voice roaring. “Nadalesque”, the newspaper El Pais called the gesture, put in mind of Rafa Nadal, the tennis superstar and ardent Madridista.

Ancelotti liked the emphatic expression of joy from the 24-year-old, who, he said, sometimes conceals his broad range of skills. “He’s been scoring with his left foot,” noted Ancelotti of the last two Valverde wonderstrikes, “He’s got a great shot on him, but I’d never seen him shoot with the left.”

So another box is dutifully ticked in the expanding skill set of Valverde, a footballer whose development at Real has been a grand tour of different positions – from full-back to midfield-anchor, to playmaker, to winger, and an exercise in diligent patience.

Mallorca 1 Real Madrid 4: player ratings

  • REAL MADRID RATINGS: Thibaut Courtois 6: The Belgian had to be quick to react to Muriqi’s effort in the first minute, but could do little to stop Muriqi’s header from a tight angle. AFP
    REAL MADRID RATINGS: Thibaut Courtois 6: The Belgian had to be quick to react to Muriqi’s effort in the first minute, but could do little to stop Muriqi’s header from a tight angle. AFP
  • Lucas Vazquez 7: Playing at right-back, Vasquez came incredibly close to putting Madrid in front, with a curling effort going just wide of the post. EPA
    Lucas Vazquez 7: Playing at right-back, Vasquez came incredibly close to putting Madrid in front, with a curling effort going just wide of the post. EPA
  • Antonio Rudiger 7: Enjoyed playing on the front foot thanks to Real’s dominance, and had one shot from distance deflected over the crossbar. A perfectly timed run saw the German fire in from a free-kick to make it four at the death. Getty
    Antonio Rudiger 7: Enjoyed playing on the front foot thanks to Real’s dominance, and had one shot from distance deflected over the crossbar. A perfectly timed run saw the German fire in from a free-kick to make it four at the death. Getty
  • David Alaba 7: Comfortable display from defender and sent one lovely pass to Vinicius in the first half. Booked. EPA
    David Alaba 7: Comfortable display from defender and sent one lovely pass to Vinicius in the first half. Booked. EPA
  • Ferland Mendy 6: The left-back was beaten by Maffeo’s storming run down the wing and he gave away the free-kick which led up to Mallorca’s goal. Booked. AP
    Ferland Mendy 6: The left-back was beaten by Maffeo’s storming run down the wing and he gave away the free-kick which led up to Mallorca’s goal. Booked. AP
  • Toni Kroos 7: Playing slightly deeper in midfield, the German shot wide of Rajkovic’s post with a curling effort on the edge of the box. Later, he shot from a similar position straight at Mallorca’s goalkeeper. EPA
    Toni Kroos 7: Playing slightly deeper in midfield, the German shot wide of Rajkovic’s post with a curling effort on the edge of the box. Later, he shot from a similar position straight at Mallorca’s goalkeeper. EPA
  • Federico Valverde 7: Put Real Madrid back on level terms with a stunning individual effort with run that started in his own half. Reuters
    Federico Valverde 7: Put Real Madrid back on level terms with a stunning individual effort with run that started in his own half. Reuters
  • Dani Ceballos 7: Tried his luck from distance in the early stages to force a save from Rajkovic. Picked up an assist and generally impressed. EPA
    Dani Ceballos 7: Tried his luck from distance in the early stages to force a save from Rajkovic. Picked up an assist and generally impressed. EPA
  • Rodrygo 8: Fired over after an impressive run from the halfway line before shooting straight at Rajkovic inside theb first half hour. The Brazilian later shrugged off Mallorca’s tackles and, once again, produced a stunning solo effort to put the game to bed. Getty
    Rodrygo 8: Fired over after an impressive run from the halfway line before shooting straight at Rajkovic inside theb first half hour. The Brazilian later shrugged off Mallorca’s tackles and, once again, produced a stunning solo effort to put the game to bed. Getty
  • Eden Hazard 5: A first start since January after his goal against Celtic, Hazard struggled to get involved and will be disappointed not to make an impression. Getty
    Eden Hazard 5: A first start since January after his goal against Celtic, Hazard struggled to get involved and will be disappointed not to make an impression. Getty
  • Vinicius Junior 8: Thought he’d found the equaliser with a powerful shot from distance but he could only fire wide of the post. He made up for it when he bagged Madrid’s second. Getty
    Vinicius Junior 8: Thought he’d found the equaliser with a powerful shot from distance but he could only fire wide of the post. He made up for it when he bagged Madrid’s second. Getty
  • SUBS: Luka Modric (On for Hazard 59') 7: Rested for the Champions League, Modric came on for a short stint and wasted no time playing Rodrygo in ahead of Vinicius Junior’s goal. Nacho Fernandez (On for Mendy 59') 6: Moved seamlessly into centre-back, with Alaba moving into left-back. Getty
    SUBS: Luka Modric (On for Hazard 59') 7: Rested for the Champions League, Modric came on for a short stint and wasted no time playing Rodrygo in ahead of Vinicius Junior’s goal. Nacho Fernandez (On for Mendy 59') 6: Moved seamlessly into centre-back, with Alaba moving into left-back. Getty
  • Eduardo Camavinga (On for Ceballos 69') 6: Slotted in well and helped Real Madrid keep pressing forward. Getty
    Eduardo Camavinga (On for Ceballos 69') 6: Slotted in well and helped Real Madrid keep pressing forward. Getty
  • Dani Carvajal (On for Vazquez 71') 6: Another player to be rested but still managed an assist for Rodrygo’s goal. AFP
    Dani Carvajal (On for Vazquez 71') 6: Another player to be rested but still managed an assist for Rodrygo’s goal. AFP
  • MALLORCA RATINGS: Predrag Rajkovic 6: The Serb would have expected to be busy and was equal to Real’s efforts on goal until Valverde found the top corner, leaving him no chance. EPA
    MALLORCA RATINGS: Predrag Rajkovic 6: The Serb would have expected to be busy and was equal to Real’s efforts on goal until Valverde found the top corner, leaving him no chance. EPA
  • Pablo Maffeo 6: Impressive work on the 34-minute mark saw him dispossess a Real shirt before sprinting forward and forced Valverde into conceding free-kick, which would end up with Mallorca scoring. AP
    Pablo Maffeo 6: Impressive work on the 34-minute mark saw him dispossess a Real shirt before sprinting forward and forced Valverde into conceding free-kick, which would end up with Mallorca scoring. AP
  • Martin Valjent 6: Delivered a sublime pass to Muriqi seconds after kick-off to catch Real Madrid’s defence off-guard. AFP
    Martin Valjent 6: Delivered a sublime pass to Muriqi seconds after kick-off to catch Real Madrid’s defence off-guard. AFP
  • Antonio Raillo 5: Booked for an incident with Vinicius Junior in the box which prompted a scuffle between the two. Was a spectator for Rodrygo’s goal. AFP
    Antonio Raillo 5: Booked for an incident with Vinicius Junior in the box which prompted a scuffle between the two. Was a spectator for Rodrygo’s goal. AFP
  • Matija Nastasic 5: Booked on his debut in the first half and was left strung out with Real’s trickery, Rodrygo in particular leaving the former Manchester City player chasing his shadow. Getty
    Matija Nastasic 5: Booked on his debut in the first half and was left strung out with Real’s trickery, Rodrygo in particular leaving the former Manchester City player chasing his shadow. Getty
  • Jaume Costa 5: The experienced left-back was quiet and struggled to make his presence felt on the wing. Getty
    Jaume Costa 5: The experienced left-back was quiet and struggled to make his presence felt on the wing. Getty
  • Inigo Ruiz de Galarreta 6: Busy in midfield to try and limit Madrid’s dominance in possession. He put his fair share of tackles in, and there was perhaps no coincidence that Madrid dominated after his substitution. Getty
    Inigo Ruiz de Galarreta 6: Busy in midfield to try and limit Madrid’s dominance in possession. He put his fair share of tackles in, and there was perhaps no coincidence that Madrid dominated after his substitution. Getty
  • Rodrigo Battaglia 5: Allowed Valverde to run straight past him without much of a challenge for Madrid’s equaliser. Looked leggy chasing the play. Getty
    Rodrigo Battaglia 5: Allowed Valverde to run straight past him without much of a challenge for Madrid’s equaliser. Looked leggy chasing the play. Getty
  • Dani Rodriguez 5: Put his fair share of tackles in but was unable to stop Madrid’s dominance in possession. Getty
    Dani Rodriguez 5: Put his fair share of tackles in but was unable to stop Madrid’s dominance in possession. Getty
  • Kang-in Lee 6: The Korean delivered a spot-on free-kick a tight angle to find Muriqi, who headed Mallorca into the lead. EPA
    Kang-in Lee 6: The Korean delivered a spot-on free-kick a tight angle to find Muriqi, who headed Mallorca into the lead. EPA
  • Vedat Muriqi 7: The Mallorca forward put Courtois into action in the first minute, looping the ball over Rudiger before hitting the ball on the volley at the Belgian. Headed home well to put his team in front. EPA
    Vedat Muriqi 7: The Mallorca forward put Courtois into action in the first minute, looping the ball over Rudiger before hitting the ball on the volley at the Belgian. Headed home well to put his team in front. EPA
  • SUBS: Iddrisu Baba (On for Battaglia 53’) 6: Straight into the action, Baba was quickly putting in challenges and breaking up play. EPA
    SUBS: Iddrisu Baba (On for Battaglia 53’) 6: Straight into the action, Baba was quickly putting in challenges and breaking up play. EPA
  • Clement Genier (One for Ruiz de Galarreta 59’) 5: Backed out of a tackle on Rodrygo, which allowed the Brazilian a free run to assist Vinicius Junior's goal. AP
    Clement Genier (One for Ruiz de Galarreta 59’) 5: Backed out of a tackle on Rodrygo, which allowed the Brazilian a free run to assist Vinicius Junior's goal. AP
  • Antonio Sanchez (On for Rodriguez 59’) 6: Should have done better from six yards when he was fed the ball after good play by Mallorca. Lago Junior (On for Lee 78’) N/A. Abdon Prats (On for Muriqi 78’) N/A. Getty
    Antonio Sanchez (On for Rodriguez 59’) 6: Should have done better from six yards when he was fed the ball after good play by Mallorca. Lago Junior (On for Lee 78’) N/A. Abdon Prats (On for Muriqi 78’) N/A. Getty

When he was signed, as a teenager, from Penarol in 2016, the fabled midfield trio that have shared in four Champions League successes together – Luka Modric, Casemiro and Toni Kroos – were already well established, leaving limited opportunities for understudies.

But last season Valverde became their fourth musketeer. He started all but one of the rollercoaster knockout games that guided Madrid to the last Champions League final. There, he provided the cross for the Vinicius Junior goal that beat Liverpool and delivered the European Cup.

With Casemiro transferred to Manchester United in the summer, a new look midfield is taking shape, Modric and Kroos still in situ, but with Valverde, Aurelien Tchouameni and Eduardo Camavinga adding youthful energy, and, with useful timing, Valverde now adding goals to his repertoire.

Real may have to go into the derby without their chief finisher, Karim Benzema who is recovering from a muscular injury he sustained against Celtic last week.

His lay-off exposes a lack of back-up at centre-forward and is one area in which the wealthiest club in Madrid might look with a little envy at the balance of resources on their neighbours’ roster: for Atletico, Alvaro Morata should lead the line against Real, alongside Joao Felix, with Matheus Cunha and Angel Correa on the bench.

Then there’s Antoine Griezmann, whose absence from Atletico’s starting XIs, and clockwork-regular appearances as a substitute just after the hour of matches are becoming a source of frustration – for his manager Diego Simeone.

Atletico Madrid striker Antoine Griezmann, right, has been reduced to making substitute appearances due to a transfer dispute with Barcelona. EPA
Atletico Madrid striker Antoine Griezmann, right, has been reduced to making substitute appearances due to a transfer dispute with Barcelona. EPA

Griezmann’s minutes on the pitch are being limited by complex contractual issues, with Simeone instructed by his bosses that, ideally, the France World Cup-winning striker should play for fewer than 45 minutes per game.

The reasoning is financial: Atletico believe that the two-year loan agreement that brought Griezmann back to them from Barcelona in September last year states they have to buy him for €40 million if he plays for more than half a game in 50 per cent of the fixtures he is available for.

In 2021/22, Griezmann played more than that, appearing for more than 45 minutes in 81 per cent of his games. But this season, the percentage is reducing because Griezmann only ever comes on with half an hour or less to go.

Barcelona, where Griezmann’s contract expires in 2024, are considering action against Atletico, claiming that the €40m could and should have been triggered after the first season of the loan.

They believe Atletico are now engineering a situation where they can negotiate a lower transfer fee or threaten Barca with no obligatory purchase at all.

As those two clubs quarrel about Griezmann’s level of activity, Real happily watch on. Griezmann scored against them for five successive years in Madrid derbies during his first spell at Atletico. If he is restricted to a seat on the bench and just 30 minutes on the pitch this weekend, Ancelotti will not mind.

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

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

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Sonchiriya

Director: Abhishek Chaubey

Producer: RSVP Movies, Azure Entertainment

Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey

Rating: 3/5

Maestro
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBradley%20Cooper%2C%20Carey%20Mulligan%2C%20Maya%20Hawke%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

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.”

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

Updated: September 16, 2022, 3:50 AM