Cristiano Ronaldo of Al Nassr during a recent pre-season friendly match against Paris Saint-Germain. Getty Images
Cristiano Ronaldo of Al Nassr during a recent pre-season friendly match against Paris Saint-Germain. Getty Images
Cristiano Ronaldo of Al Nassr during a recent pre-season friendly match against Paris Saint-Germain. Getty Images
Cristiano Ronaldo of Al Nassr during a recent pre-season friendly match against Paris Saint-Germain. Getty Images

When is the King Salman Cup in Saudi Arabia being contested and who will play in it?


John McAuley
  • English
  • Arabic

The 2023 King Salman Club Cup kicks off in Saudi Arabia this week, pitting some of the Arab region’s leading clubs against one another. Here are the details.

What is it?

Known more widely as the Arab Club Champions Cup, the football tournament was founded in 1981 and is organised under the auspices of the Union of Arab Football Associations. Beginning with 37 teams, it has been whittled down to 16, who contest the group stage in Saudi Arabia across the next few weeks. The tournament, in its 30th edition and named this year the King Salman Club Cup given its hosts, is being held for the first time since 2020.

Where is it?

Taif, Abha and Al Bahah to the south-west of the kingdom host the matches. The cities are situated in the mountains, which allows for matches to be played in cooler temperatures during the height of summer. The three venues used for games are the Prince Sultan bin Abdulaziz Stadium (Abha), King Saud Sport City Stadium (Al Bahah) and King Fahd Stadium (Taif).

When is it?

July 27-August 12. The group stage is played across three matchdays from July 27-August 3, while the quarter-finals run August 5-6, the semi-finals August 9, and the final three days later.

Which teams are competing?

Ten teams entered the group stage directly:

Al Hilal (Saudi Arabia)

Al Nassr (Saudi Arabia)

Al Ittihad (Saudi Arabia)

Zamalek (Egypt)

Raja Casablanca (Morocco)

Wydad Casablanca (Morocco)

Al Saad (Qatar)

Esperance de Tunis (Tunisia)

CR Belouizdad (Algeria)

Al Shorta (Iraq)

The remaining six teams who advanced from the qualifying round:

Al Shabab (Saudi Arabia)

Al Wahda (UAE)

Kuwait SC (Kuwait)

Club Sportif Sfaxien (Tunisia)

USM (Tunisia)

Al Ahli Tripoli (Libya)

  • Cristiano Ronaldo (Al Nassr): The transfer that started it all. The Portuguese superstar moved to the Saudi Pro League in January after his acrimonious exit from Manchester United. Ronaldo scored 14 goals in his first 16 Saudi Pro League games. AFP
    Cristiano Ronaldo (Al Nassr): The transfer that started it all. The Portuguese superstar moved to the Saudi Pro League in January after his acrimonious exit from Manchester United. Ronaldo scored 14 goals in his first 16 Saudi Pro League games. AFP
  • Karim Benzema (Al Ittihad): The first statement signing of the summer transfer window, Ballon d'Or holder Benzema joined the Saudi champions after agreeing an exit from Real Madrid. The French striker was welcomed with a fittingly grand ceremony. Reuters
    Karim Benzema (Al Ittihad): The first statement signing of the summer transfer window, Ballon d'Or holder Benzema joined the Saudi champions after agreeing an exit from Real Madrid. The French striker was welcomed with a fittingly grand ceremony. Reuters
  • N'Golo Kante (Al Ittihad): The French midfielder soon followed Benzema to Ittihad once his Chelsea contract expired. Kante, a two-time Premier League winner and World Cup champion, adds further glamour to the Saudi Pro League. AFP
    N'Golo Kante (Al Ittihad): The French midfielder soon followed Benzema to Ittihad once his Chelsea contract expired. Kante, a two-time Premier League winner and World Cup champion, adds further glamour to the Saudi Pro League. AFP
  • Ruben Neves (Al Hilal): By far the most expensive player in Saudi Pro League history. While Ronaldo and Benzema are the bigger global names, both arrived on free transfers. Portuguese midfielder Neves shattered the transfer record by moving to Hilal from Wolves for £47 million. AP
    Ruben Neves (Al Hilal): By far the most expensive player in Saudi Pro League history. While Ronaldo and Benzema are the bigger global names, both arrived on free transfers. Portuguese midfielder Neves shattered the transfer record by moving to Hilal from Wolves for £47 million. AP
  • Kalidou Koulibaly (Al Hilal): After completing the record-breaking move for Neves, Hilal turned their attention to Koulibaly, recruiting the Senegalese centre-back for £20m. Despite a difficult season at Chelsea, Koulibaly has been one of the standout defenders of his generation. AFP
    Kalidou Koulibaly (Al Hilal): After completing the record-breaking move for Neves, Hilal turned their attention to Koulibaly, recruiting the Senegalese centre-back for £20m. Despite a difficult season at Chelsea, Koulibaly has been one of the standout defenders of his generation. AFP
  • Edouard Mendy (Al Ahli): Before his long-term shoulder injury, Mendy was one of the best goalkeepers in the world, winning the Champions League with Chelsea and Africa Cup of Nations with Senegal. His £16m move to Ahli can help revive his career. AFP
    Edouard Mendy (Al Ahli): Before his long-term shoulder injury, Mendy was one of the best goalkeepers in the world, winning the Champions League with Chelsea and Africa Cup of Nations with Senegal. His £16m move to Ahli can help revive his career. AFP
  • Jota (Al Ittihad): The Saudi champions are making major moves this summer, and the £25m acquisition of Portuguese winger Jota boosts an attack led by Benzema. PA
    Jota (Al Ittihad): The Saudi champions are making major moves this summer, and the £25m acquisition of Portuguese winger Jota boosts an attack led by Benzema. PA
  • Marcelo Brozovic (Al Nassr): Arriving to provide support to Ronaldo at Nassr, Croatian midfielder Brozovic joined the Saudi club for £15m after another impressive season for Champions League finalists Inter Milan. AFP
    Marcelo Brozovic (Al Nassr): Arriving to provide support to Ronaldo at Nassr, Croatian midfielder Brozovic joined the Saudi club for £15m after another impressive season for Champions League finalists Inter Milan. AFP
  • Steven Gerrard (Al Ettifaq): Major arrivals are not only happening on the pitch but in the dugout. Former Rangers and Aston Villa manager Gerrard was appointed by Ettifaq and will aim to revive his career in Saudi. AFP
    Steven Gerrard (Al Ettifaq): Major arrivals are not only happening on the pitch but in the dugout. Former Rangers and Aston Villa manager Gerrard was appointed by Ettifaq and will aim to revive his career in Saudi. AFP
  • Roberto Firmino (Al Ahli): The former Liverpool forward left Anfield after eight successful seasons to lead the attack at Ahli. @ALAHLI_FC / Twitter
    Roberto Firmino (Al Ahli): The former Liverpool forward left Anfield after eight successful seasons to lead the attack at Ahli. @ALAHLI_FC / Twitter
  • Sergej Milinkovic-Savic (Al Hilal): Arguably the most eye-catching deal of the summer. The 28-year-old Serbia midfielder has frequently been linked with Europe's biggest clubs but has opted to join Hilal in a €40m deal. His midfield partnership with Ruben Neves would be the envy of many European teams. Reuters
    Sergej Milinkovic-Savic (Al Hilal): Arguably the most eye-catching deal of the summer. The 28-year-old Serbia midfielder has frequently been linked with Europe's biggest clubs but has opted to join Hilal in a €40m deal. His midfield partnership with Ruben Neves would be the envy of many European teams. Reuters
  • Jordan Henderson (Al Ettifaq): The former Liverpool captain is expected to wear the armband following his move from the Premier League giants. The midfielder departed Anfield after 12 years, seven major trophies and 492 appearances. Reuters
    Jordan Henderson (Al Ettifaq): The former Liverpool captain is expected to wear the armband following his move from the Premier League giants. The midfielder departed Anfield after 12 years, seven major trophies and 492 appearances. Reuters
  • Alex Telles (Al Nassr): The Brazilian defender linked up with former Manchester United teammate Cristiano Ronaldo at Al Nassr this summer. Telles spent the 2022/23 season on loan at Sevilla, helping the Spanish club win the Europa League. He joined Nassr for a reported fee of £4 million. Getty
    Alex Telles (Al Nassr): The Brazilian defender linked up with former Manchester United teammate Cristiano Ronaldo at Al Nassr this summer. Telles spent the 2022/23 season on loan at Sevilla, helping the Spanish club win the Europa League. He joined Nassr for a reported fee of £4 million. Getty
  • Riyad Mahrez (Al Ahli) - Algerian winger Mahrez left Manchester City after five years at the Etihad Stadium in which he won 11 major trophies. In all, he made 236 appearances, scoring 78 goals. Reuters
    Riyad Mahrez (Al Ahli) - Algerian winger Mahrez left Manchester City after five years at the Etihad Stadium in which he won 11 major trophies. In all, he made 236 appearances, scoring 78 goals. Reuters
  • Allan Saint-Maximin (Al Ahli): The French winger signed for Jeddah giants Al Ahli on a three-year contract after confirming his departure from Newcastle. During his four years on Tyneside, Saint-Maximin scored 13 goals in 124 appearances. AFP
    Allan Saint-Maximin (Al Ahli): The French winger signed for Jeddah giants Al Ahli on a three-year contract after confirming his departure from Newcastle. During his four years on Tyneside, Saint-Maximin scored 13 goals in 124 appearances. AFP
  • Fabinho (Al Ittihad): An integral part of a Liverpool squad that won the Champions League and Premier League in successive seasons following his move from Monaco in 2019. Capped 29 times for his country, the Brazilian midfielder joined the Saudi Pro League champions on a three-year contract. AP
    Fabinho (Al Ittihad): An integral part of a Liverpool squad that won the Champions League and Premier League in successive seasons following his move from Monaco in 2019. Capped 29 times for his country, the Brazilian midfielder joined the Saudi Pro League champions on a three-year contract. AP
  • Sadio Mane (Al Nassr): After six highly successful years at Liverpool, in which he won the Premier League and Uefa Champions League titles, Mane endured a frustrating season at Bayern Munich, though he contributed to their title success. The Senegalese, 31, will be part of a fearsome attacking line up alongside Cristiano Ronaldo at Nassr. Getty
    Sadio Mane (Al Nassr): After six highly successful years at Liverpool, in which he won the Premier League and Uefa Champions League titles, Mane endured a frustrating season at Bayern Munich, though he contributed to their title success. The Senegalese, 31, will be part of a fearsome attacking line up alongside Cristiano Ronaldo at Nassr. Getty
  • Malcom (Al Hilal): Not content with breaking the Saudi Pro League transfer record once, Al Hilal did so twice this summer and made Brazilian winger Malcom the most expensive player in Saudi football history. AFP
    Malcom (Al Hilal): Not content with breaking the Saudi Pro League transfer record once, Al Hilal did so twice this summer and made Brazilian winger Malcom the most expensive player in Saudi football history. AFP
  • Seko Fofana (Al Nassr): A player in demand this summer after a superb season to help Lens run PSG close in Ligue 1, the Ivory Coast midfielder opted to link up with Ronaldo at Al Nassr over moves elsewhere in Europe. AC Milan had been strongly linked. AFP
    Seko Fofana (Al Nassr): A player in demand this summer after a superb season to help Lens run PSG close in Ligue 1, the Ivory Coast midfielder opted to link up with Ronaldo at Al Nassr over moves elsewhere in Europe. AC Milan had been strongly linked. AFP
  • Franck Kessie (Al Ahli): The Ivory Coast midfielder's time at Barcelona may not have worked out but he remains a top-level operator and adds more quality and star power to Al Ahli. Getty
    Franck Kessie (Al Ahli): The Ivory Coast midfielder's time at Barcelona may not have worked out but he remains a top-level operator and adds more quality and star power to Al Ahli. Getty
  • Moussa Dembele (Al Ettifaq): A shrewd free transfer by Gerrard's Al Ettifaq, the French striker has moved to the Saudi Pro League side on a four-year deal and should provide the goals. AFP
    Moussa Dembele (Al Ettifaq): A shrewd free transfer by Gerrard's Al Ettifaq, the French striker has moved to the Saudi Pro League side on a four-year deal and should provide the goals. AFP
  • Neymar (Al Hilal). The Brazilian completed his move from PSG and is one of the biggest stars in the ever-expanding Saudi Pro League. He was unveiled in front of thousands of fans in Riyadh on Saturday. Getty
    Neymar (Al Hilal). The Brazilian completed his move from PSG and is one of the biggest stars in the ever-expanding Saudi Pro League. He was unveiled in front of thousands of fans in Riyadh on Saturday. Getty
  • Yannick Carrasco (Al Shabab). After 265 appearances across two spells at Atletico Madrid, the Belgian winger joined the Riyadh club for a reported fee of €15 million. Carrasco also spent two years in the Chinese Super League. EPA
    Yannick Carrasco (Al Shabab). After 265 appearances across two spells at Atletico Madrid, the Belgian winger joined the Riyadh club for a reported fee of €15 million. Carrasco also spent two years in the Chinese Super League. EPA
  • Georginio Wijnaldum (Al Ettifaq): The Dutch midfielder enhanced the Liverpool connection at Ettifaq, joining former teammate Jordan Henderson at the Damman club coached by Reds legend Steven Gerrard. Wijnaldum, 32, has signed a three-year contract. Reuters
    Georginio Wijnaldum (Al Ettifaq): The Dutch midfielder enhanced the Liverpool connection at Ettifaq, joining former teammate Jordan Henderson at the Damman club coached by Reds legend Steven Gerrard. Wijnaldum, 32, has signed a three-year contract. Reuters
  • Gabri Veiga (Al Ahli): Widely regarded as one of the best midfield prospects in Spain, 21-year-old Veiga signed for Ahli on a three-year deal from Celta Vigo despite interest from Liverpool and Napoli. Veiga said he opted for the Saudi Pro League to "grow the game" in the kingdom. EPA
    Gabri Veiga (Al Ahli): Widely regarded as one of the best midfield prospects in Spain, 21-year-old Veiga signed for Ahli on a three-year deal from Celta Vigo despite interest from Liverpool and Napoli. Veiga said he opted for the Saudi Pro League to "grow the game" in the kingdom. EPA
  • Aymeric Laporte (Al Nassr): A vital part of Manchester City's squad that clinched a treble of league, cup and Uefa Champions League in 2023, the Spaniard switched to Nassr over the summer to link up with Cristiano Ronaldo and Co. A fee of £23.6 million makes the 29-year-old the league's most expensive defender. Getty Images
    Aymeric Laporte (Al Nassr): A vital part of Manchester City's squad that clinched a treble of league, cup and Uefa Champions League in 2023, the Spaniard switched to Nassr over the summer to link up with Cristiano Ronaldo and Co. A fee of £23.6 million makes the 29-year-old the league's most expensive defender. Getty Images
  • Otavio (Al Nassr): The Portugal midfielder scored 31 goals in 283 games in all competitions for Porto after joining the team in 2014. He linked up with Riyadh-based club after Porto accepted a bid of around $65 million. AFP
    Otavio (Al Nassr): The Portugal midfielder scored 31 goals in 283 games in all competitions for Porto after joining the team in 2014. He linked up with Riyadh-based club after Porto accepted a bid of around $65 million. AFP
  • Merih Demiral: (Al Ahli): The imposing Turkey centre-back boasts Sporting of Lisbon and Juventus among his previous clubs and stood out in Serie A across two seasons at Atalanta. The 25-year-old joined Ahli on a three-year contract. Getty
    Merih Demiral: (Al Ahli): The imposing Turkey centre-back boasts Sporting of Lisbon and Juventus among his previous clubs and stood out in Serie A across two seasons at Atalanta. The 25-year-old joined Ahli on a three-year contract. Getty

The groups

Group A

Esperance de Tunis, Al Ittihad, Club Sportif Sfaxien, Al Shorta

Group B

Al Saad, Wydad Casablanca, Al Ahli Tripoli, Al Hilal

Group C

Zamalek, USM, Al Nassr, Al Shabab

Group D

CR Belouizdad, Raja Casablanca, Kuwait SC, Al Wahda

*The winners and runners-up of each group progress to the quarter-finals.

Past champions

Esperance de Tunis are tied for the record for the most titles with three (1993, 2009, 2017) alongside Iraq’s Al Rasheed, who tasted success in successive years from 1985-1987. Al Hilal, Al Shabab, fellow Saudis Al Ettifaq, Club Sportif Sfaxien, Raja Casablanca and Algeria’s ES Setif have all secured the trophy twice, with Raja the tournament’s defending champions following their 2020 victory. Eleven clubs have a solitary victory, including Jeddah’s Al Ahli and Egyptian powerhouses Zamalek and Al Ahly. North Africa has dominated the tournament more recently, with teams from either Tunisia, Algeria or Morocco crowned champions in the past seven tournaments. Ittihad were the most recent Asian club to prosper, winning the title in 2005.

How to watch in the UAE

The action will be broadcast on AD Sports and Dubai Sports TV channels, while matches will be available online through the streaming platform Shahid.

The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
THE BIO

Occupation: Specialised chief medical laboratory technologist

Age: 78

Favourite destination: Always Al Ain “Dar Al Zain”

Hobbies: his work  - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”

Other hobbies: football

Favorite football club: Al Ain Sports Club

 

UAE currency: the story behind the money in your pockets
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi

6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle

6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi

Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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
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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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

COMPANY%20PROFILE
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THE SPECS

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed dual clutch

Power: 710bhp

Torque: 770Nm

Speed: 0-100km/h 2.9 seconds

Top Speed: 340km/h

Price: Dh1,000,885

On sale: now

 

 

SCORES IN BRIEF

Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

COMPANY%20PROFILE
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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

What is Diwali?

The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.

According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.

In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

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UAE%20FIXTURES
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Match info:

Wolves 1
Boly (57')

Manchester City 1
Laporte (69')

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

Company%20profile
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THURSDAY'S FIXTURES

4pm Maratha Arabians v Northern Warriors

6.15pm Deccan Gladiators v Pune Devils

8.30pm Delhi Bulls v Bangla Tigers

Updated: July 26, 2023, 5:21 AM