• Mesut Ozil with other Arsenal substitutes during the Premier League match at Southampton on June 25, 2020. Getty
    Mesut Ozil with other Arsenal substitutes during the Premier League match at Southampton on June 25, 2020. Getty
  • Mesut Ozil is challenged by West Ham's Angelo Ogbonna during the Premier League match at the Emirates Stadium on March 7, 2020, his last appearance. AFP
    Mesut Ozil is challenged by West Ham's Angelo Ogbonna during the Premier League match at the Emirates Stadium on March 7, 2020, his last appearance. AFP
  • Arsenal midfielder Mesut Ozil being chased by Leeds United's Kalvin Phillips during the FA Cup third round match at the Emirates Stadium on January 6, 2020. AFP
    Arsenal midfielder Mesut Ozil being chased by Leeds United's Kalvin Phillips during the FA Cup third round match at the Emirates Stadium on January 6, 2020. AFP
  • Arsenal's Mesut Ozil after his team went 1-0 down in the Premier League match at home to Manchester City on December 15, 2019. AFP
    Arsenal's Mesut Ozil after his team went 1-0 down in the Premier League match at home to Manchester City on December 15, 2019. AFP
  • Arsenal's Mesut Ozil during the Premier League match at home to Southampton on November 23, 2019. AFP
    Arsenal's Mesut Ozil during the Premier League match at home to Southampton on November 23, 2019. AFP
  • Arsenal's Mesut Ozil skips past Southampton midfielder James Ward-Prowse. AFP
    Arsenal's Mesut Ozil skips past Southampton midfielder James Ward-Prowse. AFP
  • Arsenal's Mesut Ozil is closed down by Manchester United midfielder Nemanja Matic during the Premier League match at home to Manchester United on January 1, 2020. AFP
    Arsenal's Mesut Ozil is closed down by Manchester United midfielder Nemanja Matic during the Premier League match at home to Manchester United on January 1, 2020. AFP
  • Manchester United's Aaron Wan-Bissaka and Mesut Ozil. AFP
    Manchester United's Aaron Wan-Bissaka and Mesut Ozil. AFP
  • Manchester United striker Anthony Martial under pressure from Mesut Ozil. AFP
    Manchester United striker Anthony Martial under pressure from Mesut Ozil. AFP

Mesut Ozil's message to Arsenal: I don’t want to leave, so that’s it


  • English
  • Arabic

Arsenal's out of favour midfielder Mesut Ozil has said that he will leave on his own terms and plans to remain at the club until the end of his contract in 2021.

Ozil has not played a single minute since the Premier League resumed from its coronavirus-enforced pause in June with reports suggesting the Gunners want to pay-off the remaining year of his £350,000 (Dh1.7 million) per week deal

Manager Mikel Arteta insists the former Real Madrid player had been left out for "pure football reasons", although Ozil has been criticised for refusing to take a 12.5 per cent pay cut to help with the financial impact of the pandemic.

The 31-year-old had already lost his place in the team under previous manager Unai Emery but was back in the team when Freddie Ljungberg took over on an interim basis.

He has found himself ostracised again under Arteta and with seemingly little prospect of forcing his way back into the team.

"My position is clear," Ozil, who joined Arsenal in a £42.4m deal from Real Madrid in 2013, said in an interview with The Athletic.

“I’m here through to the last day of our agreement and I’ll give everything I have for this club. Situations like these will never break me, they only make me stronger.

"I showed in the past that I can come back into the team and I will show it again.

“I didn’t sign for two or three years, I signed for four and that should be respected by everyone.

"I love Arsenal, I love to work there, I love the people in the club – the real people, those I’ve been with for a long time – and I love London, it’s my home."

Ozil admitted that his decision to refuse a pay cut may have played his part in why he has again found himself sitting on the sidelines on matchdays.

_________________

Arsenal's 2019/20 season ratings

  • ARSENAL 2019/20 RATINGS: MANAGERS: Unai Emery – 3. After 18 months, the Spaniard was sacked at the end of November following a run of seven games without victory and with Arsenal eight points off the top four. His appointment brought optimism following the gradual decline under Arsene Wenger but Emery ultimately proved an ill fit. Reuters
    ARSENAL 2019/20 RATINGS: MANAGERS: Unai Emery – 3. After 18 months, the Spaniard was sacked at the end of November following a run of seven games without victory and with Arsenal eight points off the top four. His appointment brought optimism following the gradual decline under Arsene Wenger but Emery ultimately proved an ill fit. Reuters
  • Mikel Arteta – 8. Despite finishing 10 points off the Premier League top four, Arsenal now appear to be trending in the right direction under the former captain’s guidance. Then, of course, there’s the FA Cup win. A trophy in your first season as a manager is fine going. EPA
    Mikel Arteta – 8. Despite finishing 10 points off the Premier League top four, Arsenal now appear to be trending in the right direction under the former captain’s guidance. Then, of course, there’s the FA Cup win. A trophy in your first season as a manager is fine going. EPA
  • GOALKEEPERS: Bernd Leno – 6. Only eight clean sheets in 30 Premier League appearances, although much of that can be attributed to the defence in front of him. Prior to his season-ending injury, had a decent season and is assured of his place when fit. Reuters
    GOALKEEPERS: Bernd Leno – 6. Only eight clean sheets in 30 Premier League appearances, although much of that can be attributed to the defence in front of him. Prior to his season-ending injury, had a decent season and is assured of his place when fit. Reuters
  • Emiliano Martínez – 7. Has done well since stepping in for Leno in the league and has had the gloves throughout Arsenal’s march to the FA Cup. A reliable No 2. AP
    Emiliano Martínez – 7. Has done well since stepping in for Leno in the league and has had the gloves throughout Arsenal’s march to the FA Cup. A reliable No 2. AP
  • DEFENDERS: Sokratis – 4. The Greek veteran has barely featured since Arteta arrived and contributed to the regular defensive shambles under Emery. Unlikely to be an Arsenal player next season. Reuters
    DEFENDERS: Sokratis – 4. The Greek veteran has barely featured since Arteta arrived and contributed to the regular defensive shambles under Emery. Unlikely to be an Arsenal player next season. Reuters
  • Calum Chambers – 7. Desperately unlucky season for Chambers, who returned after a Player of the Season loan spell at relegated Fulham. Arguably Arsenal’s standout defender before injury struck at the start of the year. Shutterstock
    Calum Chambers – 7. Desperately unlucky season for Chambers, who returned after a Player of the Season loan spell at relegated Fulham. Arguably Arsenal’s standout defender before injury struck at the start of the year. Shutterstock
  • Shkodran Mustafi – 5. After being largely ignored by Emery, the German has had some game time under Arteta and has actually put in a few decent performances. Still an accident waiting to happen, though. Reuters
    Shkodran Mustafi – 5. After being largely ignored by Emery, the German has had some game time under Arteta and has actually put in a few decent performances. Still an accident waiting to happen, though. Reuters
  • David Luiz – 6. Almost a typical Luiz campaign, ranging from world class to schoolboy. Problem is, it’s been more of the latter this season. Put in a good performance in the FA Cup final. PA
    David Luiz – 6. Almost a typical Luiz campaign, ranging from world class to schoolboy. Problem is, it’s been more of the latter this season. Put in a good performance in the FA Cup final. PA
  • Rob Holding – 6. Enjoyed a late run in the first team and played 90 minutes of the FA Cup final. Will hope he has done enough to convince Arteta of his worth ahead of next season. PA
    Rob Holding – 6. Enjoyed a late run in the first team and played 90 minutes of the FA Cup final. Will hope he has done enough to convince Arteta of his worth ahead of next season. PA
  • Pablo Mari – 4. Has made just three appearances in all competitions, since joining on loan in January, due to an ankle injury. Apparently, that’s enough to earn a permanent move. Go figure. Reuters
    Pablo Mari – 4. Has made just three appearances in all competitions, since joining on loan in January, due to an ankle injury. Apparently, that’s enough to earn a permanent move. Go figure. Reuters
  • Kieran Tierney – 8. The Scottish full-back had rotten luck with injuries this season, but the difference he makes when he plays is clear. A quality operator down the left flank, the early signs are promising. AP Photo
    Kieran Tierney – 8. The Scottish full-back had rotten luck with injuries this season, but the difference he makes when he plays is clear. A quality operator down the left flank, the early signs are promising. AP Photo
  • Sead Kolasinac – 6. For a player with cult status, it was a mediocre season for the Bosnian. Gets an extra point for squaring up to armed carjackers last summer. Getty Images
    Sead Kolasinac – 6. For a player with cult status, it was a mediocre season for the Bosnian. Gets an extra point for squaring up to armed carjackers last summer. Getty Images
  • Hector Bellerin – 7. Another Arsenal defender to endure an injury-hit campaign, but after the Spaniard returned to the team, the Gunners looked stronger. His brilliant run started the move that led to the FA Cup final winner. PA
    Hector Bellerin – 7. Another Arsenal defender to endure an injury-hit campaign, but after the Spaniard returned to the team, the Gunners looked stronger. His brilliant run started the move that led to the FA Cup final winner. PA
  • Ainsley Maitland-Niles – 7. Adapted well to being played out of position, covering for the injured Bellerin at right-back. Was a constant threat in the FA Cup final when moved to left wing-back (another unfamiliar position). His versatility proved very useful but will want more game time in midfield next season. EPA
    Ainsley Maitland-Niles – 7. Adapted well to being played out of position, covering for the injured Bellerin at right-back. Was a constant threat in the FA Cup final when moved to left wing-back (another unfamiliar position). His versatility proved very useful but will want more game time in midfield next season. EPA
  • Cedric Soares – 4. Like fellow January loanee Mari, injury has limited the full-back’s game-time. Also like Mari, has earned a permanent contract. PA
    Cedric Soares – 4. Like fellow January loanee Mari, injury has limited the full-back’s game-time. Also like Mari, has earned a permanent contract. PA
  • MIDFIELDERS: Lucas Torreira – 6. One of Arsenal’s best players in his debut season last year. Has experienced a more subdued season this time round having lost his place in central midfield to Dani Ceballos. Reuters
    MIDFIELDERS: Lucas Torreira – 6. One of Arsenal’s best players in his debut season last year. Has experienced a more subdued season this time round having lost his place in central midfield to Dani Ceballos. Reuters
  • Granit Xhaka – 7. It was an eventful season for the Swiss midfielder. He looked destined for the exit after the episode with the fans during the Crystal Palace game and was stripped of the captaincy. Bounced back well to prove his worth to Arsenal. EPA
    Granit Xhaka – 7. It was an eventful season for the Swiss midfielder. He looked destined for the exit after the episode with the fans during the Crystal Palace game and was stripped of the captaincy. Bounced back well to prove his worth to Arsenal. EPA
  • Matteo Guendouzi – 5. Billed as the player Arsenal would build their next team around, instead the French midfielder looks set for the exit after being frozen out by Arteta following his behaviour against Brighton. Reuters
    Matteo Guendouzi – 5. Billed as the player Arsenal would build their next team around, instead the French midfielder looks set for the exit after being frozen out by Arteta following his behaviour against Brighton. Reuters
  • Dani Ceballos – 8. It took some adjustment and there was the injury that sidelined him for 11 games, but the Spaniard emerged as Arsenal’s best midfielder. A player of genuine quality, Arteta should do all he can to tie down the Real Madrid player for another season. EPA
    Dani Ceballos – 8. It took some adjustment and there was the injury that sidelined him for 11 games, but the Spaniard emerged as Arsenal’s best midfielder. A player of genuine quality, Arteta should do all he can to tie down the Real Madrid player for another season. EPA
  • Joe Willock – 6. A mainstay in Arsenal’s Europa League campaign, the 20-year-old midfielder was mainly used off the bench in the Premier League. Looks a bright prospect. PA
    Joe Willock – 6. A mainstay in Arsenal’s Europa League campaign, the 20-year-old midfielder was mainly used off the bench in the Premier League. Looks a bright prospect. PA
  • Mesut Ozil – 2. One goal, three assists, 22 starts in all competitions, involved in just five Premier League wins. Has not kicked a ball since the restart. These are hardly the stats befitting of the club’s highest-paid player. Arsenal’s evolution under Arteta has left Ozil behind, so where do club and player go from here? PA
    Mesut Ozil – 2. One goal, three assists, 22 starts in all competitions, involved in just five Premier League wins. Has not kicked a ball since the restart. These are hardly the stats befitting of the club’s highest-paid player. Arsenal’s evolution under Arteta has left Ozil behind, so where do club and player go from here? PA
  • FORWARDS: Gabriel Martinelli – 8. Arsenal’s breakthrough player of the season, the 19-year-old Brazilian scored 10 goals in 26 appearances across all competitions. A knee injury cut his campaign short but Martinelli looks every inch Arsenal’s next big star. Reuters
    FORWARDS: Gabriel Martinelli – 8. Arsenal’s breakthrough player of the season, the 19-year-old Brazilian scored 10 goals in 26 appearances across all competitions. A knee injury cut his campaign short but Martinelli looks every inch Arsenal’s next big star. Reuters
  • Bukayo Saka – 8. Four goals and 11 assists from the 18-year-old Academy graduate marks a very impressive first full season in the senior squad. Saka looks set to be an important part of Arsenal’s future. Reuters
    Bukayo Saka – 8. Four goals and 11 assists from the 18-year-old Academy graduate marks a very impressive first full season in the senior squad. Saka looks set to be an important part of Arsenal’s future. Reuters
  • Nicolas Pepe – 6. Given the club record fee and excitement that surrounded his arrival, the Ivorian winger’s debut season was mediocre at best. Eight goals and 10 assists across 42 games in all competitions is an ordinary return for a player of his undoubted talent. After a year to settle, should find another level next season. Getty Images
    Nicolas Pepe – 6. Given the club record fee and excitement that surrounded his arrival, the Ivorian winger’s debut season was mediocre at best. Eight goals and 10 assists across 42 games in all competitions is an ordinary return for a player of his undoubted talent. After a year to settle, should find another level next season. Getty Images
  • Reiss Nelson – 6. Restricted to 11 starts in all competitions and struggled to make much of an impact, contributing three goals and three assists in 24 total appearances. A talented player and at just 20 years old, has a bright future ahead. EPA
    Reiss Nelson – 6. Restricted to 11 starts in all competitions and struggled to make much of an impact, contributing three goals and three assists in 24 total appearances. A talented player and at just 20 years old, has a bright future ahead. EPA
  • Pierre-Emerick Aubameyang – 10. This rating was a 9 prior to the FA Cup final before he scored both goals at Wembley to lead Arsenal to victory. Another superb season for the Gabonese star with 29 goals in 44 appearances. His contract expires next summer and the general consensus among Arsenal fans is ‘give him whatever he wants’, which seems fair enough. EPA
    Pierre-Emerick Aubameyang – 10. This rating was a 9 prior to the FA Cup final before he scored both goals at Wembley to lead Arsenal to victory. Another superb season for the Gabonese star with 29 goals in 44 appearances. His contract expires next summer and the general consensus among Arsenal fans is ‘give him whatever he wants’, which seems fair enough. EPA
  • Alexandre Lacazette – 7. A decent enough season for the French striker with 12 goals and seven assists over 39 appearances but there is a lingering sense that he should be producing more. EPA
    Alexandre Lacazette – 7. A decent enough season for the French striker with 12 goals and seven assists over 39 appearances but there is a lingering sense that he should be producing more. EPA
  • Eddie Nketiah – 6. Recalled from his loan spell at Leeds at the end of January, Nketiah chipped in with six goals in 19 games. Another from Arsenal’s Academy that looks set for a bright future. AP Photo
    Eddie Nketiah – 6. Recalled from his loan spell at Leeds at the end of January, Nketiah chipped in with six goals in 19 games. Another from Arsenal’s Academy that looks set for a bright future. AP Photo

_________________

But he also says that all the players wanted to contribute “but we needed more information and many questions were unanswered ... were rushed into it without proper consultation" at the time.

Ozil described how "people have been trying for two years to destroy me" and hoped to "turn the supporters against me and paint a picture that is not true".

He added: “For anyone in this situation, you have a right to know everything, to understand why it is happening and where the money is going. But we didn’t get enough details, we just had to give a decision.

“People who know me know exactly how generous I am and, as far as I’m aware, I was not the only player who rejected the cut in the end, but only my name came out."

As for his future under Arteta, Ozil said: "I committed myself to Arsenal because this was the club and the fanbase I wanted to play for. In that sense, nothing has changed. Mikel knows my quality and I will be ready when he needs me."

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Results

Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

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

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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

RACE CARD

6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m

7.05pm Handicap (TB) Dh102,500 (D) 1,200m

7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m

8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m

9.50pm Handicap (TB) Dh105,000 (D) 1,600m

9.25pm Handicap (TB) Dh95,000 (T) 1,000m

Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

Wicked: For Good

Director: Jon M Chu

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

Rating: 4/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

RESULTS

2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)

2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi

3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne

4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi

4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

ENGLAND%20SQUAD
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