• Novak is appealing Immigration Minister Alex Hawke's use of discretionary powers to cancel his visa again on the grounds that he was a threat to public order because his presence would encourage anti-vaccination sentiment amidst Australia's worst outbreak of the virus. AFP
    Novak is appealing Immigration Minister Alex Hawke's use of discretionary powers to cancel his visa again on the grounds that he was a threat to public order because his presence would encourage anti-vaccination sentiment amidst Australia's worst outbreak of the virus. AFP
  • Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention, to convene with his legal team after his visa to play in the Australian Open was cancelled a second time, in Melbourne, Australia, January 16, 2022. Reuters
    Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention, to convene with his legal team after his visa to play in the Australian Open was cancelled a second time, in Melbourne, Australia, January 16, 2022. Reuters
  • Three Federal Court judges will decide the fate of the world No 1 after a rollercoaster 10 days that saw him detained by immigration authorities, released and then detained again ahead of a tournament that starts on Monday. Reuters
    Three Federal Court judges will decide the fate of the world No 1 after a rollercoaster 10 days that saw him detained by immigration authorities, released and then detained again ahead of a tournament that starts on Monday. Reuters
  • Supporters of Serbian tennis player Novak Djokovic gather outside the offices of Djokovic's legal team, as they listen to an audio court hearing. Getty Images
    Supporters of Serbian tennis player Novak Djokovic gather outside the offices of Djokovic's legal team, as they listen to an audio court hearing. Getty Images
  • Supporters of tennis player Novak Djokovic wave national flags as they gather in front of Federal Court building in Melbourne. AFP
    Supporters of tennis player Novak Djokovic wave national flags as they gather in front of Federal Court building in Melbourne. AFP
  • Goran Zabic, a Serbian supporter of tennis player Novak Djokovic, arrives in front of the office of Djokovic's lawyers on January 16, 2022 in Melbourne, Australia. Getty Images
    Goran Zabic, a Serbian supporter of tennis player Novak Djokovic, arrives in front of the office of Djokovic's lawyers on January 16, 2022 in Melbourne, Australia. Getty Images
  • Supporters of Serbian tennis player Novak Djokovic hold their flags outside the Federal Court building in Melbourne. AP Photo
    Supporters of Serbian tennis player Novak Djokovic hold their flags outside the Federal Court building in Melbourne. AP Photo
  • Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention, to convene with his legal team. Reuters
    Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention, to convene with his legal team. Reuters
  • Serbian tennis player Novak Djokovic is photographed as he is transported from an Immigration Hotel in Melbourne. EPA
    Serbian tennis player Novak Djokovic is photographed as he is transported from an Immigration Hotel in Melbourne. EPA
  • The Serb, 34, was escorted to his lawyers office by immigration officials to attend the virtual court hearing on Sunday morning, having spent Saturday night back in an immigration detention hotel in Melbourne. Getty Images
    The Serb, 34, was escorted to his lawyers office by immigration officials to attend the virtual court hearing on Sunday morning, having spent Saturday night back in an immigration detention hotel in Melbourne. Getty Images
  • Media attempt to photograph Serbian tennis player Novak Djokovic as he is transported from an Immigration Hotel in Melbourne, Australia. EPA
    Media attempt to photograph Serbian tennis player Novak Djokovic as he is transported from an Immigration Hotel in Melbourne, Australia. EPA
  • Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention. Reuters
    Serbian tennis player Novak Djokovic departs the Park Hotel while under immigration detention. Reuters
  • Supporters of Serbian tennis player Novak Djokovic gather outside the offices of Djokovic's legal team on January 16, 2022 in Melbourne, Australia. Djokovic lost his attempt to overturn his deportation with the judges ruling unanimously to uphold the Australian government decision to cancel his visa. Getty Images
    Supporters of Serbian tennis player Novak Djokovic gather outside the offices of Djokovic's legal team on January 16, 2022 in Melbourne, Australia. Djokovic lost his attempt to overturn his deportation with the judges ruling unanimously to uphold the Australian government decision to cancel his visa. Getty Images
  • Members of the media wait outside the car park of the office of the legal team of Serbian tennis player Novak Djokovic. Getty Images
    Members of the media wait outside the car park of the office of the legal team of Serbian tennis player Novak Djokovic. Getty Images
  • Supporters of Novak Djokovic hold national flags as they gather in front of Federal Court building . AFP
    Supporters of Novak Djokovic hold national flags as they gather in front of Federal Court building . AFP

Novak Djokovic 'extremely disappointed' after losing deportation appeal


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Latest: Novak Djokovic set to board flight to Dubai after losing Australian visa appeal

Novak Djokovic said he was disappointed that a court on Sunday dismissed his challenge to a deportation order and accepted his hopes of defending his Australian Open title were over.

The world No 1 released a statement shortly after three Federal Court judges unanimously upheld a decision made on Friday by Immigration Minister Alex Hawke to cancel the 34-year-old Serb’s visa on public interest grounds because he is not vaccinated against Covid-19.

“I am extremely disappointed with the Court ruling to dismiss my application for judicial review of the Minister’s decision to cancel my visa, which means I cannot stay in Australia and participate in the Australian Open,” Djokovic said.

“I respect the Court’s ruling and I will cooperate with the relevant authorities in relation to my departure from the country,” he added.

Djokovic said he was “uncomfortable” that the focus had been on him since his visa was first cancelled on arrival at Mebourne's airport on January 6.

“I hope that we can all now focus on the game and tournament I love,” he said.

  • Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park on January 14, 2022. Getty Images
    Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park on January 14, 2022. Getty Images
  • Novak Djokovic plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic looks on during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic looks on during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic plays a backhand during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic in action during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic in action during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokovic serves during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic serves during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokov hits a serve during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokov hits a serve during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
  • Novak Djokov hits a serve during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokov hits a serve during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images

The decision likely means that Djokovic, who is not vaccinated against Covid-19, will remain in detention in Melbourne until he is deported.

Deportation usually occurs as soon as possible after an order unless prevented by court action. The government has not said when Djokovic will leave.

A deportation order usually also includes a three-year ban on returning to Australia.

Chief Justice James Allsop said the ruling came down to whether the minister's decision was "irrational or legally unreasonable.”

Hawke welcomed the decision, saying: “Australia’s strong border protection policies have kept us safe during the pandemic, resulting in one of the lowest death rates, strongest economic recoveries, and highest vaccination rates in the world.

“Strong border protection policies are also fundamental to safe-guarding Australia’s social cohesion which continues to strengthen despite the pandemic,” he added.

  • Novak Djokovic of Serbia takes a break during a practice session ahead of the Australian Open at the Melbourne Park tennis centre in Melbourne on January 12, 2022. AFP
    Novak Djokovic of Serbia takes a break during a practice session ahead of the Australian Open at the Melbourne Park tennis centre in Melbourne on January 12, 2022. AFP
  • Novak Djokovic and coach Goran Ivanisevic. EPA
    Novak Djokovic and coach Goran Ivanisevic. EPA
  • Defending men's champion Serbia's Novak Djokovic practices on Rod Laver Arena ahead of the Australian Open, which begins on January 12. AP Photo
    Defending men's champion Serbia's Novak Djokovic practices on Rod Laver Arena ahead of the Australian Open, which begins on January 12. AP Photo
  • Serbia's Novak Djokovic practices on Rod Laver Arena. AP Photo
    Serbia's Novak Djokovic practices on Rod Laver Arena. AP Photo
  • Novak Djokovic of Serbia is watched by coach Goran Ivanisevic. AFP
    Novak Djokovic of Serbia is watched by coach Goran Ivanisevic. AFP
  • Novak Djokovic of Serbia is seen in action during a training session at Melbourne Park. EPA
    Novak Djokovic of Serbia is seen in action during a training session at Melbourne Park. EPA
  • Novak Djokovic hits a return during a practice session ahead of the Australian Open at the Melbourne Park tennis centre in Melbourne. AFP
    Novak Djokovic hits a return during a practice session ahead of the Australian Open at the Melbourne Park tennis centre in Melbourne. AFP
  • Novak Djokovic of Serbia. EPA
    Novak Djokovic of Serbia. EPA
  • Novak Djokovic hits a return. EPA
    Novak Djokovic hits a return. EPA
  • Novak Djokovic returns a backhand. EPA
    Novak Djokovic returns a backhand. EPA
  • Novak Djokovic, left, listens to his coach Goran Ivanisevic. AP Photo
    Novak Djokovic, left, listens to his coach Goran Ivanisevic. AP Photo
  • Novak Djokovic rests during a practice session on Rod Laver Arena. AP Photo
    Novak Djokovic rests during a practice session on Rod Laver Arena. AP Photo
  • Defending Australian Open men's champion Novak Djokovic. AP Photo
    Defending Australian Open men's champion Novak Djokovic. AP Photo
  • Serbia's Novak Djokovic takes a drink during a practice session on Rod Laver Arena. AP Photo
    Serbia's Novak Djokovic takes a drink during a practice session on Rod Laver Arena. AP Photo
  • Novak Djokovic of Serbia is seen during a training session at Melbourne Park. EPA
    Novak Djokovic of Serbia is seen during a training session at Melbourne Park. EPA
  • Serbian tennis player Novak Djokovic practices at Melbourne Park as questions remain over the legal battle regarding his visa to play in the Australian Open in Melbourne. Reuters
    Serbian tennis player Novak Djokovic practices at Melbourne Park as questions remain over the legal battle regarding his visa to play in the Australian Open in Melbourne. Reuters
  • Novak Djokovic of Serbia is seen during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images
    Novak Djokovic of Serbia is seen during a practice session ahead of the 2022 Australian Open at Melbourne Park. Getty Images

Djokovic could potentially appeal to the High Court, but not in time for him to compete in the Australian Open, which begins Monday.

“I will now be taking some time to rest and to recuperate, before making any further comments beyond this,” he said.

The court process that Djokovic had hoped would keep his aspirations alive for a 21st Grand Slam title was extraordinarily fast by Australian standards.

Within three hours of Hawke's announcement on Friday afternoon that Djokovic's visa was canceled, his lawyers went before a Federal Circuit and Family Court judge to initiate their challenge to the decision. The case was elevated to the Federal Court on Saturday and submissions were filed by both sides that same day.

The three judges heard the case over five hours on Sunday and announced their verdict two hours later.

Djokovic, 34, has won the Australian Open the past three years and was a strong favourite to claim a record-extending 10th Melbourne Park crown.

The top seed was set to face Miomir Kecmanovic in his opening match at Rod Laver Arena on Monday.

  • Novak Djokovic in action during a training session at Melbourne Park on Thursday before a decision from immigration minister Alex Hawke over whether he can play in the Australian Open. EPA
    Novak Djokovic in action during a training session at Melbourne Park on Thursday before a decision from immigration minister Alex Hawke over whether he can play in the Australian Open. EPA
  • Novak Djokovic in action during a training session. EPA
    Novak Djokovic in action during a training session. EPA
  • Novak Djokovic in training. EPA
    Novak Djokovic in training. EPA
  • Defending men's champion Serbia's Novak Djokovic rests during a practice session on Margaret Court Arena ahead of the Australian Open tennis championship. AP
    Defending men's champion Serbia's Novak Djokovic rests during a practice session on Margaret Court Arena ahead of the Australian Open tennis championship. AP
  • Novak Djokovic takes a break. AP
    Novak Djokovic takes a break. AP
  • Novak Djokovic practices on Margaret Court Arena. AP
    Novak Djokovic practices on Margaret Court Arena. AP
  • Novak Djokovic practices at Melbourne Park. Reuters
    Novak Djokovic practices at Melbourne Park. Reuters
  • Novak Djokovic shakes hands with Argentina's Federico Coria following a practice session. AP
    Novak Djokovic shakes hands with Argentina's Federico Coria following a practice session. AP
  • Defending Novak Djokovic practices on Margaret Court Arena. AP
    Defending Novak Djokovic practices on Margaret Court Arena. AP
  • Novak Djokovic plays a forehand during a practice session. Getty
    Novak Djokovic plays a forehand during a practice session. Getty

Tennis Australia had no immediate comment on the star player's legal defeat.

Hawke cancelled the visa on the grounds that Djokovic’s presence in Australia may be a risk to the health and “good order” of the Australian public and “may be counterproductive to efforts at vaccination by others in Australia.”

Djokovic’s visa was initially cancelled on January 6 at Melbourne’s airport hours after he arrived to compete in the first Grand Slam of 2022.

A border official cancelled his visa after deciding Djokovic didn’t qualify for a medical exemption from Australia’s rules for unvaccinated visitors.

After spending four days in an immigration detention centre, Djokovic, 34, won his appeal after the court quashed the revocation before it was cancelled a second time on Friday.

  • Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
    Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
  • A member of the press lies on the ground after sustaining an injury during clashes between the Serbian Community and Victorian Police officers in Melbourne, Australia. Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
    A member of the press lies on the ground after sustaining an injury during clashes between the Serbian Community and Victorian Police officers in Melbourne, Australia. Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
  • Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
    Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
  • Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
    Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
  • Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne on January 9, 2022. (Photo by William WEST / AFP)
    Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne on January 9, 2022. (Photo by William WEST / AFP)
  • Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
    Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
  • Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
    Members of the local Serbian community play music and dance outside the legal offices where Serbia's tennis champion Novak Djokovic is in with his legal team in Melbourne. AFP
  • epa09677057 Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
    epa09677057 Members of the Serbian community march in Melbourne, Australia. Serbian tennis player Novak Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
  • epa09677043 Members of the Serbian community taunt Victorian Police officers after Novak Djokovic was allegedly taken away in a vechile from his lawyer's office in Melbourne. Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
    epa09677043 Members of the Serbian community taunt Victorian Police officers after Novak Djokovic was allegedly taken away in a vechile from his lawyer's office in Melbourne. Djokovic was to be released from an immigration detention center in Melbourne after an order by the Federal Circuit Court. The tennis world number one had been staying in a hotel-turned-detention center after his visa was revoked upon landing in Australia. EPA
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

WandaVision

Starring: Elizabeth Olsen, Paul Bettany

Directed by: Matt Shakman

Rating: Four stars

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

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

While you're here

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Rating: 3/5

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.”

UAE v IRELAND

All matches start at 10am, and will be played in Abu Dhabi

1st ODI, Friday, January 8

2nd ODI, Sunday, January 10

3rd ODI, Tuesday, January 12

4th ODI, Thursday, January 14

Updated: January 26, 2022, 6:50 AM