Under Canvas Great Smoky Mountains gives travellers unfiltered access to the Unesco-listed Smoky Mountains National Park. Photo: Small Luxury Hotels of the World
Under Canvas Great Smoky Mountains gives travellers unfiltered access to the Unesco-listed Smoky Mountains National Park. Photo: Small Luxury Hotels of the World
Under Canvas Great Smoky Mountains gives travellers unfiltered access to the Unesco-listed Smoky Mountains National Park. Photo: Small Luxury Hotels of the World
Under Canvas Great Smoky Mountains gives travellers unfiltered access to the Unesco-listed Smoky Mountains National Park. Photo: Small Luxury Hotels of the World

The 15 best hotels around the world with epic Unesco World Heritage site views


Hayley Skirka
  • English
  • Arabic

April 18 is Unesco World Heritage Day – also known as the International Day for Monuments and Sites.

Designed to promote awareness of the diversity of cultural heritage, the vulnerability of sites and monuments and the efforts required for their protection and conservation, the celebration turns the focus on the more than 1,199 Unesco World Heritage sites around the world.

These sites span some of the most dazzling cultural and natural gems on earth, from sprawling national parks to historic monuments and ancient cities, they represent some of the world’s most visited or coveted attractions.

In many locations, hotels cluster near these famed landmarks, but only a few can claim prime position.

The National looks at some of the best hotels in the world where travellers have unrivalled access to sites lauded by the Unesco World Heritage organisation.

St Regis Langkawi, Malaysia

The St Regis Langkawi, Malaysia. Photo: St Regis
The St Regis Langkawi, Malaysia. Photo: St Regis

The luxury St Regis Langkawi is surrounded by nature thanks to its location inside South-East Asia's first Unesco Global Geopark. Here, travellers can explore the breathtaking beaches, mangrove forests and jungle surroundings of the Malaysian park while staying in the height of luxury.

A five-star resort, the St Regis Langkawi offers 85 luxurious rooms, but for the wow factor and the very best views of the region, guests can book an over-water villa that looks like it's imported from the Maldives. Travellers have unobstructed access to a pristine beach and the blue waters of the Andaman Sea and are spoiled with St Regis' signature butler service, personalised experiences and fine-dining restaurants.

Rambagh Palace, Jaipur

Rambagh Palace in Jaipur offers unrivalled access to the Unesco Heritage Site of Jaipur. Photo: Raj Rana / Unsplash
Rambagh Palace in Jaipur offers unrivalled access to the Unesco Heritage Site of Jaipur. Photo: Raj Rana / Unsplash

The walled city of Jaipur, in India’s north-western state of Rajasthan, is fondly known as the pink city thanks to its rose-toned buildings, which were painted the hue at the order of Maharaja Ram Sing in 1876. Today, the atmospheric city is known for its forts, bazaars, temples and palaces, and was added to the Unesco World Heritage list in 2019.

Noted by Unesco as an exceptional example of indigenous city planning and construction, Jaipur was one of the first in South Asia to be constructed in a grid-like manner fusing elements of eastern and western planning. In the city's south side, travellers looking to make the most of a visit to the Rajasthani capital can check in at Rambagh Palace, an imposing mansion built in 1835 and the former residence of the Maharajas of Jaipur.

Exuding opulence, this sprawling abode has lofty ceilings, marbled corridors, mahogany-clad walls and manicured gardens. There are two swimming pools, a yoga pavilion and endless free-roaming peacocks. But the real treasure of any stay at Rambagh Palace is being able to step outside and explore the intriguing and historical streets of what is perhaps India's most flamboyant city.

The Balmoral, Edinburgh

The Balmoral sits in the heart of Princess Street, Edinburgh. Photo: The Balmoral
The Balmoral sits in the heart of Princess Street, Edinburgh. Photo: The Balmoral

Scotland's capital city is listed by Unesco and has been since 1996 when both the Old and New Towns were inscribed on the World Heritage List. The former includes the medieval Royal Mile that runs from Edinburgh Castle to Holyrood House while the latter comprises of neo-classical 18th-century architecture, predominantly located along Princess Street. And commanding quite possibly the best address in Edinburgh is The Balmoral, which sits at No 1 Princess Street.

One of the grand railway hotels of days gone by, this Rocco Forte hotel is the only residential building to be erected on the south side of Princess Street. Travellers checking in can swim in a beautifully renovated pool deep below street level, sample Scotland's national beverage from one of the country's largest whisky collections and step out of the hotel directly onto the heritage-listed street that sits in the shadow of Edinburgh Castle.

Marasca at Khao Yai, Thailand

Travellers staying at Marasca have unrivalled access to the Unesco site and Thailand’s first official national park. Photo: Marasca at Khao Yai
Travellers staying at Marasca have unrivalled access to the Unesco site and Thailand’s first official national park. Photo: Marasca at Khao Yai

About an hour from Bangkok, Khao Yai National Park is part of one of Thailand’s most prominent Unesco World Heritage sites. Home to natural wonders and brimming with wildlife, including globally threatened species, it’s part of the Dong Phayayen-Khao Yai Forest Complex, which was added to the World Heritage List in 2005.

Travellers staying at Marasca have unrivalled access to the Unesco site and Thailand’s first official national park. This back-to-nature boutique property offers tented accommodation, each of which comes with a private plunge pool and firepit while farm-to-table produce is served in the resort’s treehouse-style restaurant.

Framed by mountains, this hideaway is the place to reconnect with nature with walking trails through wildflower meadows, treks to lava-rock-strewn valleys, stargazing sessions and elephant spotting safaris.

Royal Palm Galapagos, Curio Collection Hotel by Hilton, Ecuador

The Royal Palm Galapagos, Curio Collection by Hilton, is nestled in the Miconia Highland Forests. Photo: Hilton
The Royal Palm Galapagos, Curio Collection by Hilton, is nestled in the Miconia Highland Forests. Photo: Hilton

As the first site to be inscribed on the Unesco World Heritage List in 1978, the Galapagos Islands, which is located about 965km from the coast of Ecuador, has some of the world’s most distinctive island ecosystems.

With amazing natural beauty, unique wildlife and several endangered species, the destination brims with breathtaking panoramas and unspoilt vegetation. It is made up of 127 islands, and one of the most prominent is Santa Cruz, where travellers can stay at the Royal Palm Galapagos, Curio Collection Hotel by Hilton.

The boutique hotel opened in 2021 and is nestled in the Miconia Highland Forests. It has 21 villas and rooms spread across a secluded 160-hectare estate. Directly adjacent to Galapagos National Park, a Unesco World Heritage site, it is a tranquil sanctuary that promises once-in-a-lifetime wildlife encounters.

An infinity pool, fire pits and open fireplaces ensure travellers stay in comfort and the hotel offers immersive experiences that get guests closer to nature in what is perhaps one of the world’s most intriguing destinations.

Amangalla, Galle, Sri Lanka

The Amangalla hotel in Galle, Sri Lanka, has traditional sash windows. Photo: Aman
The Amangalla hotel in Galle, Sri Lanka, has traditional sash windows. Photo: Aman

Sri Lanka’s 17th-century Galle Fort is a Unesco World Heritage site that dates back to 1588 and boasts massive bastions, cobbled streets and a buzzing multiethnic community.

Travellers staying at Amangalla can enjoy views of The Galle Fort and the harbour on one side, and the hotel’s manicured gardens and swimming pool on the other. This luxury hideaway hotel has been welcoming guests for more than 150 years.

Reflecting Galle Fort’s rich colonial legacy, it offers rooms that retain their original wooden floors, lofty high ceilings and traditional sash windows. Guests have the chance to explore Galle Fort with a local guide, plus visit the cricket fields, the Sudharmalaya Temple, Meeran Jumma Mosque and the town’s famed lighthouse. Aman can also organise a trip to another of Sri Lanka's Unesco World Heritage sites, with a helicopter tour to Sigiriya, an ancient rock fortress and palace atop a giant rock.

La Sultana Marrakesh, Morocco

La Sultana Marrakesh is nestled in the Medina in the Moroccan city. Photo: La Sultana Marrakesh
La Sultana Marrakesh is nestled in the Medina in the Moroccan city. Photo: La Sultana Marrakesh

Morocco has nine Unesco World Heritage sites and one of the most popular with tourists is the Medina in Marrakesh. The original walled city was inscribed into the list in 1985 and is known for its well-preserved collection of monuments. Tucked away at the heart of the Kasbah, La Sultana Marrakesh is one of the best places to stay for unrivalled access to the site.

With patios sculpted by master craftsmen, manicured gardens and rooftop views of the city, the hotel is within the perimeter of the Medina and close to historic sites such as the Royal Palace, the Saadian Tombs and Bahia Palace.

The boutique hotel has 28 rooms and suites, each with a curated collection of artworks. The hotel also boasts lush gardens, a heated pool, a roof terrace, a luxury spa and an outdoor space where traditional cooking classes are held.

Travellers keen to delve further into Morocco’s dizzying culinary scene might want to try the hotel’s Flavour of Marrakesh package — a four-night escape that includes cooking classes, street-food style lunch, market shopping and a dining tour of the city.

Banyan Tree Al Ula, Saudi Arabia

Banyan Tree Al Ula is the closest place to stay to Hegra, Saudi Arabia's first Unesco-listed site. Photo: Banyan Tree AlUla
Banyan Tree Al Ula is the closest place to stay to Hegra, Saudi Arabia's first Unesco-listed site. Photo: Banyan Tree AlUla

With its unique landscape, millions of palm trees and a history that dates back 200,000 years, AlUla in Saudi Arabia's north-west is also home to Hegra Archaeological Site, Saudi Arabia’s first Unesco-inscribed world heritage site.

Added to the list in 2005, it features well-preserved monumental tombs with decorated facades and dozens of inscriptions of the pre-Nabataean period. Visitors will soon be able to stay right behind the listed landmark as a new boutique hotel is being constructed beside the Hijaz Railway buildings, but until that happens, Banyan Tree AlUla is the best pick.

This eco-centric hideaway in the Asher Valley spans 300 hectares and comprises luxury tents inspired by the Bedouin tribe who roamed this land thousands of years ago. The resort has four types of accommodation — from a one-bedroom tent to a three-bedroom tent that comes with its own terrace and private pool — and there’s a strong focus on wellness with Banyan Tree’s spa, where guests can enjoy massages inside secluded caves or sound baths under the stars with views of the valley.

It’s a unique escape surrounded by craggy rocks, desert landscapes and striking rock formations, with guests able to try the resort’s self-guided walking trail with rock art dating back some 8,000 years. The Unesco World Heritage site is also nearby and excursions are easily organised.

Q92 Noto Hotel, Sicily, Italy

Q92 Noto Hotel in Italy offers Unesco-listed views in Sicily. Photo: Q92 Noto Hotel
Q92 Noto Hotel in Italy offers Unesco-listed views in Sicily. Photo: Q92 Noto Hotel

As the country with the most Unesco-listed heritage sites in the world, it’s no wonder that Italy makes this list. One of the most intriguing sites in the European country is in south-eastern Sicily at the Late Baroque Towns of the Val di Noto.

In 1963, eight towns on the island were rebuilt after the earthquake that took place the same year. These are noted for representing a considerable collective undertaking and showcasing a high level of architectural and artistic achievement, and are the starting point for a trip to the Sicilian Baroque.

For a stay at the heart of the Baroque capital, guests can check into Q92 Noto Hotel, along the famous Corso Vittorio Emanuele. With amazing views of Noto Cathedral, this boutique hotel combines Italian and exquisite Sicilian design and rooms come with beautiful balconies that offer views of Noto’s most prominent annual event — the famous Infiorata di Noto, a colourful extravaganza held to celebrate spring every year.

Airelles Chateau de Versailles, Le Grand Controle, France

Guests staying at Le Grand Controle have unrivalled access to the gardens and parks of Versailles. Photo: Renee Kemps
Guests staying at Le Grand Controle have unrivalled access to the gardens and parks of Versailles. Photo: Renee Kemps

One of the most popular attractions in the world’s most-visited countries, France’s estate of Versailles was one of the first sites to be listed as a Unesco World Heritage site in 1979.

Travellers who want to experience palace life first-hand can stay at Le Grand Controle in the Chateau de Versailles. Built by Jules Hardouin-Mansart, Louis XIV’s favourite architect, Le Grand Controle is the only hotel at the palace.

With only 11 rooms and two Signature Suites, it offers a boutique-sized stay with charming 18th-century style decor and period furniture and fabrics. Enjoy dedicated butler service, wake up to unrivalled views of the Chateau de Versailles and feast on Michelin-starred meals by Alain Ducasse. Guests also get exclusive access to the park, can enjoy a golf buggy tour of the verdant gardens and indulge in a Marie-Antoinette-style afternoon tea.

Palmera Camp, Wadi Rum, Jordan

Stay in a luxury tent at Palmera Camp in Wadi Rum, Jordan
Stay in a luxury tent at Palmera Camp in Wadi Rum, Jordan

There’s something otherworldly about Jordan’s Wadi Rum. Vast desert landscapes filled with narrow gorges, towering cliffs, natural arches and hidden caves, the mesmerising site spreads more than 74,000 hectares in the south of the country, close to the border with Saudi Arabia.

Filled with petroglyphs, inscriptions and archaeological remains, there’s no shortage of places to stay, and the recently opened Wadi Rum Palmera camp in the Wadi Rum Protected Area is worth considering. Travellers stay in luxury tents with beautifully draped beds, majlis seating areas and private bathrooms.

Each bubble tent offers open views of the night sky and the camp comes alive every evening as it's bathed in starlight. There’s also a swimming pool, several nearby hiking trails and communal dining where meals are cooked in the traditional zarb way, deep in the ground for hours on end.

The Ritz-Carlton Nikko, Japan

The Ritz-Carlton Nikko, Japan, has 94 rooms and suites. Photo: Ritz-Carlton
The Ritz-Carlton Nikko, Japan, has 94 rooms and suites. Photo: Ritz-Carlton

Japan boasts more than 20 Unesco-listed World Heritage sites and the shrines and temples of Nikko, as well as their stunning natural surroundings, are one of the most fascinating. Inscribed on Unesco's list in 1999, the site is located in Tochigi Prefecture, in the northern part of Japan’s Kanto region. For centuries, it has been a sacred site known for its architectural and decorative masterpieces that are closely associated with the history of the Tokugawa Shoguns.

The Ritz-Carlton Nikko opened in the Unesco World Heritage site in 2020. Set along Lake Chuzenji and Mount Nantai, the hotel has 94 rooms and suites with private balconies and views of the surrounding area. Guests staying at the resort can easily access the Unesco World Heritage designated area and there’s a plethora of activities on offer, from cycling through protected wetlands to strolling through centuries-old sanctuaries and meditating under the Kegon waterfalls.

New Lanark Mill Hotel, Scotland

New Lanark Mill Hotel in South Lanarkshire, Scotland. Photo: Facebook / New Lanark Mill Hotel
New Lanark Mill Hotel in South Lanarkshire, Scotland. Photo: Facebook / New Lanark Mill Hotel

Nestled in the Clyde Valley in southern Scotland, close to the rushing Falls of Clyde and less than an hour from both Edinburgh and Glasgow is New Lanark World Heritage site, a restored 18th-century cotton mill village.

Step back in time with a visit to this carefully preserved village where visitors can see first-hand what life was like at this working cotton mill town, which was at one time thought to be the largest industrial facility in the world. The Unesco site boasts one hotel, the New Lanark Mill Hotel — a four-star property with a luxury spa and heated indoor swimming pool where traditional Scottish meals are served at Mill One Restaurant. Rooms come with views of the River Clyde and the restored village.

Surrounded by native woodlands, it’s the perfect base for walking and trekking trails, and unique wildlife spotting opportunities at the nearby waterfalls. The hotel’s riverside cottages can also be reserved for those seeking a more private retreat in the Scottish countryside.

Jing's Residence, Pingyao, China

Jing's Residence offers guests direct access to the ancient walled city of Pingyao. Photo: Unsplash / Shane Lei
Jing's Residence offers guests direct access to the ancient walled city of Pingyao. Photo: Unsplash / Shane Lei

The ancient walled city of Pingyao in China's Shanxi has been a Unesco World Heritage site since 1997. It is listed as an outstanding example of Han cities in the Ming and Qing dynasties and at the heart of it is Jing's Residence, a beautiful hotel housed in the former mansion of a silk merchant.

More than 250 years old, the house is built around a set of four courtyards and guests can sit outside their room in an age-old pavillion reading, drinking tea or simply soaking up the historical atmosphere. Carefully restored, Jing's Residence is constructed in the authentic architectural style of northern China. Tranquillity is the order of the day in this boutique haven, which features rice paper ceilings, intricate carvings and bamboo flooring features across its 16 rooms. Rooms come with views of Pingyao Ancient City and its temples, narrow lanes and curio shops.

Under Canvas Great Smoky Mountains, US

Sleep beneath ancient mountains at Under Canvas Great Smoky Mountains resort. Photo: Small Leading Hotels of the World
Sleep beneath ancient mountains at Under Canvas Great Smoky Mountains resort. Photo: Small Leading Hotels of the World

Stretching over more than 200,000 hectares, the Great Smoky Mountains is a Unesco Heritage site and the most visited national park in America. Renowned for its diversity of plant and animal life, as well as its remnants of Southern Appalachian mountain culture, the park straddles the border between North Carolina and Tennessee. It was first designated as a Unesco International Biosphere Reserve in 1976, and became a World Heritage site in 1983.

Travellers looking to spend the night in this beautiful and largely untouched wilderness can check in at Under Canvas Great Smoky Mountains, an upscale glamping retreat in the shadow of the mountains. Safari-inspired tents come equipped with everything needed for a luxury stay, opt for a night in the Stargazer Tent to enjoy night-sky viewing from a super-soft king-sized bed. Campfires, wood-burning stoves and lots of little extras ensure guests want for nothing but the biggest attraction is the unfiltered wilderness right on your doorstep including as almost as many tree species as the whole of Europe and the greatest variety of salamanders in the world.

UAE currency: the story behind the money in your pockets
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

THE DRAFT

The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.

Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan

Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe

Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi

Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath

Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh

Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh

Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar

Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
THE SPECS

Jaguar F-Pace SVR

Engine: 5-litre supercharged V8​​​​​​​

Transmission: 8-speed automatic

Power: 542bhp​​​​​​​

Torque: 680Nm​​​​​​​

Price: Dh465,071

UAE currency: the story behind the money in your pockets

Charlotte Gainsbourg

Rest

(Because Music)

Results
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

RACECARD
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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

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.”

Updated: April 18, 2024, 8:02 AM