• Six Senses Southern Dunes is located in The Red Sea development in Saudi Arabia. Photo: Six Senses
    Six Senses Southern Dunes is located in The Red Sea development in Saudi Arabia. Photo: Six Senses
  • The rooms, suites and villas have generously sized bathtubs from which you can enjoy dune-filled views. Photo: Six Senses
    The rooms, suites and villas have generously sized bathtubs from which you can enjoy dune-filled views. Photo: Six Senses
  • A communal seating area in the Oasis. Katy Gillett / The National
    A communal seating area in the Oasis. Katy Gillett / The National
  • The main communal pool area. Katy Gillett / The National
    The main communal pool area. Katy Gillett / The National
  • Watch the sunset from the terrace of Al Sarab fine-dining restaurant. Katy Gillett / The National
    Watch the sunset from the terrace of Al Sarab fine-dining restaurant. Katy Gillett / The National
  • Bariya is the all-day dining restaurant. Katy Gillett / The National
    Bariya is the all-day dining restaurant. Katy Gillett / The National
  • Delicately flavoured foul is on offer for breakfast. Katy Gillett / The National
    Delicately flavoured foul is on offer for breakfast. Katy Gillett / The National
  • Home-made juices and kombuchas are available at breakfast. Katy Gillett / The National
    Home-made juices and kombuchas are available at breakfast. Katy Gillett / The National
  • The Merkaz kitchen holds chef's table dinners and cooking workshops. Katy Gillett / The National
    The Merkaz kitchen holds chef's table dinners and cooking workshops. Katy Gillett / The National
  • The resort's plant-based chef Ayse Aktan conducts cooking lessons at Merkaz restaurant. Katy Gillett / The National
    The resort's plant-based chef Ayse Aktan conducts cooking lessons at Merkaz restaurant. Katy Gillett / The National
  • A gluten-free, vegan chocolate cake created by chef Ayse Aktan. Katy Gillett / The National
    A gluten-free, vegan chocolate cake created by chef Ayse Aktan. Katy Gillett / The National
  • Guests can learn to make recycled paper, beeswax wraps, miswak and henna at The Earth Lab. Photo: Six Senses
    Guests can learn to make recycled paper, beeswax wraps, miswak and henna at The Earth Lab. Photo: Six Senses
  • Custom-built homes for the resident felines at the Earth Lab. Katy Gillett / The National
    Custom-built homes for the resident felines at the Earth Lab. Katy Gillett / The National
  • Learn to make body and facial scrubs at the Alchemy Bar at Six Senses Spa. Katy Gillett / The National
    Learn to make body and facial scrubs at the Alchemy Bar at Six Senses Spa. Katy Gillett / The National
  • The Six Senses Spa's treatment rooms included scenic terraces. Katy Gillett / The National
    The Six Senses Spa's treatment rooms included scenic terraces. Katy Gillett / The National
  • Couples can relax together on this spa terrace. Katy Gillett / The National
    Couples can relax together on this spa terrace. Katy Gillett / The National
  • There is an on-site barber shop and hairdressers. Katy Gillett / The National
    There is an on-site barber shop and hairdressers. Katy Gillett / The National
  • The kids' club is full of sustainable toys and furniture. Katy Gillett / The National
    The kids' club is full of sustainable toys and furniture. Katy Gillett / The National
  • Beat on the drums at the heart of the Oasis. Katy Gillett / The National
    Beat on the drums at the heart of the Oasis. Katy Gillett / The National
  • A handmade Monopoly board in the Community Lounge. Katy Gillett / The National
    A handmade Monopoly board in the Community Lounge. Katy Gillett / The National
  • Gelato made on-site with local flavours. Katy Gillett / The National
    Gelato made on-site with local flavours. Katy Gillett / The National

Six Senses Southern Dunes offers serenity in Saudi Arabia's Red Sea - Hotel Insider


  • English
  • Arabic

Six Senses Southern Dunes was the first property to open in The Red Sea, Saudi Arabia’s ambitious regenerative tourism project, and so expectations are high.

Now, alongside The St Regis Red Sea, it’s one of only two hotels in the area, which is eventually set to span 28,000 square kilometres, with myriad luxury resorts on more than 90 islands.

The National checked in to a one-bedroom pool villa to see if the project lives up to the hype.

The welcome

Due to a technical glitch on our plane from the UAE – which has us turning back to Dubai mid-flight and having to board a second aircraft hours later – we arrive at the hotel at midnight.

We land at Yanbu International Airport, which is a two-and-a-half-hour drive from the hotel, so we fall asleep in the car and wake up to see the low-rise resort entrance beautifully lit up, appearing like a mirage in the desert surrounded by the pitch-black night sky.

A small team is there to welcome us, including our Guest Experience Maker, Hazal, who stays late just to greet us.

We are given a refreshing welcome beverage and within minutes we’re checked in and whisked off in a buggy to our villa, where we are swiftly left to crash on the comfortable king-size bed.

The neighbourhood

The Red Sea is a new tourism project from Red Sea Global, located a couple of hours' drive north of Yanbu and five hours from Madinah.

Red Sea International Airport opened in September, but currently only flights from Riyadh and Jeddah arrive there with the airline Saudia – and they're few and far between.

The resort, like any Six Senses property, is secluded. It is and will be the only hotel in the development that is set amid the dunes, with only one more located inland (in the mountains) and the rest by the sea.

Those dunes are where the property gets its name, as it’s completely surrounded by them in every direction, offering a unique desert escape. You can also spy the Red Sea in the distance.

The room

The terrace of a one-bedroom pool villa. Katy Gillett / The National
The terrace of a one-bedroom pool villa. Katy Gillett / The National

There are 36 guest rooms and suites, and 40 pool villas, with accommodation ranging from one to four bedrooms. We stay in a one-bedroom pool villa, which can be reached via buggy.

The villa – which has a living and dining area, bedroom, one toilet and one bathroom – is decorated with natural materials and textures reflecting the design throughout the hotel, which focuses on sustainability and the local environment and culture.

The bed faces floor-to-ceiling sliding windows, which lead to the villa’s own terrace and infinity-style heated pool that looks out on to that stunning dune-filled, almost-Moon-like landscape.

The bathroom is a highlight, with a spacious his-and-hers vanity, separate toilet, vast indoor shower with two rain-shower heads, then another outdoor shower with a wooden gate that opens on to the terrace.

The generously sized soaking-style bathtub sits in front of a window, offering a glorious view of the desert.

The commitment to sustainability is evident throughout, from the reusable water bottle to the toothpaste tablets and the unbranded, refillable toiletries sourced from a local supplier.

The service

Hazal Ozcan, our Guest Experience Maker. Katy Gillett / The National
Hazal Ozcan, our Guest Experience Maker. Katy Gillett / The National

General manager Fredrik Blomqvist has spent years working for Four Seasons properties around the world. He tells us he believes people make a place. You can build incredible, luxury hotels anywhere, but the service can also be bad anywhere, he says.

This message has clearly reached the staff, who are very polite, friendly and helpful, reflecting the hospitable nature of the Saudi people, who make up at least 45 per cent of the hotel staff.

The Guest Experience Maker role is a wonderful touch. Each guest is assigned someone who will customise their itinerary and ensure every whim is catered for.

Hazal, who takes care of us throughout our stay, is always in touch to make sure everything is going well and to plan, asking whether we need anything, and even anticipating what we might need before we even know we need it. Case in point: She orders me a pot of ginger, turmeric and black pepper tea upon hearing me cough.

The scene

The main communal pool sits at an elevated point in the resort. Katy Gillett / The National
The main communal pool sits at an elevated point in the resort. Katy Gillett / The National

At least for now, there is nothing much nearby to do outside of the hotel, but once you’re there it’s unlikely you’ll want to leave. There is plenty to keep guests entertained, whether it’s getting up before dawn to take on a sunrise hike through the dunes or a workshop in the Earth Lab and relaxing by the pool.

There are scheduled group activities every day, most of which are free for guests. This includes yoga and other fitness sessions, sustainability talks and stargazing. Guests can also join in smoothie-making or latte-art workshops at Arabic tapas restaurant Merkaz, or learn how to make recycled paper, beeswax wraps, miswak and henna in the Earth Lab.

Then there’s the Six Senses Spa. There are various treatment rooms, a holistic anti-ageing room, hammam and Alchemy Bar, where an expert teaches guests how to make body or facial scrubs using ingredients they have at home. This is a fun activity that can be enjoyed as part of a group or booked privately at an extra cost.

The food

Shakshuka at Bariya for breakfast with freshly baked pitta bread. Katy Gillett / The National
Shakshuka at Bariya for breakfast with freshly baked pitta bread. Katy Gillett / The National

There are four dining outlets on-site. We have our breakfast at Bariya, an all-day dining spot with themed live stations and an a la carte menu.

In the mornings, diners are greeted with a selection of freshly made juices and healthy shots, as well as the home-made “rocket fuel”, which contains ingredients such as apple cider vinegar, onion, lemon, ginger and herbs, and has been fermented for a month. It certainly has a kick.

There is also a selection of home-made granolas and plant-based milks, cheeses, freshly baked breads and pastries, as well as an eggs-made-to-order station. We notice the bowls of food on the buffet are not huge, in an effort to minimise waste.

Hot dishes can be ordered a la carte – we try the lamb mugalgal (90 Saudi riyals, or $24), shakshuka (SAR90) and a delicately flavoured foul (which on this menu is called “glaba”, for SAR60), all enjoyed with steaming, soft pitta bread.

Al Sarab is the fine-dining spot. At its elevated vantage point, it’s a must for sundowners.

Sunset from Al Sarab terrace. Katy Gillett / The National
Sunset from Al Sarab terrace. Katy Gillett / The National

Authentic dishes from the Arab region have been given a modern twist, from the sweet potato hummus to the shish barak and a duck saleeg that all the staff rave about.

As a vegan, I’m well catered for, thanks to the hotel’s plant-based chef Ayse Aktan. Her passion for making healthy food tasty shines through as she teaches us to make Turkish-style muhammara, felafel and cashew-chocolate energy balls, all of which are delicious and easy enough to make at home.

We’re then treated to a four-course meal of fermented cashew cheese balls (wow), gluten-free sweet potato gnocchi with sweetcorn sauce and basil oil (double wow), a home-made vegan burger that’s not yet on the menu (it should be) and a cauliflower steak sandwich on sourdough with pumpkin seed pesto, cashew butter and a vegan aioli infused with Sriracha.

Finally, there’s the Pool Bar & Grill, a small spot by the communal hotel pool that overlooks the dunes. It’s brightly decorated, with swings covered in knitwear woven by Saudi artisans, and the food here is more casual, with sandwiches, pizzas, grills and fresh ceviche.

Highs and lows

There are highs in abundance, from the spa’s soothing atmosphere to myriad guest activities and all the attention to detail that makes a Six Senses property stand out.

For families, the children’s club is a highlight, as there’s a focus on education around sustainability, plus a tent with majlis-style seating and large screen.

One low is the bugs – big ones. These buzz around the resort and end up floating in our private pool, despite the team’s best efforts to keep them at bay. There’s even a sign telling us to keep our screen doors closed because of potential snakes and scorpions (though, thankfully, we don't see any).

But this is all part and parcel of an authentic desert getaway.

The insider tip

Pick up products made within the local area. Katy Gillett / The National
Pick up products made within the local area. Katy Gillett / The National

Don’t miss the Community Lounge, where there are several handmade boards of popular games such as Jackeroo, backgammon and Monopoly, as well as a PlayStation. There is also a spread of snacks for anyone to enjoy, and we’re told some sports matches are screened here.

There is also a cluster of four “experience pods”, where you can play billiards and table tennis, buy Saudi-made crafts, book guest activities and even pick up a free home-made gelato infused with local flavours, such as sumac, saffron and Saudi coffee. I recommend the refreshing and sweet hibiscus sorbet.

The verdict

Some travellers may be put off by the lack of a beach at this inland resort, but the property offers something far more unique. The dune-filled landscape is simply stunning and the plethora of activities and high-quality guest services means travellers can easily entertain themselves for days.

At the moment, The Red Sea Project can be tricky to reach, but if you’re willing to make the journey, then it’s worth the effort.

The bottom line

Room rates are from SAR3,219 ($858), excluding taxes; Check-in from 2pm and check-out until noon; sixsenses.com

This review was conducted at the invitation of the hotel and reflects hotel standards during this time. Services may change in the future.

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our legal consultant

Name: Hassan Mohsen Elhais

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

Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
SUNDAY'S ABU DHABI T10 MATCHES

Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
MATCH INFO

New Zealand 176-8 (20 ovs)

England 155 (19.5 ovs)

New Zealand win by 21 runs

Race card

6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m

7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m

7.40pm: Handicap (TB) $135,000 (T) 2,000m

8.15pm: Handicap (TB) $135,000 (D) 1,600m

8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m

9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m

10pm: Handicap (TB) $135,000 (T) 2,000m

10.35pm: Handicap (TB) $175,000 (T) 1,400m

The National selections

6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath

GROUP RESULTS

Group A
Results

Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs

Group B
Results

Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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.”

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The years Ramadan fell in May

1987

1954

1921

1888

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Updated: February 14, 2024, 6:53 AM