AlUla's newest hotel has opened in Saudi Arabia, ahead of the summer travel season. Photo: Maxime Seltenrijch / Dar Tantora The House Hotel
AlUla's newest hotel has opened in Saudi Arabia, ahead of the summer travel season. Photo: Maxime Seltenrijch / Dar Tantora The House Hotel
AlUla's newest hotel has opened in Saudi Arabia, ahead of the summer travel season. Photo: Maxime Seltenrijch / Dar Tantora The House Hotel
AlUla's newest hotel has opened in Saudi Arabia, ahead of the summer travel season. Photo: Maxime Seltenrijch / Dar Tantora The House Hotel

Travel Unpacked: Visa-free Eid escapes and how to find the best summer flight deals


Hayley Skirka
  • English
  • Arabic

With summer just around the corner, many are thinking about travel. While 92 per cent of UAE travellers plan to take a summer holiday, 51 per cent are yet to book, according to the latest data from Skyscanner. The online travel company has revealed some top tips, including the cheapest week to fly.

In Saudi Arabia, away from the launch of the Middle East's most expensive hotel in the Red Sea, the ancient destination of AlUla is gearing up for the hottest season of the year with special offers, new hotels and exciting activities. And with Eid Al Adha right around the corner, travellers planning a getaway might want to consider a visa-free destination.

Elsewhere, Sweden's Icehotel is preparing for another exciting year after announcing the artists that will transform the pop-up property into an ice and snow spectacle ahead of its 35th annual opening in December.

Here's a round-up of recent travel and tourism news – in case you missed it.

August 12 is the cheapest week to book summer flights says Skyscanner

Tourists at Sultanahmet Square in Istanbul. The Turkish city is seeing a drop in airfares over summer. Photo: Reuters
Tourists at Sultanahmet Square in Istanbul. The Turkish city is seeing a drop in airfares over summer. Photo: Reuters

Travellers who are making plans for summer might want to consider waiting until August to head overseas. That's according to Skyscanner, which reveals that the week of August 12 is the cheapest time to fly out of the UAE.

Flights will be relatively empty – because only 3 per cent of UAE travellers surveyed by the company plan to travel that week, despite lower prices. According to the data, the busiest period will be the first two weeks of July, and that means premium airfares.

Skyscanner's updated savings generator tool offers insights into the cheapest time to travel and when to book. The company's latest data shows that indecision is the top reason for not booking flights, while others are holding off for good deals.

For those looking for value destinations, Skyscanner has listed the places that have seen the biggest price drops this year compared to last. Flights to Istanbul are down 24 per cent, with Cairo and Manchester dropping 20 per cent. For Amman and Paris, it is 15 per cent cheaper than in 2023.

“We know how much UAE travellers look forward to and research their summer holiday – this year perhaps more than any,” said Ayoub El Mamoun, Skyscanner’s travel trends and destination expert. “We prioritise tools that help people get away affordably.”

AlUla launches summer specials and opens eco-luxury earth-clad hotel

Dar Tantora The House Hotel has opened in AlUla, Saudi Arabia. Photo: Maxime Seltenrijch
Dar Tantora The House Hotel has opened in AlUla, Saudi Arabia. Photo: Maxime Seltenrijch

Saudi Arabia’s AlUla is gearing up for a busy season. Located in the kingdom’s north-west, the ancient region enjoys a cooler and less humid summer climate than neighbouring cities, with temperatures up to 10°C lower than other destinations in the Gulf.

The destination has unveiled a wealth of summer activities for travellers, including hiking, hot air ballooning and new guided tours. There are also hotel deals on offer with Banyan Tree AlUla offering 15 per cent off bookings made at least 15 days in advance and Habitas AlUla running a summer package inclusive of daily complimentary breakfast and dinner, plus credit to spend at Thuraya Wellness spa.

More affordable getaways are available at Cloud7 Residences, where summer visitors can enjoy four nights for the price of three, while traditional-inspired Shaden, Ashar and Saharay AlUla Resorts also have deals on room rates.

Travellers heading to the destination can take part in several cultural activities. The region’s first design centre, Madrasat Addeera, is running workshops in jewellery making, embroidery and ceramics while outdoor family film nights are on the agenda Cinema AlJadidah on weekends throughout May and June.

AlUla’s first hot balloon operator, Hero Balloon Flights, is running scenic trips and nature lovers can embark on evening walks through the Sharaan Nature Reserve or tackle the Madhakel Wildlife Hike through narrow canyons.

AlUla Desert Blaze returns for its second event in August, with hundreds of runners signed up for the race. Those keen to see Hegra can do so in two new ways: on a night tour of the Nabataean kingdom under a starlit sky or on a nature tour.

The region is also celebrating the launch of its newest hotel. Dar Tantora The House Hotel has opened in the heart of the Old Town and within walking distance of the Incense Road Market, AlJadidah Arts District and the AlUla Oasis.

The world’s first earth-clad hotel was constructed using traditional techniques and materials, and making use of restored original irrigation and ventilation systems to minimise environmental impact. With 30 duplex dars (rooms) and suites, the hotel also has an infinity pool, yoga and meditation studio, a spa and a restaurant with a zero-waste philosophy and a local sourcing model. The original mud brick walls, stonework, windows and historical murals have been carefully restored.

Visa-free Eid escapes for UAE residents

UAE travellers can visit the Seychelles visa-free this Eid. Alamy/PA.
UAE travellers can visit the Seychelles visa-free this Eid. Alamy/PA.

The UAE’s next public holiday is just around the corner, as the country prepares to celebrate Eid Al Adha.

The first day is expected to fall on June 16, with most people enjoying a two-day break. Several destinations allow UAE residents to travel without being granted a visa ahead of time, meaning last-minute bookings are easy. From the Maldives to Georgia, here are a few destinations welcoming UAE travellers without pre-arranged visas.

For nature, mountain air and summertime hikes, Georgia is the place to go. Despite its small size, the Caucasus country is home to 12 different climate zones, making it one of the most ecologically diverse destinations in the world. Direct flights are available from Dubai and Abu Dhabi to Tbilisi and to Kutaisi, and no visa for UAE residents is needed, making the country within easy reach. From Parisian-like boulevards in the capital to epic hiking in the mountains, it has plenty to offer.

There's nowhere quite like the Maldives when it comes to island getaways. With flights just four hours from the UAE, the Indian Ocean hotspot is always a favourite, not least because residents are granted a visa on arrival. Having moved away from its reputation as a honeymooner haven, the archipelago welcomes travellers of all ilks, from those on multi-generational family escapes to solo travellers seeking new connections.

Jordan is one of the Middle East's jewels. From ancient Petra to the desert dunes in Wadi Rum, it has something for everyone. UAE travellers can fly direct to the capital Amman in around three hours for eclectic shopping and a blossoming culinary scene.

In the country's southern central district, the Dana Biosphere Reserve, Jordan's largest nature reserve, is worth a visit. Cross-country cycling expeditions are also worth trying for a dose of adventure. No visa is needed for UAE citizens, while residents will be granted a visa on arrival.

Another Indian Ocean holiday hotspot that welcomes UAE travellers with a visa on arrival (provided they possess a return ticket) is the Seychelles. Flight times to the archipelago are under five hours, and the destination offers some of the world's most beautiful beaches, giant tortoises, and luxury resorts. June is also one of the best times to visit the African destination thanks to clear blue skies and sparkling waters, ideal for snorkelling and diving.

Sweden’s Icehotel gears up for winter season

Sweden's IceHotel is gearing up for its 35th season. Photo: Icehotel 35
Sweden's IceHotel is gearing up for its 35th season. Photo: Icehotel 35

While much of the world is looking ahead to summer, Sweden's IceHotel is on the countdown to winter.

The world's first Icehotel is created out of snow and natural ice from the Torner River every winter when snow covers the small village of Jukkasjärvi in the north of Sweden. This year, travellers can expect big celebrations. The hotel is celebrating its 35th year, and work from 27 artists from 13 countries will transform the space.

The seasonal hotel spans 2,800-square-metres and will feature everything from a colossal rhinoceros to an intricate bird's nest sculpted from ice and snow when it opens in December.

A team of artists, construction specialists, ice production staff, and others will work together to bring the hotel suites to life. When spring returns, the seasonal structures will melt back into ice water, although a section of the hotel will remain so that visitors can experience the ice and snow year-round.

“We had interesting discussions about everything from rhinos to labyrinths before we could agree on the 14 concepts that will become a reality this winter,” said Icehotel creative Luca Roncoroni, who selected the winning designs from 114 concepts.

As part of the 35th-year celebrations, a new Icebar is being installed in the hotel's permanent structure. “I look forward to stepping into Icehotel 35 and showing the world what I believe will be a spectacular version,” said chief executive Marie Herrey.

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%3Cp%3EAn%20FTA%20with%20the%20GCC%20would%20be%20very%20significant%20for%20the%20UK.%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20My%20Department%20has%20forecast%20that%20it%20could%20generate%20an%20additional%20%C2%A31.6%20billion%20a%20year%20for%20our%20economy.%3Cbr%3EWith%20consumer%20demand%20across%20the%20GCC%20predicted%20to%20increase%20to%20%C2%A3800%20billion%20by%202035%20this%20deal%20could%20act%20as%20a%20launchpad%20from%20which%20our%20firms%20can%20boost%20their%20market%20share.%3C%2Fp%3E%0A
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Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

DAY%20ONE%20RESULT
%3Cp%3E%3Cbr%3E1.%20Charlotte%20Kool%20(NED)%20%E2%80%93%20Team%20DSM%3A%202hrs%2C%2047min%2C%2014sec%3Cbr%3E2.%20Lorena%20Wiebes%20(NED)%20%E2%80%93%20Team%20SD%20Worx%3A%20%2B4%20secs%3Cbr%3E3.%20Chiara%20Consonni%20(ITA)%20%E2%80%93%20UAE%20Team%20ADQ%3A%20%2B5%20secs%3C%2Fp%3E%0A
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Sukuk

An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

Apple%20Mac%20through%20the%20years
%3Cp%3E1984%20-%20Apple%20unveiled%20the%20Macintosh%20on%20January%2024%3Cbr%3E1985%20-%20Steve%20Jobs%20departed%20from%20Apple%20and%20established%20NeXT%3Cbr%3E1986%20-%20Apple%20introduced%20the%20Macintosh%20Plus%2C%20featuring%20enhanced%20memory%3Cbr%3E1987%20-%20Apple%20launched%20the%20Macintosh%20II%2C%20equipped%20with%20colour%20capabilities%3Cbr%3E1989%20-%20The%20widely%20acclaimed%20Macintosh%20SE%2F30%20made%20its%20debut%3Cbr%3E1994%20-%20Apple%20presented%20the%20Power%20Macintosh%3Cbr%3E1996%20-%20The%20Macintosh%20System%20Software%20OS%20underwent%20a%20rebranding%20as%20Mac%20OS%3Cbr%3E2001%20-%20Apple%20introduced%20Mac%20OS%20X%2C%20marrying%20Unix%20stability%20with%20a%20user-friendly%20interface%3Cbr%3E2006%20-%20Apple%20adopted%20Intel%20processors%20in%20MacBook%20Pro%20laptops%3Cbr%3E2008%20-%20Apple%20introduced%20the%20MacBook%20Air%2C%20a%20lightweight%20laptop%3Cbr%3E2012%20-%20Apple%20launched%20the%20MacBook%20Pro%20with%20a%20retina%20display%3Cbr%3E2016%20-%20The%20Mac%20operating%20system%20underwent%20rebranding%20as%20macOS%3Cbr%3E2020%20-%20Apple%20introduced%20the%20M1%20chip%20for%20Macs%2C%20combining%20high%20performance%20and%20energy%20efficiency%3Cbr%3E2022%20-%20The%20M2%20chip%20was%20announced%3Cbr%3E2023%20-The%20M3%20line-up%20of%20chip%20was%20announced%20to%20improve%20performance%20and%20add%20new%20capabilities%20for%20Mac.%3C%2Fp%3E%0A
Manikarnika: The Queen of Jhansi

Director: Kangana Ranaut, Krish Jagarlamudi

Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

Rating: 2.5/5

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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELee%20Cronin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyssa%20Sutherland%2C%20Morgan%20Davies%2C%20Lily%20Sullivan%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

ENGLAND TEAM

Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson

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INFO
How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

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%3Cp%3EAlyssa%20Alhadeff%2C%2014%3C%2Fp%3E%0A%3Cp%3EScott%20Beigel%2C%2035%0D%3C%2Fp%3E%0A%3Cp%3EMartin%20Duque%2C%2014%3C%2Fp%3E%0A%3Cp%3ENicholas%20Dworet%2C%2017%3C%2Fp%3E%0A%3Cp%3EAaron%20Feis%2C%2037%3C%2Fp%3E%0A%3Cp%3EJaime%20Guttenberg%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EChris%20Hixon%2C%2049%0D%3C%2Fp%3E%0A%3Cp%3ELuke%20Hoyer%2C%2015%3C%2Fp%3E%0A%3Cp%3ECara%20Loughran%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EGina%20Montalto%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EJoaquin%20Oliver%2C%2017%0D%3C%2Fp%3E%0A%3Cp%3EAlaina%20Petty%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EMeadow%20Pollack%2C%2018%3C%2Fp%3E%0A%3Cp%3EHelena%20Ramsay%2C%2017%0D%3Cbr%3E%0D%3C%2Fp%3E%0A%3Cp%3EAlex%20Schachter%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3ECarmen%20Schentrup%2C%2016%0D%3C%2Fp%3E%0A%3Cp%3EPeter%20Wang%2C%2015%3Cbr%3E%3C%2Fp%3E%0A
Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

MATCH INFO

Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

SERIE A FIXTURES

Saturday (UAE kick-off times)

Atalanta v Juventus (6pm)

AC Milan v Napoli (9pm)

Torino v Inter Milan (11.45pm)

Sunday

Bologna v Parma (3.30pm)

Sassuolo v Lazio (6pm)

Roma v Brescia (6pm)

Verona v Fiorentina (6pm)

Sampdoria v Udinese (9pm)

Lecce v Cagliari (11.45pm)

Monday

SPAL v Genoa (11.45pm)

2024%20Dubai%20Marathon%20Results
%3Cp%3E%3Cstrong%3EWomen%E2%80%99s%20race%3A%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Tigist%20Ketema%20(ETH)%202hrs%2016min%207sec%0D%3Cbr%3E2.%20Ruti%20Aga%20(ETH)%202%3A18%3A09%0D%3Cbr%3E3.%20Dera%20Dida%20(ETH)%202%3A19%3A29%0D%3Cbr%3EMen's%20race%3A%0D%3Cbr%3E1.%20Addisu%20Gobena%20(ETH)%202%3A05%3A01%0D%3Cbr%3E2.%20Lemi%20Dumicha%20(ETH)%202%3A05%3A20%0D%3Cbr%3E3.%20DejeneMegersa%20(ETH)%202%3A05%3A42%3C%2Fp%3E%0A

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Cagliari v AC Milan (6pm)

Lazio v Napoli (9pm)

Inter Milan v Atalanta (11.45pm)

Sunday

Udinese v Sassuolo (3.30pm)

Sampdoria v Brescia (6pm)

Fiorentina v SPAL (6pm)

Torino v Bologna (6pm)

Verona v Genoa (9pm)

Roma V Juventus (11.45pm)

Parma v Lecce (11.45pm)

 

 

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EOutsized%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2016%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAzeem%20Zainulbhai%2C%20Niclas%20Thelander%2C%20Anurag%20Bhalla%20and%20Johann%20van%20Niekerk%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EIndia%2C%20South%20Africa%2C%20South-East%20Asia%2C%20Mena%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Recruitment%0D%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%3C%2Fstrong%3E%20%241%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20staff%20count%3A%3C%2Fstrong%3E%2040%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESeed%20and%20angel%20investors%0D%3Cbr%3E%3C%2Fp%3E%0A
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Fixtures

Wednesday

4.15pm: Japan v Spain (Group A)

5.30pm: UAE v Italy (Group A)

6.45pm: Russia v Mexico (Group B)

8pm: Iran v Egypt (Group B)

Our family matters legal consultant

 

Name: Hassan Mohsen Elhais

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

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: May 30, 2024, 7:06 AM