• A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
    A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
  • An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
    An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
  • A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
    A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
  • Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
    Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
  • Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
    Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
  • Families eat in the shelter. Reuters
    Families eat in the shelter. Reuters
  • A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
    A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
  • A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
    A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
  • An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
    An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
  • A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
    A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
  • A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
    A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
  • An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
    An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
  • Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
    Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
  • Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
    Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
  • Ukrainians pass a damaged bridge as they flee from Irpin. AP
    Ukrainians pass a damaged bridge as they flee from Irpin. AP
  • A man carries an elderly woman as people continue to leave Irpin. AP
    A man carries an elderly woman as people continue to leave Irpin. AP
  • A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
    A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
  • A charred Russian tank and captured tanks in the Sumy region. Reuters
    A charred Russian tank and captured tanks in the Sumy region. Reuters
  • People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
    People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
  • Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
    Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
  • A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
    A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
  • A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
    A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
  • A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
    A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
  • A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
    A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
  • Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
    Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
  • Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
    Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
  • Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
    Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
  • Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
    Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
  • People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
    People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
  • A Ukrainian soldier stands guard next to a church in Irpin. EPA
    A Ukrainian soldier stands guard next to a church in Irpin. EPA
  • A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
    A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
  • Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
  • A Ukrainian soldier at a checkpoint in Kyiv. AP
    A Ukrainian soldier at a checkpoint in Kyiv. AP
  • Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
    Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
  • Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
    Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
    Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
  • A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
    A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
  • Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
    Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
  • Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
    Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
  • Volunteers carry medical aid and necessities at a train station in Lviv. EPA
    Volunteers carry medical aid and necessities at a train station in Lviv. EPA
  • Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
    Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
  • A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
    A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
  • A man walks past a checkpoint in heavy snow in Lviv. Getty
    A man walks past a checkpoint in heavy snow in Lviv. Getty
  • A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
    A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
  • Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
    Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
  • Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
    Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
  • Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
    Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
  • A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
    A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
  • Parents and children struggle to board a train in Lviv. AP
    Parents and children struggle to board a train in Lviv. AP

Eight ways Russia’s war in Ukraine is affecting space exploration


Sarwat Nasir
  • English
  • Arabic

A sector that was always shielded from political struggles on ground is becoming increasingly vulnerable after Russia’s invasion of Ukraine.

Sanctions imposed on Russia by the US, the UK, the EU and Japan are affecting activities in space as Russia suspended co-operation with many countries in response to the sanctions.

Germany suspended all scientific co-operation with Russia, which also stopped all Soyuz rocket launches from a French Guiana spaceport.

The National highlights eight ways space exploration is being affected.

Launch of UK’s OneWeb satellites cancelled

Russia has refused to launch 36 OneWeb satellites, which belong to a UK start-up.

It gave the company an ultimatum to sever links with the UK government for the launch to go ahead, but the company refused.

A Soyuz rocket with the satellites of British start-up OneWeb is removed from a launch pad at the Baikonur Cosmodrome in Kazakhstan on March 4, 2022. Reuters
A Soyuz rocket with the satellites of British start-up OneWeb is removed from a launch pad at the Baikonur Cosmodrome in Kazakhstan on March 4, 2022. Reuters

Russia’s demands were in response to sanctions imposed on it by the UK.

On March 4, the satellites were removed from the launch pad at Baikonur Cosmodrome in Kazakhstan. The cosmodrome has been the launch site for Soviet and Russian rockets since the country began to explore space in 1957.

OneWeb said it would no longer be using Russian Soyuz rockets for its launches.

ExoMars mission launch 'unlikely'

The European Space Agency announced that the launch of the joint ESA-Russian ExoMars mission is unlikely to go ahead in September.

The mission had been in development for many years and was one of the biggest joint projects by Russia and Europe, apart from the International Space Station.

“We are fully implementing sanctions imposed on Russia by our member states,” ESA said. “Regarding the ExoMars programme continuation, the sanctions and the wider context make a launch in 2022 very unlikely.”

ESA built the Rosalind Franklin rover for the mission and Russia contributed the rover’s landing platform and several science instruments.

The mission was supposed to lift-off on Russia’s Proton rocket.

Political struggles reach International Space Station

Since the space station was put in orbit 20 years ago, it was always protected from political instability.

But as Russia continues to respond aggressively against sanctions imposed on it, the future of co-operation on the ISS is being threatened.

Russia’s space agency Roscosmos announced that it was suspending all scientific collaboration with Germany on the space station.

There are seven astronauts on the ISS right now, including four Americans, two Russians and one German.

The ISS is a joint project by Russia, the US, Japan, Canada and the ESA.

  • The world's first space tourist Dennis Tito waves in front of the International Space Station crew on April 30, 2001. Courtesy: RTV
    The world's first space tourist Dennis Tito waves in front of the International Space Station crew on April 30, 2001. Courtesy: RTV
  • Painted Lady butterflies live in their habitat aboard the International Space Station. Courtesy: Nasa
    Painted Lady butterflies live in their habitat aboard the International Space Station. Courtesy: Nasa
  • Red romaine lettuce was the first vegetable to grow in space in August 2015. Courtesy: Nasa
    Red romaine lettuce was the first vegetable to grow in space in August 2015. Courtesy: Nasa
  • In 2016, British astronaut Tim Peake completed the fastest marathon in space. Courtesy: European Space Agency
    In 2016, British astronaut Tim Peake completed the fastest marathon in space. Courtesy: European Space Agency
  • Maj Hazza Al Mansouri meets the rest of the team at the International Space Station shortly after docking. Courtesy: Nasa
    Maj Hazza Al Mansouri meets the rest of the team at the International Space Station shortly after docking. Courtesy: Nasa

Operations on the ISS cannot stop right away, with both the American and Russian segments depending on each other. The US relies on the Russian segment of the station for propulsion while the Russians receive electrical power from the US segment.

However, Roscosmos chief Dmitry Rogozin did threaten that they could let the station fall back to Earth.

“If you block co-operation with us, who will save the ISS from an uncontrolled deorbit and fall into the United States or … Europe? There is also the option of dropping a 500-tonne structure [on] India and China,” he tweeted.

“Do you want to threaten them with such a prospect? The ISS does not fly over Russia, so all the risks are yours. Are you ready for them?”

Soyuz rocket launches from European spaceport suspended

Russia suspended all of its operations from the European spaceport in French Guiana in response to the sanctions imposed by the EU.

Roscosmos used to launch its Soyuz rockets from there. European company Arianespace also launches its rockets from French Guiana.

The Russian space agency withdrew all its employees — 87 in total — from the launch site that supported Soyuz launches.

The suspension has resulted in uncertainty over the fate of future launches, including two European Galileo navigation satellites that were scheduled to be put in orbit in April and another pair later in the year.

Germany switches off space telescope on Russian satellite

The eRosita telescope, funded by the German Aerospace Centre and Roscosmos, was put into safe mode after Germany announced it would no longer be involved in scientific collaboration with Russia.

The telescope had been studying black holes since it was launched in 2019 aboard a Russian-built Spectrum-Roentgen Gamma satellite.

“All collaboration activities with Russian institutions on current projects or projects in the planning stage will be terminated,” the German Aerospace Centre said. “There will be no new projects or initiatives with institutions in Russia.”

SpaceX prioritising cyber defence for its satellites

Billionaire Elon Musk had announced that SpaceX would be prioritise cyber defence and ways to overcome signal jamming to protect its Starlink internet satellites and its users.

The company activated the Starlink satellite broadband service in Ukraine, after a plea from Kyiv to provide the embattled country with stations.

But Mr Musk issued a warning that it was the only non-Russian communications service still operating in Ukraine, and the likelihood of it “being targeted was high”.

“SpaceX reprioritized to cyber defence and overcoming signal jamming. Will cause slight delays in Starship and Starlink V2,” he tweeted.

Russia stops supplying rocket engines to US

Mr Rogozin said that his country would no longer supply rocket engines to American companies.

These include the RD-180 engines that power the United Launch Alliance’s Atlas C rocket and the RD-181 engines that power the Northrop Grumman’s Antares rocket.

He said that the “US can fly on their brooms”, a phrase that quickly went viral in the space community, with SpaceX referring to one of their rockets as “American broomstick” during a live stream of a launch.

Twitter feud between Russia’s space chief and US astronaut

Russia’s space chief blocked US astronaut Scott Kelly after a feud between the two on Twitter.

Mr Kelly, who spent a year living on the space station, criticised Russia’s invasion of Ukraine and Mr Rogozin’s threats to pull out of the ISS.

“Get off, you moron!” Mr Rogozin said in a tweet that was later deleted. “Otherwise, the death of the International Space Station will be on your conscience.”

Mr Kelly replied in Russian, asking him why he deleted his tweet.

“Don't want everyone to see what kind of child you are?” Mr Kelly said.

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

UAE currency: the story behind the money in your pockets
MATCH INFO

Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')

Leeds United 0 

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The Case For Trump

By Victor Davis Hanson
 

HEADLINE HERE
  • I would recommend writing out the text in the body 
  • And then copy into this box
  • It can be as long as you link
  • But I recommend you use the bullet point function (see red square)
  • Or try to keep the word count down
  • Be wary of other embeds lengthy fact boxes could crash into 
  • That's about it
Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Day 1 fixtures (Saturday)

Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)

Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)

Squads

Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz

Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

If you go

The flights

Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.

The hotels

Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes. 

First Person
Richard Flanagan
Chatto & Windus 

MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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WIDE%20VIEW
%3Cp%3EThe%20benefits%20of%20HoloLens%202%2C%20according%20to%20Microsoft%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EManufacturing%3A%3C%2Fstrong%3E%20Reduces%20downtime%20and%20speeds%20up%20onboarding%20and%20upskilling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEngineering%20and%20construction%3A%3C%2Fstrong%3E%20Accelerates%20the%20pace%20of%20construction%20and%20mitigates%20risks%20earlier%20in%20the%20construction%20cycle%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20care%3A%3C%2Fstrong%3E%20Enhances%20the%20delivery%20of%20patient%20treatment%20at%20the%20point%20of%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducation%3A%3C%2Fstrong%3E%20Improves%20student%20outcomes%20and%20teaches%20from%20anywhere%20with%20experiential%20learning%3C%2Fp%3E%0A

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.”

Get Out

Director: Jordan Peele

Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

Four stars

Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5

Updated: March 10, 2022, 6:55 AM