• Hesham Al Jenaibi is the general manager of Yas Marina Circuit. All photos: Khushnum Bhandari / The National
    Hesham Al Jenaibi is the general manager of Yas Marina Circuit. All photos: Khushnum Bhandari / The National
  • Mr Al Jenaibi is preparing to welcome tens of thousands to Yas Island ahead of the F1 Abu Dhabi Grand Prix this weekend
    Mr Al Jenaibi is preparing to welcome tens of thousands to Yas Island ahead of the F1 Abu Dhabi Grand Prix this weekend
  • Mr Al Jenaibi says that his favourite part of the event is welcoming a global fanbase to the capital
    Mr Al Jenaibi says that his favourite part of the event is welcoming a global fanbase to the capital
  • The general manager said his favourite place to watch the race is from the West Grandstand, as you can see the start-finish line as well as the panoramic view of the circuit
    The general manager said his favourite place to watch the race is from the West Grandstand, as you can see the start-finish line as well as the panoramic view of the circuit
  • Mr Al Jenaibi says his role is very demanding and he works with junior members, as well as student volunteers, to prepare for the event
    Mr Al Jenaibi says his role is very demanding and he works with junior members, as well as student volunteers, to prepare for the event
  • He has also tested out a number of the circuit's driving experiences, including the Yas 3000
    He has also tested out a number of the circuit's driving experiences, including the Yas 3000
  • Mr Al Jenaibi says he is a racing fan, but since the teams are guests, he can't choose a favourite for the weekend
    Mr Al Jenaibi says he is a racing fan, but since the teams are guests, he can't choose a favourite for the weekend
  • The Emirati says he is looking forward to having the teams and F1 community back in the paddocks in Abu Dhabi
    The Emirati says he is looking forward to having the teams and F1 community back in the paddocks in Abu Dhabi
  • The event held at Yas Marina Circuit is also an opportunity for Mr Al Jenaibi to meet old friends
    The event held at Yas Marina Circuit is also an opportunity for Mr Al Jenaibi to meet old friends

Working Wonders: How Yas Marina Circuit boss gears up for F1 Abu Dhabi Grand Prix


  • English
  • Arabic

Our Working Wonders of the UAE series takes you to some of the country's most recognisable destinations to uncover the daily duties of the talented employees working there

The Formula One season culminates with the Abu Dhabi Grand Prix this weekend and, as drivers and celebrities flock to Yas Island, Hesham Al Jenaibi’s work goes into overdrive.

As the general manager of Yas Marina Circuit, Al Jenaibi will welcome tens of thousands to the island, from drivers to A-listers and music fans preparing to rock at the Foo Fighters' concert.

Here, the Emirati racing fan tells The National about how he has prepared for another record year, having welcomed 160,000 to last year’s event.

What makes the Abu Dhabi F1 so special?

My first year was back in 2012, so this will be my 12th Abu Dhabi Grand Prix weekend.

What I really enjoy about this event is seeing the global fanbase that we welcome to Abu Dhabi every year, with more international fans coming every year.

This is a true testament to how Abu Dhabi comes together to make this event a success so that's what makes this weekend so special to me.

Are you an F1 fan yourself and do you have a favourite driver?

I am a racing fan, but as all the teams are our guests, I can’t pick one for this weekend – it’s like asking who your favourite child is, you can’t choose one.

My personal favourite place to watch the race is from West Grandstand, as you can see the start-finish line as well as a panoramic view of the circuit.

Red Bulls' Max Verstappen won his first Formula One world championship at the Abu Dhabi Grand Prix in 2021. PA
Red Bulls' Max Verstappen won his first Formula One world championship at the Abu Dhabi Grand Prix in 2021. PA

It's a really unique place to be on F1 weekend, although, the obvious choice would have to be from the top of the Paddock Club overlooking the Pitlane.

We are looking forward to having the teams and the F1 community back in our paddock.

What are some of your most memorable moments over previous F1 weekends?

It’s been incredible to see the growth of the event year-on-year and how much it’s changed.

With the increase in popularity of the sport in recent years, we’ve found massive increases and build-up in footfall and traffic at the venue, which need anticipating and managing.

Last year on race day, we managed to move close to 40,000 people between 2.30pm and 5pm around Yas Island on approximately 80 buses without issue.

That’s a lot of people moving in a short timeframe, so that for me is a standout memory and source of pride.

There was one year when I met some of my former classmates, several years after we last spoke and what a place to meet again.

That's what's really special about the Abu Dhabi Grand Prix weekend is that our venue is a meeting place for people from around the globe.

What was your favourite aftershow concert?

Our busy schedule means many of the concerts blend together each year.

As a fan, however, Beyonce's show always stands out due to the significance of her performance at the first edition of the event in 2009.

The Foo Fighters will be headlining the Yasalam After-Race Concert at Etihad Park on Sunday night. Photo: Getty Images
The Foo Fighters will be headlining the Yasalam After-Race Concert at Etihad Park on Sunday night. Photo: Getty Images

While all the world-class performers offer something different across the four nights to our diverse audiences.

I think the one that everyone is looking forward to is Foo Fighters on Sunday night. That will be a nice way to end the weekend.

What might surprise people about your role?

It’s definitely how hands-on we are with logistics. You’re thinking about the overall venue but also small things that need to be fixed and how we can solve these, meaning I’m involved with people across all levels of the business.

I often find myself sitting with our junior members and even our student volunteers to work together on this.

Have you tried racing on the track yourself? How do you compare to the professionals?

I've tested out a number of our driving experiences many times, including the Yas 3000, which is as close as it gets to driving an F1 car around the circuit.

Unfortunately, I cannot compare my speed to that of the F1 drivers racing this weekend - their ability to make high-speed turns and overtakes is truly impressive once you take a test drive around the circuit.

What can fans expect this weekend?

For our fans coming from around the world, the journey from the new terminal will be a much easier experience.

Our Yas All In experience, which provides complimentary access to one of Yas Island’s adventure parks as well as Louvre Abu Dhabi and Qasr Al Watan, will offer our international fan base a number of incredible experiences for this year’s event.

Around the grounds here at Yas Marina Circuit and Etihad Park, our Oasis areas have grown and there will be a lot to look forward to, with new hospitality experiences and new grandstands introduced this year.

Yas Marina Circuit will also be open for longer hours so we are looking forward to welcoming our fans to the region’s biggest weekend this year for our milestone event.

Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The Matrix Resurrections

Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Fourth Arab Economic and Social Development Summit

As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019

Analyst: Aqib Mehboob of Saudi Fransi Capital

Top pick: National Commercial Bank

Reason: It will be at the forefront of project financing for government-led projects

 

Analyst: Shabbir Malik of EFG-Hermes

Top pick: Al Rajhi Bank

Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates

 

Analyst: Chiradeep Ghosh of Sico Bank

Top pick: Arab National Bank

Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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.”

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

The%20Iron%20Claw
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Sean%20Durkin%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Zac%20Efron%2C%20Jeremy%20Allen%20White%2C%20Harris%20Dickinson%2C%20Maura%20Tierney%2C%20Holt%20McCallany%2C%20Lily%20James%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

From exhibitions to the battlefield

In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.

It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.

It is driving positive change through innovation and technology, helping use resources more efficiently.

It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

RESULT

Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
  • Fifa Club World Cup - 2011

CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
  • League Cup - 2015

SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
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

SERIE A FIXTURES

Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)

Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)

Monday Fiorentina v Genoa (11.45pm)

Results

5pm Maiden (PA) Dh80,000 1,400m

Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)

5.30pm Handicap (PA) Dh80,000 1,600m

Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.

6pm Handicap (PA) Dh80,000 1,600m

Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.

6.30pm Handicap (PA) Dh80,000 2,200m

Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.

7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m

Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.

7.30pm Maiden (TB) Dh 80,000 2,200m

Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.

'Downton Abbey: A New Era'

Director: Simon Curtis

 

Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan

 

Rating: 4/5

 
UAE currency: the story behind the money in your pockets
Key 2013/14 UAE Motorsport dates

October 4: Round One of Rotax Max Challenge, Al Ain (karting)

October 1: 1 Round One of the inaugural UAE Desert Championship (rally)

November 1-3: Abu Dhabi Grand Prix (Formula One)

November 28-30: Dubai International Rally

January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)

March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)

April 4-10: Abu Dhabi Desert Challenge (Endurance)

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase. 
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”. 
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better. 
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Women%E2%80%99s%20Asia%20Cup
%3Cp%3ESylhet%2C%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%3Cbr%3ELost%20to%20Sri%20Lanka%20by%2011%20runs%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3C%2Fp%3E%0A
SPEC SHEET

Display: 10.4-inch IPS LCD, 400 nits, toughened glass

CPU: Unisoc T610; Mali G52 GPU

Memory: 4GB

Storage: 64GB, up to 512GB microSD

Camera: 8MP rear, 5MP front

Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio

Battery: 8200mAh, up to 10 hours video

Platform: Android 11

Audio: Stereo speakers, 2 mics

Durability: IP52

Biometrics: Face unlock

Price: Dh849

5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

HOSTS

T20 WORLD CUP 

2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland 

ODI WORLD CUP 

2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh 

CHAMPIONS TROPHY 

2025: Pakistan; 2029: India  

Scorline

Iraq 1-0 UAE

Iraq Hussein 28’

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%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Updated: November 23, 2023, 3:00 AM