UAE revellers welcome New Year in style at spectacular displays


Nick Webster
  • English
  • Arabic

From spectacular firework displays to mesmerising drone shows to illuminate the night sky, it was a New Year’s Eve to remember across the UAE as 2024 was welcomed in with true Emirati style.

Fireworks dazzled thousands of spectators who turned out at the Corniche in Abu Dhabi, while the Burj Khalifa display in Dubai signalled the end of 2023 with its trademark annual show.

Few cities around the world can match the firework displays seen across Dubai, while 800 drones took to the skies for two displays at 8pm and 10pm at Jumeirah Beach Residence and Bluewaters, with synchronised lights projected on to Ain Dubai, the world’s highest observation wheel.

Although New Year’s Eve celebrations and firework displays were banned in Sharjah, as a mark of respect to those in Gaza, there were plenty of other places across the country to see in 2024 with the traditional pyrotechnics.

New Year’s celebrations across UAE - in pictures

  • Ras Al Khaimah welcomed the new year with fireworks and a drone show. RAK Media Office
    Ras Al Khaimah welcomed the new year with fireworks and a drone show. RAK Media Office
  • Ras Al Khaimah's firework display was a sea of colour. RAK Media Office
    Ras Al Khaimah's firework display was a sea of colour. RAK Media Office
  • Ras Al Khaimah chased a Guinness World Record of the longest straight-line drones display. RAK Media Office
    Ras Al Khaimah chased a Guinness World Record of the longest straight-line drones display. RAK Media Office
  • Fireworks light up the sky by the landmark Burj Khalifa skyscraper in Dubai. AFP
    Fireworks light up the sky by the landmark Burj Khalifa skyscraper in Dubai. AFP
  • Fireworks over the Corniche in Abu Dhabi bring in 2024. Ruel Pableo for The National
    Fireworks over the Corniche in Abu Dhabi bring in 2024. Ruel Pableo for The National
  • Fireworks over the Corniche in Abu Dhabi bring in 2024. Ruel Pableo for The National
    Fireworks over the Corniche in Abu Dhabi bring in 2024. Ruel Pableo for The National
  • Light is projected from the Burj Khalifa just before the new year fireworks show begins. Reuters
    Light is projected from the Burj Khalifa just before the new year fireworks show begins. Reuters
  • Fireworks light up the sky by the Burj Al Arab hotel. AFP
    Fireworks light up the sky by the Burj Al Arab hotel. AFP
  • Fireworks displays along Dubai's coast on the stroke of midnight. AFP
    Fireworks displays along Dubai's coast on the stroke of midnight. AFP
  • Fireworks for New Years Eve in the UAE at Global Village, Dubai. Chris Whiteoak / The National
    Fireworks for New Years Eve in the UAE at Global Village, Dubai. Chris Whiteoak / The National
  • Fireworks for China during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Fireworks for China during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Performers during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Performers during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Fireworks for Pakistan during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Fireworks for Pakistan during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Fireworks for India during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Fireworks for India during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Fireworks for Bangladesh during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Fireworks for Bangladesh during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • A young visitor watches the performances during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    A young visitor watches the performances during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Performers during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Performers during New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Syrian cultural performers during New Year's Eve at Global Village, Dubai. Chris Whiteoak / The National
    Syrian cultural performers during New Year's Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Selfies for New Year's Eve at Global Village, Dubai. Chris Whiteoak / The National
    Selfies for New Year's Eve at Global Village, Dubai. Chris Whiteoak / The National
  • Visitors take selfies for New Years Eve at Global Village, Dubai. Chris Whiteoak / The National
    Visitors take selfies for New Years Eve at Global Village, Dubai. Chris Whiteoak / The National

At Global Village, seven separate firework displays went off on the hour from 8pm, with another display for India's celebration at 10.30pm.

Revellers poured into planned events across Dubai with the Queen Elizabeth 2 floating hotel in Port Rashid proving a prime location for some.

“On New Year’s Day you’ll see all the photographs of the celebrations from around the world and Dubai always features prominently, so it is a busy time for us,” said Ferghal Purcell, General Manager of Queen Elizabeth 2 Hotel, where two special events were being hosted to bring in the New Year at the Queen’s Grill restaurant and at the Pavilion deck.

“At 11.45 I walked guests down the port side of the ship to a privately reserved area to watch the New Year come in.

It hasn't been too difficult selling tickets as the views from there are spectacular
Sid Sattanathan,
general manager Radisson Hotel, Damac Hills

“We thought about it long and hard and it's been very well received.

“Our guests could go out on to the private yacht club to view the New Year and then all our in house guests went out on to the pavilion deck to watch the fireworks.

“We knew people wanted to go somewhere nice and get dressed up, be treated like a VIP and enjoy a special celebration at midnight – we tried to give them that experience.

“The QE2 has a great vista of the fireworks at the Burj Khalifa and elsewhere, Dubai has one of the biggest celebrations in the world now and people want to have a good view.”

Elsewhere in Dubai, guests enjoying a special gala dinner at The Atlantis, The Palm Jumeirah were treated to a live performance by Sting, and a front-row seat for some of the best fireworks in the Emirate.

Sid Sattanathan, general manager of the Radisson Hotel in Damac Hills, said the recently extended rooftop Peruvian restaurant – Issei – proved the perfect place to watch the displays unfold across Dubai.

“We sold out our 70-seater restaurant very early, which is an indication of how popular the venue has become for New Year’s Eve,” he said.

“It hasn't been too difficult selling tickets as the views from there are spectacular.

“Last year, we only opened in the middle of December so it was a relatively new venue. But now people know where we are and the great vantage point. It was an easy ticket to sell.

Sid Sattanathan, general manager of Raddison Blu Hotel in Damac Hills said the Issei restaurant was fully booked for New Year's Eve. Antonie Robertson/The National
Sid Sattanathan, general manager of Raddison Blu Hotel in Damac Hills said the Issei restaurant was fully booked for New Year's Eve. Antonie Robertson/The National

“From Issei, we have a good view of the fireworks from Burj Khalifa, from Global Village, Town Square and also from Expo and even as far as JBR.

“Most of our guests tonight have been from neighbouring communities, and it has been popular with people who have not wanted to fight the traffic to get in and out of the city.”

At beachfront destination Zero Gravity, a festival saw live music and DJ sets from Rudimental, Sigala, and Nathan Dawe into the early hours of January 1.

While over at McGettigan's venues across Dubai, many had been sold out weeks in advance of December 31.

There were few seats available at some of Abu Dhabi’s most popular hotspots too, with the Rosewood Hotel’s BB Social New Year’s Eve celebration fully booked well before Christmas.

“This year we noticed people in the capital were more excited and organised when it came to bookings,” said Tara Sillery, a spokeswoman for BB Social.

“In Dubai, the trend was more about booking on the day where we saw a surge in last-minute reservations.”

Desert camping

Not everyone was keen to join in the fast-paced festivities in the big cities, choosing a quieter family affair to see in the New Year instead.

Rhiannon Downie Hurst, 42, decided to ring in 2024 by camping in the Al Qudra desert with her husband and son, six.

“I surprised the family as one of their Christmas presents to arrange a desert camping trip for them,” said Ms Downie Hurst, who is British.

“We didn’t want to go out and party to watch the fireworks this year so decided to do something quieter and spend some time just the three of us under the stars in a peaceful environment.”

Ms Downie Hurst used a company to arrange the evening for them, including entertainment.

“It was a beautiful tepee camp with a projector so we could watch movies and play board games so it was really special.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

FIGHT%20CARD
%3Cp%3E%3Cstrong%3EFeatherweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYousuf%20Ali%20(2-0-0)%20(win-loss-draw)%20v%20Alex%20Semugenyi%20(0-1-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBenyamin%20Moradzadeh%20(0-0-0)%20v%20Rohit%20Chaudhary%20(4-0-2)%3Cbr%3E%3Cstrong%3EHeavyweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYoussef%20Karrar%20(1-0-0)%20v%20Muhammad%20Muzeei%20(0-0-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMarwan%20Mohamad%20Madboly%20(2-0-0)%20v%20Sheldon%20Schultz%20(4-4-0)%3Cbr%3E%3Cstrong%3ESuper%20featherweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBishara%20Sabbar%20(6-0-0)%20v%20Mohammed%20Azahar%20(8-5-1)%3Cbr%3E%3Cstrong%3ECruiseweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMohammed%20Bekdash%20(25-0-0)%20v%20Musa%20N%E2%80%99tege%20(8-4-0)%3Cbr%3E%3Cstrong%3ESuper%20flyweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3ESultan%20Al%20Nuaimi%20(9-0-0)%20v%20Jemsi%20Kibazange%20(18-6-2)%3Cbr%3E%3Cstrong%3ELightweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBader%20Samreen%20(8-0-0)%20v%20Jose%20Paez%20Gonzales%20(16-2-2-)%3C%2Fp%3E%0A

Turkish Ladies

Various artists, Sony Music Turkey 

Messi at the Copa America

2007 – lost 3-0 to Brazil in the final

2011 – lost to Uruguay on penalties in the quarter-finals

2015 – lost to Chile on penalties in the final

2016 – lost to Chile on penalties in the final

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%0D%3Cbr%3EIreland%20beat%20UAE%20by%20six%20wickets%0D%3Cbr%3EZimbabwe%20beat%20UAE%20by%20eight%20wickets%0D%3Cbr%3EUAE%20beat%20Netherlands%20by%2010%20wickets%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%0D%3Cbr%3EUAE%20v%20Vanuatu%2C%20Thursday%2C%203pm%2C%20Zayed%20Cricket%20Stadium%0D%3Cbr%3EIreland%20v%20Netherlands%2C%207.30pm%2C%20Zayed%20Cricket%20Stadium%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGroup%20B%20table%3C%2Fstrong%3E%0D%3Cbr%3E1)%20Ireland%203%203%200%206%20%2B2.407%0D%3Cbr%3E2.%20Netherlands%203%202%201%204%20%2B1.117%0D%3Cbr%3E3)%20UAE%203%201%202%202%200.000%0D%3Cbr%3E4)%20Zimbabwe%204%201%203%202%20-0.844%0D%3Cbr%3E5)%20Vanuatu%203%201%202%202%20-2.180%3C%2Fp%3E%0A
The five stages of early child’s play

From Dubai-based clinical psychologist Daniella Salazar:

1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.

2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.

3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.

4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.

5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

While you're here
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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

On the menu

First course

▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water  

▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle

Second course

▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo

▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa

Third course

▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro

▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis

Dessert

▶ Lumi Black lemon ice cream, pistachio, pomegranate

▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
 

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: December 31, 2023, 9:38 PM