ABU DHABI // Fireworks lit up the night sky, popping in brilliant colours over Emirates Palace, eliciting cheers and applause from thousands of New Year’s Eve revellers picnicking and strolling along the Corniche beach.
“Wow, that was amazing,” said Filipina Jocelyn Hizole of the five-minute spectacle. “No, we want more.”
A fireworks show at Saadiyat Island could also simultaneously be seen from the Corniche.
“Every year we celebrate here on the Corniche, we like to enjoy our last day of the year here,” said Fatima Al Ameri, whose family was drinking tea and Arabic coffee and eating sweets on an grassy patch of land near the water. “We like the fireworks, every year they do it here.”And anticipation was high for the stroke of midnight as hundreds of revellers waited to ring in the new year watching what was billed as the capital’s largest fireworks show on Al Maryah Island.
Mubadala, which owns the central business district on the island featuring the high-end The Galleria mall, the Cleveland Clinic Abu Dhabi, Rosewood Abu Dhabi, four office towers, the city’s Financial Building and the soon-to-open Four Seasons Hotel, organised events in advance of the midnight fireworks show along its promenade.
As guests arrived at Sowwah Square they were handed noisemakers, bright New Year’s Eve hats and colourful leis to help them welcome the new year. Musicians performed on an outdoor stage on the promenade as children danced and twirled, throwing fake snow in the air.
Countdowns from Tokyo and other major cities were broadcast live on large screens throughout the complex, giving the audience in Abu Dhabi a chance to share in the international festivities and celebrations. Meanwhile, two emcees promised everyone “the biggest fireworks this year in the capital” and invited them to share their experiences on social media using the hashtags #inwiththenew #almaryahisland.
Saed Arar, associate director for Mubadala Real Estate and Infrastructure, said he hoped the New Year’s Eve festivities on the island would gain momentum year after year.
“We’d like to compare ourselves to Sydney Harbour, Times Square [New York],” said Mr Arar. “Al Maryah Island, with it being the central business district, is definitely something iconic for Abu Dhabi. Abu Dhabi now is on the map so you will see more activities around the city. We’re complementing everything else in the city. We’re just a piece of the puzzle, but we would like to be an international piece of the puzzle.”
Sara Al Mazrouei, a 26-year-old Emirati, said in the past her family would go to the Corniche to watch the fireworks on New Year’s Eve. She welcomed the change.
“We like it, it’s nice,” said Ms Al Mazrouei, who was accompanied by her sister, Meera, 22. “It’s a new experience.”
Ashik Dennis, a 22-year-old Indian who has lived most of his life here, said he enjoyed strolling along the promenade and Festival Market with his parents, sister and brother-in-law.
“It’s something for Abu Dhabi to cheer for,” Mr Dennis said of the new celebrations. The young man said last year had been a “roller coaster ride, but with more ups than downs”. He was looking forward to the new year.
“Although 2014 was good for us, it was not good globally,” said Mr Dennis. “There were a lot of tragedies and accidents, so I hope next year is better.”
Many revellers echoed the wish for world peace and safe travels.
“You know, because we had many problems, I hope that peace comes to the people in the region,” said Ms Al Mazrouei. “I hope no planes crash again. I think 2014 was very depressing. I’m happy to leave it behind.”
Rana Khabbaz pulled out her mobile phone to capture video of her young son twirling in front of the stage to recorded music.
“We just wish for peace and health and wealth,” the 31-year-old said.
Camille Hilmi sat along the promenade with his wife and daughter, watching passersby.
He hoped the new year would be “less disastrous than 2014”.
The President, Sheikh Khalifa, sent happy new year messages to “leaders of friendly countries”, wishing them health, prosperity and progress for their people.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, also sent messages to the world leaders.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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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.”
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods