• The body of a coronavirus victim inside an ambulance in front of Idlib’s al-Ziraa hospital in Syria. All photos by Abd Almajed Alkarh / The National.
    The body of a coronavirus victim inside an ambulance in front of Idlib’s al-Ziraa hospital in Syria. All photos by Abd Almajed Alkarh / The National.
  • Three members of the White Helmet pick up two bodies at Idlib’s al-Ziraa hospital before bringing them to the cemetery.
    Three members of the White Helmet pick up two bodies at Idlib’s al-Ziraa hospital before bringing them to the cemetery.
  • The ambulance arrives at the Salqeen cemetery in northwestern Syria. The body of a young woman who died from Covid-19 will be buried.
    The ambulance arrives at the Salqeen cemetery in northwestern Syria. The body of a young woman who died from Covid-19 will be buried.
  • Friends and family gather to offer prayers at Salqeen cemetery after the death of a loved one.
    Friends and family gather to offer prayers at Salqeen cemetery after the death of a loved one.
  • Three White Helmet volunteers gently place the body of Ghada Ismael inside a grave in northwestern Syria’s Salqeen cemetery.
    Three White Helmet volunteers gently place the body of Ghada Ismael inside a grave in northwestern Syria’s Salqeen cemetery.
  • Friends and relatives of Ghada Ismael bury her body. The 25-year-old woman died from Covid-19.
    Friends and relatives of Ghada Ismael bury her body. The 25-year-old woman died from Covid-19.
  • White Helmet members look at the friends and relatives of the victim.
    White Helmet members look at the friends and relatives of the victim.
  • White Helmet volunteer Ahmed El-Masry at his home in Idlib city, playing with his children.
    White Helmet volunteer Ahmed El-Masry at his home in Idlib city, playing with his children.
  • White Helmet volunteer Ahmed El-Masry at his home in Idlib city, playing with his children.
    White Helmet volunteer Ahmed El-Masry at his home in Idlib city, playing with his children.
  • Idlib’s tombstones stretch as far as the eye can see, bathed in a soft orange light as the sun sets on the horizon.
    Idlib’s tombstones stretch as far as the eye can see, bathed in a soft orange light as the sun sets on the horizon.
  • Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries.
    Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries.
  • Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries. He never expected to bury so many people.
    Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries. He never expected to bury so many people.
  • Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries. The cemetery is not big enough to bury people killed by bombings and the coronavirus, he says.
    Abdul Mohsen Latif is a gravedigger in one of Idlib’s cemeteries. The cemetery is not big enough to bury people killed by bombings and the coronavirus, he says.

World lost more than 20.5 million years of life to Covid-19, report shows


Daniel Bardsley
  • English
  • Arabic

More than 20.5 million years of life have been lost around the world since the Covid-19 outbreak began, a study has shown.

The report, based on data from 81 countries, lays bare the devastating loss caused by the pandemic and estimated that an average of 16 years of life have been lost from each death from Covid-19.

While highlighting the scale of the pandemic, the study may underestimate years of life lost (YLL) – calculated by comparing a person's age at death with their expected lifespan – because it uses figures from early January and excludes dozens of nations.

Published in the journal Scientific Reports, the research looked at life expectancy information and country-by-country projections of total Covid-19 fatalities when considering 1,279,866 deaths.

An estimated 20,507,518 years of life were lost in the 81 countries by early January, according to the research, which was led by the Centre for Research in Health and Economics in Barcelona.

The researchers calculated that in the worst-hit nations the pandemic caused the loss of between two and nine times as many years of life as seasonal influenza.

Friends and family gather to offer prayers for a loved one at Salqeen cemetery in north-west Syria. Abd Almajed Alkarh / The National
Friends and family gather to offer prayers for a loved one at Salqeen cemetery in north-west Syria. Abd Almajed Alkarh / The National

While older people are more likely to die from Covid-19, the study indicates that younger patients have been heavily affected in actual years of life lost, because each death of a younger person exacts a greater toll in YLL.

As a result, almost one third of YLL lost – 30.2 per cent – are in people aged less than 55, while 44.9 per cent are those between 55 and 75 and 25 per cent are in over-75s.

"Most deaths at younger ages are occurring in less developed countries, due to the fact that there is a higher prevalence of comorbidities at younger ages," said the study's lead author, Dr Hector Arolas.

“The overall result (one third of YLL have been in under-55s) is in fact the combination of less developed countries, with a high proportion of YLL attributed to younger ages, and developed countries, for which most YLL are concentrated in the oldest age group (75+).”

Men have been more heavily affected, with a 44 per cent higher number of years of life lost than women, the researchers found.

The amount of years of life lost because of the pandemic is estimated to be between one quarter and half that caused by heart conditions, the world's biggest killer.

Prof John Oxford, an infectious diseases expert from the University of London not connected to the study, said he thought the effect of the pandemic could have been lessened if some countries acted more quickly to control the spread of infection.

“Countries that reacted fast have had fewer deaths overall,” he said.

“There’s a lot to be gone over when this outbreak begins to die down and we look at what happened in an objective way.

“We’re going to find some countries need a good, hard kick and others less so. We can all probably learn from each other.”

While Covid-19 has caused significant loss of life, Prof Oxford said its effect in years of life lost has been much smaller than the Spanish flu pandemic between 1918 and 1920, which killed an estimated 50 million people.

“It doesn’t even approach the Spanish flu, because most people who died were young. If you’re a young person, you’re going to lose 60 years of life,” he said.

In recent times, HIV/Aids – officially classified as a global epidemic – has killed more than 30 million people over several decades, according to UN estimates.

The Covid-19 study is based on data up to January 6, by which time World Health Organisation figures indicated that more than 1.8 million people had lost their lives from the disease, almost 50 per cent more than the total included in the study.

Since then, the pandemic has been blamed for more than half a million more deaths, bringing the global death toll to more than 2.4 million, according to WHO data.

The effect of the pandemic has varied widely between continents.

The Americas have recorded in excess of 1.1 million deaths, Europe more than 823,000 and South-East Asia about 203,000.

The WHO said that in the Eastern Mediterranean more than 140,000 people have died and in Africa the death toll is slightly above 69,000.

In the Western Pacific about 27,500 people have lost their lives.

Covid-19 deaths in the UK – in pictures

  • As the UK passes 100,000 deaths, here's a look back at some of the most poignant moments of the pandemic. Photographs and memorials for those who died during the pandemic sit outside Riverside Church in Burton-on-Trent, England. The 13 crosses include three members from the same family: Jayne Harvey, 62, died from Covid-19 after nursing her parents Keith and Jean McVicar through the virus. Getty Images
    As the UK passes 100,000 deaths, here's a look back at some of the most poignant moments of the pandemic. Photographs and memorials for those who died during the pandemic sit outside Riverside Church in Burton-on-Trent, England. The 13 crosses include three members from the same family: Jayne Harvey, 62, died from Covid-19 after nursing her parents Keith and Jean McVicar through the virus. Getty Images
  • Daniel, the son of the late Eric Stonestreet, and daughter Victoria embrace after the service for their father at Ipswich Crematorium in May. Eric Stonestreet was a British Army veteran with the 1st Battalion Royal Green Jackets. He served in Guyana, Hong Kong, Germany and did five tours of duty in Northern Ireland. Though Eric had suffered from PTSD, his family said he had no underlying health problems. He left behind his son Daniel and daughter Victoria. Getty Images
    Daniel, the son of the late Eric Stonestreet, and daughter Victoria embrace after the service for their father at Ipswich Crematorium in May. Eric Stonestreet was a British Army veteran with the 1st Battalion Royal Green Jackets. He served in Guyana, Hong Kong, Germany and did five tours of duty in Northern Ireland. Though Eric had suffered from PTSD, his family said he had no underlying health problems. He left behind his son Daniel and daughter Victoria. Getty Images
  • Canon Maggie McLean, the canon missioner at York Minster, lights the Paschal Candle in memory of victims of coronavirus in May. York Minster launched a new initiative for worshipers to email a request for their loved one to be remembered in a prayer that would be said by clergy at the Paschal Candle. Getty Images
    Canon Maggie McLean, the canon missioner at York Minster, lights the Paschal Candle in memory of victims of coronavirus in May. York Minster launched a new initiative for worshipers to email a request for their loved one to be remembered in a prayer that would be said by clergy at the Paschal Candle. Getty Images
  • Darrell Blakely, 88, a church choir singer from Alkrington, Greater Manchester. Darrell died after contracting coronavirus at a restaurant when he came into contact with a skier returning from northern Italy. His son Jonathan has told of his heartbreak that he could not be with his father in his "direst hour" due to strict rules surrounding the respiratory disease. Rex/Shutterstock
    Darrell Blakely, 88, a church choir singer from Alkrington, Greater Manchester. Darrell died after contracting coronavirus at a restaurant when he came into contact with a skier returning from northern Italy. His son Jonathan has told of his heartbreak that he could not be with his father in his "direst hour" due to strict rules surrounding the respiratory disease. Rex/Shutterstock
  • Mary Orme embraces her mother Rose McKimm, during a Christmas Day visit at Aspen Hill Village care home in Hunslet, Leeds. The care home was able to host almost 50 visits for family members during the Christmas period. Getty Images
    Mary Orme embraces her mother Rose McKimm, during a Christmas Day visit at Aspen Hill Village care home in Hunslet, Leeds. The care home was able to host almost 50 visits for family members during the Christmas period. Getty Images
  • Queen Elizabeth II awards Captain Sir Thomas Moore with the insignia of Knight Bachelor at Windsor Castle in July. British World War II veteran Captain Tom Moore raised over £32 million for the NHS during the coronavirus pandemic. Getty Images
    Queen Elizabeth II awards Captain Sir Thomas Moore with the insignia of Knight Bachelor at Windsor Castle in July. British World War II veteran Captain Tom Moore raised over £32 million for the NHS during the coronavirus pandemic. Getty Images
  • A nurse at Aintree University Hospital in Liverpool sheds a tear as she pays tribute to 'Captain Tom'. Getty Images
    A nurse at Aintree University Hospital in Liverpool sheds a tear as she pays tribute to 'Captain Tom'. Getty Images
  • Craig Ruston, 45, who was at the time the youngest coronavirus patient to die in the UK, in March 2020. Mr Rushton, a father of two from Kettering, had motor neuron disease. His wife Sally wrote on Facebook: "My amazing Craig passed away yesterday morning at 6.20am. We are truly heartbroken." Rex/Shutterstock
    Craig Ruston, 45, who was at the time the youngest coronavirus patient to die in the UK, in March 2020. Mr Rushton, a father of two from Kettering, had motor neuron disease. His wife Sally wrote on Facebook: "My amazing Craig passed away yesterday morning at 6.20am. We are truly heartbroken." Rex/Shutterstock
  • David Lewis, centre, husband to Gladys and father to Darren and Dean Lewis, is helped out of church by mourners during the funeral of Gladys, Dean, and Darren at St Peter's Church in Pentre, South Wales. Mrs Lewis and her two sons all died of Covid-19 within five days of each other. Getty Images
    David Lewis, centre, husband to Gladys and father to Darren and Dean Lewis, is helped out of church by mourners during the funeral of Gladys, Dean, and Darren at St Peter's Church in Pentre, South Wales. Mrs Lewis and her two sons all died of Covid-19 within five days of each other. Getty Images
  • Geoff Holland, 90, and Jenny Holland, 86, are seen after receiving their injections of the Oxford/AstraZeneca vaccine in Mansfield. The couple, who met in a sheltered housing complex, were due to be married in April but had to postpone their wedding twice due to lockdown restrictions. They eventually held their ceremony in August. Reuters
    Geoff Holland, 90, and Jenny Holland, 86, are seen after receiving their injections of the Oxford/AstraZeneca vaccine in Mansfield. The couple, who met in a sheltered housing complex, were due to be married in April but had to postpone their wedding twice due to lockdown restrictions. They eventually held their ceremony in August. Reuters
  • Pilot John Romain stands with his NHS Spitfire aircraft. The plane is covered in handwritten names of people nominated for acts of kindness during the coronavirus pandemic. After taking off from its home base at Duxford Airfield in Cambridgeshire, its flight path takes it over hospitals and local communities around the country. Getty Images
    Pilot John Romain stands with his NHS Spitfire aircraft. The plane is covered in handwritten names of people nominated for acts of kindness during the coronavirus pandemic. After taking off from its home base at Duxford Airfield in Cambridgeshire, its flight path takes it over hospitals and local communities around the country. Getty Images
  • Heart transplant patient Richard Priest is clapped out by staff as he leaves Royal Papworth Hospital, Cambridge. Mr Priest had been in the hospital waiting for the transplant for more than 200 days, throughout the entire coronavirus pandemic. Getty Images
    Heart transplant patient Richard Priest is clapped out by staff as he leaves Royal Papworth Hospital, Cambridge. Mr Priest had been in the hospital waiting for the transplant for more than 200 days, throughout the entire coronavirus pandemic. Getty Images
  • Donna Campbell, 54, died after testing positive for coronavirus while working as a nurse in the intensive care unit at University Hospital of Wales. Rex/Shutterstock
    Donna Campbell, 54, died after testing positive for coronavirus while working as a nurse in the intensive care unit at University Hospital of Wales. Rex/Shutterstock
  • A memorial service for the victims of coronavirus at Manchester Cathedral in July. The service was held with social distancing measures and streamed online to honour those who have died. Getty Images
    A memorial service for the victims of coronavirus at Manchester Cathedral in July. The service was held with social distancing measures and streamed online to honour those who have died. Getty Images
  • Ann Clapham, the sister of Covid-19 victim Dennis Clapham, her son Andrew and niece Ellie attend Mr Clapham's funeral and celebration service in Shipley, West Yorkshire. Ann cared for her brother at home during his illness. Getty Images
    Ann Clapham, the sister of Covid-19 victim Dennis Clapham, her son Andrew and niece Ellie attend Mr Clapham's funeral and celebration service in Shipley, West Yorkshire. Ann cared for her brother at home during his illness. Getty Images
  • People wearing face masks and holding lanterns attend a vigil for the victims of the coronavirus on Westminster Bridge in London. Getty Images
    People wearing face masks and holding lanterns attend a vigil for the victims of the coronavirus on Westminster Bridge in London. Getty Images
  • Margaret Keenan, 90, is applauded by staff as she returns to her ward after becoming the first person in the United Kingdom to receive the Pfizer-BioNtech Covid-19 vaccine on December 8, 2020 in Coventry. Getty Images
    Margaret Keenan, 90, is applauded by staff as she returns to her ward after becoming the first person in the United Kingdom to receive the Pfizer-BioNtech Covid-19 vaccine on December 8, 2020 in Coventry. Getty Images
  • Medical staff at Louisa Jordan Hospital stand during a UK-wide moment of silence to commemorate workers who have died from coronavirus in April in Glasgow. Getty Images
    Medical staff at Louisa Jordan Hospital stand during a UK-wide moment of silence to commemorate workers who have died from coronavirus in April in Glasgow. Getty Images
  • NHS staff applaud themselves and their colleagues at the entrance of the Royal Liverpool Hospital as part of the "Clap for Our Carers" campaign in April. Getty Images
    NHS staff applaud themselves and their colleagues at the entrance of the Royal Liverpool Hospital as part of the "Clap for Our Carers" campaign in April. Getty Images
  • Marks made from wearing PPE are pictured on the face of nurse Susie Jewsbury, who works on the intensive care unit at Frimley Park Hospital in Frimley, south-west England. AFP
    Marks made from wearing PPE are pictured on the face of nurse Susie Jewsbury, who works on the intensive care unit at Frimley Park Hospital in Frimley, south-west England. AFP
  • Care home resident Albert Rose, 98, looks on as carers and staff applaud him outside Richden Park care home in Scunthorpe. There was an appeal for people to come forward and help the resident celebrate his birthday, after his only surviving relative was not able to visit due to the pandemic. AFP
    Care home resident Albert Rose, 98, looks on as carers and staff applaud him outside Richden Park care home in Scunthorpe. There was an appeal for people to come forward and help the resident celebrate his birthday, after his only surviving relative was not able to visit due to the pandemic. AFP
  • Nurse Tina has her name on her visor and a picture of herself on her apron in an intensive care unit where she is treating victims of the coronavirus in Frimley Park Hospital in Surrey. Getty Images
    Nurse Tina has her name on her visor and a picture of herself on her apron in an intensive care unit where she is treating victims of the coronavirus in Frimley Park Hospital in Surrey. Getty Images
  • A trained volunteer walks past coffins stacked next to refrigeration units inside the temporary mortuary set up in the car park of Central Jamia Mosque Ghamkol Sharif in Birmingham in April. The temporary mortuary was set up to deal with the pressure of the Covid 19 outbreak. AFP
    A trained volunteer walks past coffins stacked next to refrigeration units inside the temporary mortuary set up in the car park of Central Jamia Mosque Ghamkol Sharif in Birmingham in April. The temporary mortuary was set up to deal with the pressure of the Covid 19 outbreak. AFP
  • A member of staff looks at artwork by street artist Banksy called 'Game Changer', showing a boy playing with a nurse superhero toy, on a wall at the University Hospital Southampton. AFP
    A member of staff looks at artwork by street artist Banksy called 'Game Changer', showing a boy playing with a nurse superhero toy, on a wall at the University Hospital Southampton. AFP
  • Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak stand inside the Cabinet Room of 10 Downing Street, London, to observe a minute's silence in tribute to the NHS staff and key workers who have died during the coronavirus outbreak. Getty Images
    Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak stand inside the Cabinet Room of 10 Downing Street, London, to observe a minute's silence in tribute to the NHS staff and key workers who have died during the coronavirus outbreak. Getty Images
  • A nurse takes a video of a newborn baby in the maternity ward at Frimley Park Hospital in Surrey to send to the parents, as visiting hours are restricted because of the pandemic. Getty Images
    A nurse takes a video of a newborn baby in the maternity ward at Frimley Park Hospital in Surrey to send to the parents, as visiting hours are restricted because of the pandemic. Getty Images
  • Chloe Middleton, 21, died after contracting coronavirus in March 2020. Her mother, Diane Middleton, issued a warning to others on Facebook following her daughter's death. She wrote: "To all the people out there that thinks it's just a virus please think again speaking from a personal experience this so called virus has taken the life of my 21 year old daughter". Rex/Shutterstock
    Chloe Middleton, 21, died after contracting coronavirus in March 2020. Her mother, Diane Middleton, issued a warning to others on Facebook following her daughter's death. She wrote: "To all the people out there that thinks it's just a virus please think again speaking from a personal experience this so called virus has taken the life of my 21 year old daughter". Rex/Shutterstock
  • Ellis Tustin, the grandson of Berrice Moore, holds up his grandfather's name as he stages a personal protest against Prime Minister Boris Johnson outside the Houses of Parliament in May. Mr Tustin believes that the government is forgetting that each of the figures listed in the daily death toll update is a real person. He is displaying the name as Mr Johnson passes on the way to and from the weekly PMQ session. Getty Images
    Ellis Tustin, the grandson of Berrice Moore, holds up his grandfather's name as he stages a personal protest against Prime Minister Boris Johnson outside the Houses of Parliament in May. Mr Tustin believes that the government is forgetting that each of the figures listed in the daily death toll update is a real person. He is displaying the name as Mr Johnson passes on the way to and from the weekly PMQ session. Getty Images
  • Dental nurses embrace before treating a possible Covid-19 positive patient at the Dental Unit at Coed Celyn Hospital in Wrexham. It is the only time the nurses can embrace and have a team hug after fully dressing in their full personal protection equipment. Getty Images
    Dental nurses embrace before treating a possible Covid-19 positive patient at the Dental Unit at Coed Celyn Hospital in Wrexham. It is the only time the nurses can embrace and have a team hug after fully dressing in their full personal protection equipment. Getty Images
UAE currency: the story behind the money in your pockets
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.

Racecard

2pm Handicap Dh 90,000 1,800m

2.30pm Handicap Dh120,000 1,950m

3pm Handicap Dh105,000 1,600m

3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m

4pm Maiden Dh75,000 1,600m

4.30pm Conditions Dh250,000 1,400m

5pm Maiden Dh75,000 1,600m

5.30pm Handicap Dh85,000 1,000m

 

The National selections:

2pm Arch Gold

2.30pm Conclusion

3pm Al Battar

3.30pm Golden Jaguar

4pm Al Motayar

4.30pm Tapi Sioux

5pm Leadership

5.30pm Dahawi

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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.”

THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

MATCH INFO

Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

COMPANY%20PROFILE
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Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Mountain%20Boy
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