Editorial: It's been a bad week for suspected criminals in UAE
A palatial house decorated with gold fixtures and vintage furniture is the home of the Gupta family in Dubai.
The billionaire brothers, Ajay, Atul and Rajesh Gupta, who allegedly looted billions from state-owned companies in South Africa, lived for a few years with their families in the luxury Emirates Hills community in Dubai.
Dubai Police arrested Atul and the youngest brother, Rajesh, after Interpol placed them on its most-wanted list. South African authorities have sought their arrest on charges of fraud, money laundering and allegedly bribing government officials to secure contracts.
The status of the eldest brother, Ajay, is not clear.
Almost every piece of furniture had a history, a legacy
Prateek Chaudhry,
Dubai-based designer
Very little information is available about the personal lives of the intensely private Indian family.
The National spoke to Prateek Chaudhry, a Dubai-based designer and friend of the Guptas, for a glimpse into their lives.
Founder and managing director of interior design company The First Ferry, Mr Chaudhry was a frequent visitor to their Emirates Hills home and their office in Boulevard Plaza near Burj Khalifa.
“It’s a tight-knit family. The brothers worked together and were very close,” said Mr Chaudhry.
“Everyone stayed in the same house, the brothers, their wives and children. They were one big joint family.”
Furniture once owned by the Tsars and Michael Jackson
When they first met in early 2018, the Guptas' assets had been frozen in South Africa as part of an investigation by law enforcement agencies.
The brothers are accused of siphoning off billions of rand in state funds and building a business empire through their ties to former president Jacob Zuma and his family.
Mr Chaudhry spent a lot of time with Atul between 2018 and 2019.
“There was no bling about him [Atul],” Mr Chaudhry said.
“He was very low profile in the way he dressed and spoke. You had to really listen to hear what he was saying.”
The Guptas' mother presided over prayers every evening.
“They ate only vegetarian food. Their mother is the centre of the home and the three brothers think the world of their mom,” he said.
“She did the puja every evening at 7pm when there was a aarti or a real big puja in the house. Anyone in the house at that time was called to be part of the prayers.”
Mr Chaudhry often discussed overseas projects with Mr Gupta from 10am until late evening, and took part in the prayers.
He was very low profile in the way he dressed and spoke. You had to really listen to hear what he was saying
Prateek Chaudhry on Atul Gupta
Duduzane Zuma, son of the former South African president and a business partner of the Guptas, was in the house and took part in an evening prayer session that Mr Chaudhry was invited to.
The Emirates Hills home had about 35 members of staff, with butlers hired from the city’s top hotels.
Gold inlay work decorated the walls of the 40,000sq ft, 10-bedroom house that boasted a grand staircase, hand-painted central dome, multiple reception rooms with marble floors, and chandeliers.
The house was furnished with antiques and collectables.
Furniture in the living rooms once belonged to Russian tsars, a sofa was owned by Michael Jackson and miniature models of six private jets that the family owns were on display.
“There was gold inlay in the walls but it was not over the top,” Mr Chaudhry said.
“I have seen the most fancy houses in Emirates Hills. Here, the gold never struck your eyes. I would define the architecture as stately.
“Almost every piece of furniture had a history, a legacy. There were several pieces of collectable furniture.
“I have seen descriptions of the house as lavish but it's not. It was a blend of wood panelling, gold and marble.”
The underground parking had space for more than 10 cars, one of which was a rare Rolls-Royce Twilight limited edition.
Luxury community
The Emirates Hills community is filled with tree-lined pathways, lush landscapes and many homes overlook lakes and green stretches of a championship golf course.
Mr Chaudhry designs the interiors of homes, yachts and landscapes in India and overseas. His boutique firm also collaborated with Gauri Khan, the wife of Bollywood movie star Shah Rukh Khan, on homes and restaurant spaces.
His ties with the Gupta family dwindled over the past few years as the family travelled more frequently overseas.
The Gupta brothers deny any wrongdoing and have fought the application of the Red Notices, saying they are the victims of a political witch hunt in South Africa.
“I don’t know about the right and wrong, I just knew him [Atul] as a person,” Mr Chaudhry said.
“I have worked with many wealthy people. He was different because when he came to my office, no one knew he was from the powerful Gupta family.
“Atul was one of the most soft-spoken people I have met in my life.
“When you work with the wealthy, they have an idea, an opinion and it's always their way.
“But with Atul, if you had a better idea he would listen to you.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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
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.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
UAE currency: the story behind the money in your pockets
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
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
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.