• An aerial image released in June 2021 of the Abrahamic Family House on Saadiyat Island shows that work is well under way. Photo: Abu Dhabi Media Office
    An aerial image released in June 2021 of the Abrahamic Family House on Saadiyat Island shows that work is well under way. Photo: Abu Dhabi Media Office
  • A rendering of the finished interior of the Imam Al Tayeb Mosque, part of the Abrahamic Family House, on Saadiyat Island, Abu Dhabi. Photo: Adjaye Associates
    A rendering of the finished interior of the Imam Al Tayeb Mosque, part of the Abrahamic Family House, on Saadiyat Island, Abu Dhabi. Photo: Adjaye Associates
  • An artist's illustration of the Abrahamic Family House. Photo: Abu Dhabi Government
    An artist's illustration of the Abrahamic Family House. Photo: Abu Dhabi Government
  • The Saadiyat Island site is home to a church, mosque and synagogue. Pictured is a rendering of St Francis Church. Photo: Abu Dhabi Media Office
    The Saadiyat Island site is home to a church, mosque and synagogue. Pictured is a rendering of St Francis Church. Photo: Abu Dhabi Media Office
  • The Saadiyat Island site houses a mosque, church and synagogue. Pictured is Moses Ben Maimon Synagogue. Photo: Abu Dhabi Media Office
    The Saadiyat Island site houses a mosque, church and synagogue. Pictured is Moses Ben Maimon Synagogue. Photo: Abu Dhabi Media Office

First images of Abu Dhabi's Abrahamic Family House under construction released


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  • Arabic

Construction work is well under way on the Abrahamic Family House, Abu Dhabi's multi-faith place of worship.

New images show the foundations of the church, mosque and synagogue being built on Saadiyat Island.

The names of the three houses of worship have been revealed as Imam Al Tayeb Mosque, St Francis Church, and Moses ben Maimon Synagogue.

The project, which also includes a cultural centre, will welcome visitors to worship, learn and engage in dialogue.

Overseeing the development of this iconic project is inspiring and reflective of the UAE efforts in realising the values of the Document on Human Fraternity and fostering its lofty principle

A fifth of the project is now complete, officials said, and it is due to open in 2022.

The project is a legacy of Pope Francis's visit to Abu Dhabi in February 2019.

Its design was unveiled by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, at a meeting of the Higher Committee of Human Fraternity, in New York.

The committee is a group of religious leaders, scholars and cultural leaders who were inspired by the Document on Human Fraternity, signed by Pope Francis and Dr Ahmed Al Tayeb, the Grand Imam of Al Azhar, during the pontiff's visit to Abu Dhabi.

The Abrahamic Family House's design, by Ghanaian-British architect Sir David Adjaye, captures the values shared between Judaism, Christianity and Islam.

The complex "recounts the history and builds bridges between human civilisations and heavenly messages", Abu Dhabi's government said on Tuesday, and is set to be a physical manifestation of the Document on Human Fraternity signed by Pope Francis and Dr Ahmed Al Tayeb, the Grand Imam of Al Azhar, during the pontiff's visit. The synagogue, for example, is named after Moses Ben Maimon, a 12th century Jewish scholar and philosopher.

Mohamed Al Mubarak, chairman of the Department of Culture and Tourism - Abu Dhabi and a member of the Higher Committee of Human Fraternity, said the site "epitomises interfaith harmonious co-existence and preserves the unique character of each religion".

An interior look at the mosque that will be part of the Abrahamic Family House. Courtesy Adjaye Associates
An interior look at the mosque that will be part of the Abrahamic Family House. Courtesy Adjaye Associates

"Overseeing the development of this iconic project is inspiring and reflective of the UAE's efforts in realising the values of the Document on Human Fraternity and fostering its lofty principles," Mr Al Mubarak said. He added that the names forge a message of goodwill for future generations around the world.

The project has advanced rapidly since it was announced on February 5, 2019 by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

Its construction in the capital of the UAE – a country home to dozens of nationalities peacefully practising a number of faiths – was particularly special, said officials.

While the places of worship are the same height, the designs and interiors will be significantly different.

“This is a really special project that hits on the trinity of this Abrahamic faith that is influencing over half the world's population,” said Mr Adjaye.

"This new initiative by the head imam, the Pope and the head rabbi of the region ... for the [leadership] of Abu Dhabi to commission this incredible project to make a statement about commonality is a very profound moment."

The Abrahamic House is just the latest initiative to demonstrate the country's long-standing commitment to tolerance, said officials.

Christians were allowed to practise their faith in what is now the UAE,even before the country was formed, while Abu Dhabi's first Hindu temple is set to open its doors in 2023.

The Pope visits the UAE – in pictures

  • Pope Francis arrives to speak to reporters aboard a plane on the way to Abu Dhabi. Reuters
    Pope Francis arrives to speak to reporters aboard a plane on the way to Abu Dhabi. Reuters
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai; Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Pope Francis, Head of the Catholic Church stand for a national anthem during a reception, at the Presidential Palace on the day two of the Holy See's official visit. Rashed Al Mansoori / Ministry of Presidential Affairs
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai; Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Pope Francis, Head of the Catholic Church stand for a national anthem during a reception, at the Presidential Palace on the day two of the Holy See's official visit. Rashed Al Mansoori / Ministry of Presidential Affairs
  • The landmark visit of Pope Francis to Abu Dhabi in February was an extraordinary, momentous occasion broadcast globally Victor Besa / The National
    The landmark visit of Pope Francis to Abu Dhabi in February was an extraordinary, momentous occasion broadcast globally Victor Besa / The National
  • Crowds cheer as Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
    Crowds cheer as Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
  • Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
    Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
  • Pope Francis presents a gift to Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on February 4, 2019. Also seen is Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Ministry of Presidential Affairs photo
    Pope Francis presents a gift to Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on February 4, 2019. Also seen is Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Ministry of Presidential Affairs photo
  • Pope Francis delivers mass at Zayed Sports City on February 5, 2019. Victor Besa / The National
    Pope Francis delivers mass at Zayed Sports City on February 5, 2019. Victor Besa / The National
  • Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
    Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
  • Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
    Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
  • Pope Francis, Head of the Catholic Church arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
    Pope Francis, Head of the Catholic Church arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
  • Worshippers pray during the mass held. byPope Francis in Abu Dhabi on February 5, 2019. Victor Besa / The National
    Worshippers pray during the mass held. byPope Francis in Abu Dhabi on February 5, 2019. Victor Besa / The National
  • On day two of the UAE papal visit, Pope Francis and Dr Ahmad Al Tayyeb, Grand Imam of the Al Azhar Al Sharif, tour Sheikh Zayed Grand Mosque. Saeed Al Neyadi / Ministry of Presidential Affairs
    On day two of the UAE papal visit, Pope Francis and Dr Ahmad Al Tayyeb, Grand Imam of the Al Azhar Al Sharif, tour Sheikh Zayed Grand Mosque. Saeed Al Neyadi / Ministry of Presidential Affairs
  • Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
    Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
  • Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
    Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
  • Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
    Worshipers attend mass at Zayed Sports City during the Pope's visit. Victor Besa / The National
  • Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
    Pope Francis arrives at the Zayed Sports City to deliver mass on February 5, 2019. Victor Besa / The National
  • Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid announce that the Abrahamic House will be built in Abu Dhabi in honour of Pope Francis and the Grand Imam, Dr Ahmed Al Tayeb.
    Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid announce that the Abrahamic House will be built in Abu Dhabi in honour of Pope Francis and the Grand Imam, Dr Ahmed Al Tayeb.
  • Pope Francis delivers a speech during the Founders Memorial event in Abu Dhabi on the first visit by the head of the Catholic church to the Muslim-majority Arabian Peninsula. AFP
    Pope Francis delivers a speech during the Founders Memorial event in Abu Dhabi on the first visit by the head of the Catholic church to the Muslim-majority Arabian Peninsula. AFP
  • Pope Francis speaks with athlete Chaica Al Qassimi after a reception at Al Mushrif Palace on February 4, 2019. Ryan Carter / Ministry of Presidential Affairs
    Pope Francis speaks with athlete Chaica Al Qassimi after a reception at Al Mushrif Palace on February 4, 2019. Ryan Carter / Ministry of Presidential Affairs
  • Pope Francis and Dr Ahmad Al Tayeb, Grand Imam of the Al Azhar Al Sharif unveil two new artworks belonging to Louvre Abu Dhabi and the Zayed National Museum. Abu Dhabi Department of Culture and Tourism
    Pope Francis and Dr Ahmad Al Tayeb, Grand Imam of the Al Azhar Al Sharif unveil two new artworks belonging to Louvre Abu Dhabi and the Zayed National Museum. Abu Dhabi Department of Culture and Tourism
  • Worshipers queue to get on a bus to take them to Zayed Sports City for mass. Victor Besa / The National
    Worshipers queue to get on a bus to take them to Zayed Sports City for mass. Victor Besa / The National
  • Worshipers queue to get on a bus to take them to Zayed Sports City for mass. Victor Besa / The National
    Worshipers queue to get on a bus to take them to Zayed Sports City for mass. Victor Besa / The National
  • Sheikh Mohamed bin Zayed bids farewell to Pope Francis at the Presidential Airport on February 5, 2019. Mohamed Al Hammadi / Ministry of Presidential Affairs
    Sheikh Mohamed bin Zayed bids farewell to Pope Francis at the Presidential Airport on February 5, 2019. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • Pope Francis waves goodbye as he leaves Abu Dhabi after his three-day visit in February 2019. Mohamed Al Hammadi / Ministry of Presidential Affairs
    Pope Francis waves goodbye as he leaves Abu Dhabi after his three-day visit in February 2019. Mohamed Al Hammadi / Ministry of Presidential Affairs
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

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

 

 

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

RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
BRAZIL SQUAD

Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings 
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10

BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

Visa changes give families fresh hope

Foreign workers can sponsor family members based solely on their income

Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.

Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process

In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.

In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.

To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation

 

 

 

UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants