The Big Ticket has been running for 29 years and started out as a Dh1 million cash prize. Big Ticket
The Big Ticket has been running for 29 years and started out as a Dh1 million cash prize. Big Ticket
The Big Ticket has been running for 29 years and started out as a Dh1 million cash prize. Big Ticket
The Big Ticket has been running for 29 years and started out as a Dh1 million cash prize. Big Ticket

Man who kept buying lottery tickets after his friends gave up wins Dh12 million grand prize


Gillian Duncan
  • English
  • Arabic

A man who kept buying lottery tickets after his friends gave up was rewarded this week when he became the sole winner of the Dh12 million ($3.3m) grand prize.

Sharjah resident Shivamurthy Gali Krishnappa, a 42-year-old engineer from India, started buying Big Tickets with his friends, who set up a syndicate together four years ago.

But they became frustrated by their failure to win and dropped out a year ago.

He kept going and on Wednesday night his dedication paid off when he found out his ticket number, 202511, was the winning code for the lottery's biggest prize.

He bought the ticket on February 17 after claiming a "buy two get one free" offer, sharing the tickets with his son, daughter and wife. One Big Ticket Millionaire costs Dh500.

He found out he won while watching the Big Ticket show live.

After the announcement, Mr Krishnappa told a Big Ticket representative the “first thing you should do is trust in Big Ticket, because it is an investment".

“One day you will win so continue to buy because I have been buying for four years now and now my dream has come true," he said.

Other prizes in the draw included Dh1m, Dh100,000 and Dh80,000.

The Big Ticket’s next draw is set to take place on April 3, when the draw will be streamed live.

The event has been running since 1992, when it started out as Dh1m prize giveaway and has gradually grown since.

Read more about previous lottery winners:

Filipina who won Dubai’s Dh1m lottery will keep receptionist job

Seven winners in Dubai share Dh1 million Mahzooz weekly jackpot

Emirates Loto winner uses prize money to help needy friends and relatives

Emirates Loto winner uses Dh100,000 prize to help family caught up in Beirut blast

Irish teacher in Abu Dhabi wins Dh500,000 with Emirates Loto after forgetting he had ticket

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.”

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

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Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates