• A man looks at the new Sony PlayStation 5 console at a store in Tokyo, Japan. EPA
    A man looks at the new Sony PlayStation 5 console at a store in Tokyo, Japan. EPA
  • The new console launched on November 12 in Japan, the US, Canada, Mexico, Australia and New Zealand. EPA
    The new console launched on November 12 in Japan, the US, Canada, Mexico, Australia and New Zealand. EPA
  • PS5 arrived in Europe, the Middle East, Latin America, Asia and South Africa on November 19. EPA
    PS5 arrived in Europe, the Middle East, Latin America, Asia and South Africa on November 19. EPA
  • A customer walks away after purchasing the new Sony Playstation 5 in Seoul, South Korea. AFP
    A customer walks away after purchasing the new Sony Playstation 5 in Seoul, South Korea. AFP
  • Sony Playstation 5 branding replaces the traditional Oxford Circus underground logo on the platform of the tube station in London, UK, ahead of the console's launch. Reuters
    Sony Playstation 5 branding replaces the traditional Oxford Circus underground logo on the platform of the tube station in London, UK, ahead of the console's launch. Reuters
  • Sony Playstation 5 branding is displayed outside the Oxford Circus underground. Reuters
    Sony Playstation 5 branding is displayed outside the Oxford Circus underground. Reuters
  • A customer carries away a Playstation 5 console from an electronic store in Sydney. AFP
    A customer carries away a Playstation 5 console from an electronic store in Sydney. AFP

PlayStation 5 stock in Dubai: consoles may be available by Christmas


Nick Webster
  • English
  • Arabic

Gamers in Dubai may have to wait until mid-December or early 2021 before getting their hands on the latest Sony Playstation 5 console.

Shoppers were left disappointed during the first weekend sales as retailers experienced heavy demand.

The popular gaming system, priced at Dh2,100, sold out in advance across much of the country.

We only had a limited number of machines that had been pre-ordered back in August or September, so a lot of people were disappointed.

The official UAE launch was on Thursday, November 19 but almost all available machines were ordered pre-launch or reserved and shipped to customers.

Retailers are unlikely to have stocks replenished until at least the second week of December or even early 2021, they said.

Shoppers at Jumbo electronics in the Mall of the Emirates referred buyers to an online registration site so they could be notified once stock arrived.

“We only had a limited number of machines that had been pre-ordered back in August or September, so a lot of people were disappointed,” said Suhail, a sales assistant at the branch.

“It is four years since the PS4 Pro was launched, so there was a lot of anticipation.

“We will offer a first-come, first-served basis when we have more stock in, but it will only be sold through our online store.

“Hopefully, we will have a machine to go on display before Christmas.”

Some avid gamers paid extra to order pre-launch to ensure they had a console delivered on launch day.

Consoles imported from the US were on sale via Ebay for as much as Dh6,240 on Monday, almost three times the recommended retail price.

Demonstration models were also in short supply at Dubai electronics outlets.

The Mall of the Emirates branch of Geekay had one of the few machines on show and sold 100 consoles on pre-order. Staff there said new stock was unlikely until the new year.

E-max, also in Mall of the Emirates, sold 400 consoles to customers who had ordered, some as early as September.

Those prepared to pay online in advance faced a wait of at least three more weeks before the shop could deliver consoles as demand is likely to far exceed supply.

Sales managers in Sharaf DG stores said its limited supplies had sold out early to customers who ordered pre-launch.

At their Mall of the Emirates branch, all 25 machines available were sold a month in advance.

Etisalat advertised the digital edition of Playstation 5 for downloaded games for only Dh1679, but was also out of stock.

Researchers at the University of Oxford said video gaming will have a long-term effect on well-being in the Middle East as its popularity increases.

It comes after a surge in Arab-language gaming during the Covid-19 pandemic.

Twitch, the world’s largest live gaming steaming service reported an increase in Arab-language viewers during the pandemic.

  • The Sony PlayStation video game console was first released in 1994. This is a Japanese SCPH-1000, which was the very first model of PlayStation commercially released. Wikipedia Commons
    The Sony PlayStation video game console was first released in 1994. This is a Japanese SCPH-1000, which was the very first model of PlayStation commercially released. Wikipedia Commons
  • A Sony PlayStation 2, released in the year 2000. It is here shown with 8MB memory card and DualShock 2 controller. Wikipedia Commons
    A Sony PlayStation 2, released in the year 2000. It is here shown with 8MB memory card and DualShock 2 controller. Wikipedia Commons
  • The Sony PlayStation 3 (PS3) video game console, first released in 2006 as the successor to the PlayStation 2. This model is the CECHA01, one of the first two models released. It features a 60GB hard drive, hardware-based backwards compatibility with PS2 games and flash memory card readers. Wikipedia Commons
    The Sony PlayStation 3 (PS3) video game console, first released in 2006 as the successor to the PlayStation 2. This model is the CECHA01, one of the first two models released. It features a 60GB hard drive, hardware-based backwards compatibility with PS2 games and flash memory card readers. Wikipedia Commons
  • The Sony PlayStation 3 (PS3) video game console, shown with DualShock 3 controller. This is a seventh generation console first released in 2006 as the successor to the PlayStation 2. This model is the 'Slim', model 2001A, the first revision of the PlayStation 3 hardware that was made much lighter and smaller than the previous version. Wikipedia Commons
    The Sony PlayStation 3 (PS3) video game console, shown with DualShock 3 controller. This is a seventh generation console first released in 2006 as the successor to the PlayStation 2. This model is the 'Slim', model 2001A, the first revision of the PlayStation 3 hardware that was made much lighter and smaller than the previous version. Wikipedia Commons
  • A silver PSP-3000, the third-generation model of the PlayStation Portable portable game console, released in 2008. Wikipedia Commons
    A silver PSP-3000, the third-generation model of the PlayStation Portable portable game console, released in 2008. Wikipedia Commons
  • The PSP Go, an alternate model of the PlayStation Portable system from Sony. Released in 2009, it was a UMD-less version of the PSP, relying on digital-only versions of games. It has 16GB of internal storage and can be expanded with a proprietary memory card. Wikipedia Commons
    The PSP Go, an alternate model of the PlayStation Portable system from Sony. Released in 2009, it was a UMD-less version of the PSP, relying on digital-only versions of games. It has 16GB of internal storage and can be expanded with a proprietary memory card. Wikipedia Commons
  • The PSP Go, an alternate model of the PlayStation Portable system from Sony. Released in 2009, it was a UMD-less version of the PSP, relying on digital-only versions of games. It has 16GB of internal storage and can be expanded with a proprietary memory card. Wikipedia Commons
    The PSP Go, an alternate model of the PlayStation Portable system from Sony. Released in 2009, it was a UMD-less version of the PSP, relying on digital-only versions of games. It has 16GB of internal storage and can be expanded with a proprietary memory card. Wikipedia Commons
  • A North American Sony PSP-1000 handheld video game console. This was released in 2009.
    A North American Sony PSP-1000 handheld video game console. This was released in 2009.
  • The Sony Xperia Play phone, shown close. Released in 2011, this Android phone featured a slide-out section with traditional game controls, similar to a Sony PSP Go. It was able to play PlayStation Mobile games, which includes ports of original PlayStation games, PSP games and some original titles. Wikipedia Commons
    The Sony Xperia Play phone, shown close. Released in 2011, this Android phone featured a slide-out section with traditional game controls, similar to a Sony PSP Go. It was able to play PlayStation Mobile games, which includes ports of original PlayStation games, PSP games and some original titles. Wikipedia Commons
  • The Sony Xperia Play phone, shown opened. Released in 2011, this Android phone featured a slide-out section with traditional game controls, similar to a Sony PSP Go. It was able to play PlayStation Mobile games, which includes ports of original PlayStation games, PSP games and some original titles. Wikipedia Commons
    The Sony Xperia Play phone, shown opened. Released in 2011, this Android phone featured a slide-out section with traditional game controls, similar to a Sony PSP Go. It was able to play PlayStation Mobile games, which includes ports of original PlayStation games, PSP games and some original titles. Wikipedia Commons
  • The PlayStation Move controller. A motion-sensing controller for the PlayStation 3 and PlayStation 4, needs to be used in conjunction with the PS Eye or PS4 Camera. Wikipedia Commons
    The PlayStation Move controller. A motion-sensing controller for the PlayStation 3 and PlayStation 4, needs to be used in conjunction with the PS Eye or PS4 Camera. Wikipedia Commons
  • The PlayStation 4 Pro video game console. Produced by Sony and launched worldwide in November 2016, the Pro is an enhanced model of the original PlayStation 4 that offers extra capabilities through an upgraded GPU, faster RAM and a CPU with a higher clock speed. Wikipedia Commons
    The PlayStation 4 Pro video game console. Produced by Sony and launched worldwide in November 2016, the Pro is an enhanced model of the original PlayStation 4 that offers extra capabilities through an upgraded GPU, faster RAM and a CPU with a higher clock speed. Wikipedia Commons
  • The Sony PlayStation 5 Digital Edition console and DualSense controller. The PS5 came out in November 2020. Photo: Sony Interactive Entertainment
    The Sony PlayStation 5 Digital Edition console and DualSense controller. The PS5 came out in November 2020. Photo: Sony Interactive Entertainment

In September, Twitch recorded 317,265 Arab-language viewers, while in October the numbers jumped a little more than 30 per cent to 413,000.

That contributed to a total of 3.4 million viewers so far in 2020, with the figures likely to soar with the release of the latest Playstation.

Despite that forecast, some mental health experts said games should be played in moderation.

“The potential dangers associated with excessive gaming far outweigh the benefits,”said Dr Haseeb Rohilla, a psychiatrist at the Priory Wellbeing Centre, Dubai.

“While some gaming has provided certain benefits during the pandemic by offering a way to remain socially connected, in terms of promoting positive mental health, there is simply no comparison with being fully engaged with family and friends.”

Gaming releases the good chemical dopamine but an excess of the hormone in the brain reduces its production.

That can lead to potential problems, Dr Rohilla said.

“The result is that the player ends up with a diminished supply of this neurotransmitter, and often goes on to develop behavioural problems and withdrawal symptoms,” he said.

"Any form of screen time encourages sedentary behaviour so dedicated 'breaks' during the day should be set aside whereby children and adults are encouraged to be active and engage in face-to-face social interaction."

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

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%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
MATCH INFO

Chelsea 0

Liverpool 2 (Mane 50', 54')

Red card: Andreas Christensen (Chelsea)

Man of the match: Sadio Mane (Liverpool)

 

 

Where to apply

Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020

Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.

The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020. 

Racecard
%3Cp%3E8.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh70%2C000%20(Turf)%201%2C200m%3Cbr%3E9pm%3A%20Yas%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E9.30pm%3A%20Saadiyat%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E10pm%3A%20Reem%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%3Cbr%3E10.30pm%3A%20Arabian%20Triple%20Crown%20Round%203%20%E2%80%93%20Group%203%20(PA)%20Dh300%2C000%20(T)%202%2C400m%3Cbr%3E11pm%3A%20Al%20Maryah%20Island%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C600m%3C%2Fp%3E%0A
MATCH INFO

Barcelona v Real Madrid, 11pm UAE

Match is on BeIN Sports

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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).

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

Results

2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.

3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.

3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.

4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.

4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.

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HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The biog

Name: Mohammed Imtiaz

From: Gujranwala, Pakistan

Arrived in the UAE: 1976

Favourite clothes to make: Suit

Cost of a hand-made suit: From Dh550

 

No.6 Collaborations Project

Ed Sheeran (Atlantic)

HOW TO WATCH

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FORSPOKEN
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Company%20of%20Heroes%203
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Marvel's%20Spider-Man%202
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Assassin's%20Creed%20Mirage
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Starfield
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THE SPECS

Engine: 1.6-litre turbo

Transmission: six-speed automatic

Power: 165hp

Torque: 240Nm

Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)

On sale: Now

2018 ICC World Twenty20 Asian Western Sub Regional Qualifier

Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.

UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait

World T20 2020 Qualifying process:

  • Sixteen teams will play at the World T20 in two years’ time.
  • Australia have already qualified as hosts
  • Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
  • The final six teams will be decided by a 14-team World T20 Qualifier.

World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Results

2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)

3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson

3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar

4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer

4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi

5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly

6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 

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.”

Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

Origin
Dan Brown
Doubleday