A protester flees after hearing gunshots at Secunderabad railroad station in Hyderabad, India. Thousands of youths burnt train coaches and blocked tracks and roads with boulders as demonstrations continued for a second straight day against a new government recruitment plan for the military, June 17, 2022. AP
A protester flees after hearing gunshots at Secunderabad railroad station in Hyderabad, India. Thousands of youths burnt train coaches and blocked tracks and roads with boulders as demonstrations continued for a second straight day against a new government recruitment plan for the military, June 17, 2022. AP
Firefighters battle a blaze in Pumarejo de Tera near Zamora in northern Spain. Firefighters continue to fight several fires in Spain on the last day of an extreme heat wave, June 18, 2022. AFP
Firefighters battle a blaze in Pumarejo de Tera near Zamora in northern Spain. Firefighters continue to fight several fires in Spain on the last day of an extreme heat wave, June 18, 2022. AFP
Philadelphia police and firefighters line up to honour colleague Lt Sean Williamson, who was killed in an early morning building collapse, June 18, 2022. AP
Philadelphia police and firefighters line up to honour colleague Lt Sean Williamson, who was killed in an early morning building collapse, June 18, 2022. AP
A boy cools off in the Shatt Al-Arab waterway at the confluence of the Euphrates and Tigris rivers, in Iraq's southern city of Basra, June 18, 2022. AFP
A boy cools off in the Shatt Al-Arab waterway at the confluence of the Euphrates and Tigris rivers, in Iraq's southern city of Basra, June 18, 2022. AFP
A displaced Syrian child plays with a doll in the damaged building where she lives, in Syria's northern city of Raqa, June 18, 2022. AFP
A displaced Syrian child plays with a doll in the damaged building where she lives, in Syria's northern city of Raqa, June 18, 2022. AFP
Swiss freeride snowboarder, base jumper and wingsuit pilot Geraldine Fasnacht prepares to jump out of SolarStratos, a solar powered aircraft prototype, above the Alpine resort of Verbier, June 18, 2022. AP
Swiss freeride snowboarder, base jumper and wingsuit pilot Geraldine Fasnacht prepares to jump out of SolarStratos, a solar powered aircraft prototype, above the Alpine resort of Verbier, June 18, 2022. AP
A girl carries her brother as she wades through a flooded road after heavy rains on the outskirts of Agartala, India, June 18, 2022. Reuters
A girl carries her brother as she wades through a flooded road after heavy rains on the outskirts of Agartala, India, June 18, 2022. Reuters
New Colombian President Gustavo Petro gives a victory speech alongside running mate Francia Marquez at the Movistar Arena in Bogota, after winning the election. The former guerrilla becomes the country's first left-wing president after beating rival Rodolfo Hernandez at the polls, on June 19, 2022. AFP
New Colombian President Gustavo Petro gives a victory speech alongside running mate Francia Marquez at the Movistar Arena in Bogota, after winning the election. The former guerrilla becomes the country's first left-wing president after beating rival Rodolfo Hernandez at the polls, on June 19, 2022. AFP
The Red Arrows, the British RAF's aerobatic team, in formation at the Danish Air Show at Karup Airport, June 19, 2022. EPA
The Red Arrows, the British RAF's aerobatic team, in formation at the Danish Air Show at Karup Airport, June 19, 2022. EPA
South Korea's second home-produced rocket, Nuri, is prepared for launch at Naro Space Centre in Goheung. The event was rescheduled after aerospace engineers replaced a malfunctioning part, June 20, 2022. EPA
South Korea's second home-produced rocket, Nuri, is prepared for launch at Naro Space Centre in Goheung. The event was rescheduled after aerospace engineers replaced a malfunctioning part, June 20, 2022. EPA
Activists from the Communist Party of Nepal protest against the government's decision to increase fuel prices, in Kathmandu, Nepal, June 20, 2022. EPA
Activists from the Communist Party of Nepal protest against the government's decision to increase fuel prices, in Kathmandu, Nepal, June 20, 2022. EPA
Biologist Gabriela Santos shows seahorses in a jar as she collects them from the water off Urca beach as part of the Rio de Janeiro seahorse project run by Brazil's Santa Ursula University, June 20, 2022. AP
Biologist Gabriela Santos shows seahorses in a jar as she collects them from the water off Urca beach as part of the Rio de Janeiro seahorse project run by Brazil's Santa Ursula University, June 20, 2022. AP
A Ukrainian service member and a dog in the industrial area of Severodonetsk, as Russia's attack on Ukraine continues, June 20, 2022. Reuters
A Ukrainian service member and a dog in the industrial area of Severodonetsk, as Russia's attack on Ukraine continues, June 20, 2022. Reuters
Farm manager Martyn van Adrichem with Elsa at the Donkey Dairy Farm in Magaliesburg, Gauteng, South Africa. Chinese traditional medicine's demand for a gelatin made from donkey skins has led to a fall in the donkey population in South Africa. AFP
Farm manager Martyn van Adrichem with Elsa at the Donkey Dairy Farm in Magaliesburg, Gauteng, South Africa. Chinese traditional medicine's demand for a gelatin made from donkey skins has led to a fall in the donkey population in South Africa. AFP
India's Prime Minister Narendra Modi at a yoga lesson to celebrate International Day of Yoga, in front of the Mysore Palace in Mysore, southern India, June 21, 2022. AFP
India's Prime Minister Narendra Modi at a yoga lesson to celebrate International Day of Yoga, in front of the Mysore Palace in Mysore, southern India, June 21, 2022. AFP
US President Joe Biden holds a baby as he visits a Covid-19 vaccination clinic at the Church of the Holy Communion in Washington, June 21, 2022. AP
US President Joe Biden holds a baby as he visits a Covid-19 vaccination clinic at the Church of the Holy Communion in Washington, June 21, 2022. AP
Yogis take part in the 'Times Square: Mind Over Madness Yoga' event marking the summer solstice, in New York on June 21, 2022. AFP
Yogis take part in the 'Times Square: Mind Over Madness Yoga' event marking the summer solstice, in New York on June 21, 2022. AFP
An aerial view of the Tigris river and the western side of Iraq's northern city of Mosul during a dust storm, June 21, 2022. AFP
An aerial view of the Tigris river and the western side of Iraq's northern city of Mosul during a dust storm, June 21, 2022. AFP
Locals wait to receive humanitarian aid near a residential building in Borodyanka, Ukraine, damaged during a Russian attack, June 21, 2022. EPA
Locals wait to receive humanitarian aid near a residential building in Borodyanka, Ukraine, damaged during a Russian attack, June 21, 2022. EPA
Revellers celebrate the summer solstice as the Sun rises for the longest day of the year at Stonehenge, near Amesbury, in Wiltshire, southern England, June 21, 2022. AFP
Revellers celebrate the summer solstice as the Sun rises for the longest day of the year at Stonehenge, near Amesbury, in Wiltshire, southern England, June 21, 2022. AFP
Sunset at the Glastonbury Festival, June 22, 2022. EPA
Sunset at the Glastonbury Festival, June 22, 2022. EPA
Japan competes in the preliminaries for the women's team free combination artistic swimming event at the World Aquatics Championships in Budapest, June 22, 2022. AFP
Japan competes in the preliminaries for the women's team free combination artistic swimming event at the World Aquatics Championships in Budapest, June 22, 2022. AFP
Swiss artists Frank and Patrik Riklin pose on the bed in the anti-idyllic suite of the Null-Stern-Hotel (Zero-Star-Hotel), which offers guests a choice of four open-air rooms in Saillon, Switzerland. Reuters
Swiss artists Frank and Patrik Riklin pose on the bed in the anti-idyllic suite of the Null-Stern-Hotel (Zero-Star-Hotel), which offers guests a choice of four open-air rooms in Saillon, Switzerland. Reuters
A member of staff holds the painting 'Cloud Study' by John Constable, against the backdrop of 'Study for Clouds' by Gerhard Richter at Sotheby's in London, Wednesday, June 22, 2022. The piece has an estimated price of £100,000 to £150,000, while 'Study for Clouds' is £6 million to £8 million and will go to auction on June 29. AP
A member of staff holds the painting 'Cloud Study' by John Constable, against the backdrop of 'Study for Clouds' by Gerhard Richter at Sotheby's in London, Wednesday, June 22, 2022. The piece has an estimated price of £100,000 to £150,000, while 'Study for Clouds' is £6 million to £8 million and will go to auction on June 29. AP
A woman outside a temporary shelter after the devastating earthquake in Paktia province, Afghanistan. Authorities say the 1,000-plus death toll is likely to rise, June 23, 2022. EPA
A woman outside a temporary shelter after the devastating earthquake in Paktia province, Afghanistan. Authorities say the 1,000-plus death toll is likely to rise, June 23, 2022. EPA
A Taliban helicopter takes off after taking aid to the site of an earthquake in Gayan, Afghanistan, June 23, 2022. Reuters
A Taliban helicopter takes off after taking aid to the site of an earthquake in Gayan, Afghanistan, June 23, 2022. Reuters
US actor Sean Penn, centre, attends the fifth hearing by the House Select Committee to Investigate the January 6 Attack on the US Capitol, in Washington, DC, on June 23, 2022. AFP
US actor Sean Penn, centre, attends the fifth hearing by the House Select Committee to Investigate the January 6 Attack on the US Capitol, in Washington, DC, on June 23, 2022. AFP
A horse rears above the crowd during the 'Caragol des Born', a mass gathering of horses and people during the traditional Saint John festival in Ciutadella, Minorca, on June 23, 2022. AFP
A horse rears above the crowd during the 'Caragol des Born', a mass gathering of horses and people during the traditional Saint John festival in Ciutadella, Minorca, on June 23, 2022. AFP
Demonstrators clash with police in Arbolito Park in Quito, amid indigenous-led protests against the Ecuadorean government, on June 23, 2022. AFP
Demonstrators clash with police in Arbolito Park in Quito, amid indigenous-led protests against the Ecuadorean government, on June 23, 2022. AFP
A rescuer helps a cat after a flash flood triggered by heavy rains in Purasari village in Bogor, Indonesia, on June 24, 2022. AFP
A rescuer helps a cat after a flash flood triggered by heavy rains in Purasari village in Bogor, Indonesia, on June 24, 2022. AFP

Weekend

The best photos of the week: from a Swiss adventurer to yogis in Times Square

The most striking pictures from around the world

Charlotte Mayhew

June 24, 2022

  • English
  • Arabic

More from The National:

Friday's best photos: from Little Hajj to AnonyMouse installation in Boston

Thursday's best photos: from the Martinique coast to Glastonbury crowds

Wednesday's best photos: from a paraglider in Florida to a vertical soccer match

Tuesday's best photos: from Modi's yoga practice to Biden on the beach

Monday's best photos: from a military picnic in Poland to yoga in China

Sunday's best photos: from a freeride snowboarder to a boxing class record attempt

Saturday's best photos: from a street artist in Paris to a crowded beach in Bournemouth

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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 specs: 2017 Ford F-150 Raptor

Price, base / as tested Dh220,000 / Dh320,000

Engine 3.5L V6

Transmission 10-speed automatic

Power 421hp @ 6,000rpm

Torque 678Nm @ 3,750rpm

Fuel economy, combined 14.1L / 100km

The biog

Title: General Practitioner with a speciality in cardiology

Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India

Education: Medical degree from the Government Medical College in Nagpur

How it all began: opened his first clinic in Ajman in 1993

Family: a 90-year-old mother, wife and two daughters

Remembers a time when medicines from India were purchased per kilo

UAE currency: the story behind the money in your pockets
FIXTURES

Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)

Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)

Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)

While you're here
The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

While you're here
How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

UAE currency: the story behind the money in your pockets
Updated: June 24, 2022, 6:01 PM
WeekendPhotography