Sri Lanka's President Gotabaya Rajapaksa flees to Maldives in air force jet


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Sri Lankan Prime Minister Ranil Wickremesinghe has been appointed acting president after incumbent Gotabaya Rajapaksa fled to the Maldives, the parliamentary Speaker announced on Wednesday as thousands of protesters demanded both men step down.

"Because of his absence from the country, President Rajapaksa told me that he has appointed the prime minister to act as the president in line with the constitution," Mahinda Yapa Abeywardana said in a brief televised statement.

Sri Lanka declared a state of emergency on Wednesday, hours after Mr Rajapaksa fled the country.

Protesters had stormed Mr Wickremesinghe's office to demand his resignation.

Police said they would impose an indefinite curfew across the Western Province, which includes the capital Colombo, to contain the protests after Mr Rajapaksa flew to the Maldives in a military aircraft.

He left hours before he was expected to step down as widespread protests against his handling of a worsening economic crisis continued.

Thousands of demonstrators had mobbed the prime minster's office, prompting police to fire tear gas to hold them back from overrunning the compound.

"There are ongoing protests outside the prime minister's office in Colombo and we need the curfew to contain the situation," a senior police officer told AFP.

  • Security personnel stand guard after a raid on an anti-government protest camp in Colombo early on Friday, amid Sri Lanka's economic crisis. Reuters
    Security personnel stand guard after a raid on an anti-government protest camp in Colombo early on Friday, amid Sri Lanka's economic crisis. Reuters
  • Anti-government protesters speak with members of Sri Lankan security forces. AFP
    Anti-government protesters speak with members of Sri Lankan security forces. AFP
  • A policeman walks past slogans against the newly elected Sri Lankan President Ranil Wickramasinghe in Colombo. AFP
    A policeman walks past slogans against the newly elected Sri Lankan President Ranil Wickramasinghe in Colombo. AFP
  • Ranil Wickremesinghe is sworn in as the new president of Sri Lanka by Chief Justice Jayantha Jayasuriya. Reuters
    Ranil Wickremesinghe is sworn in as the new president of Sri Lanka by Chief Justice Jayantha Jayasuriya. Reuters
  • Mr Wickremesinghe, centre, arrives at his swearing-in ceremony in Colombo. EPA
    Mr Wickremesinghe, centre, arrives at his swearing-in ceremony in Colombo. EPA
  • Ranil Wickremesinghe leaves a Buddhist temple in Colombo after he was named as Sri Lanka's eighth executive president. Reuters
    Ranil Wickremesinghe leaves a Buddhist temple in Colombo after he was named as Sri Lanka's eighth executive president. Reuters
  • Sri Lankans protest after Mr Wickremesinghe defeated Dullas Alahapperuma, a member of the breakaway faction of the ruling Sri Lanka Podujana Peramuna party, by 134 votes to 82 in a parliamentary vote to pick the next president. Getty
    Sri Lankans protest after Mr Wickremesinghe defeated Dullas Alahapperuma, a member of the breakaway faction of the ruling Sri Lanka Podujana Peramuna party, by 134 votes to 82 in a parliamentary vote to pick the next president. Getty
  • Dinesh Gunawardena, centre, leader of the House of Parliament, arrives at Gangaramaya Temple in Colombo. Getty
    Dinesh Gunawardena, centre, leader of the House of Parliament, arrives at Gangaramaya Temple in Colombo. Getty
  • Soldiers stand guard at the Presidential Secretariat after Mr Wickremesinghe was announced as Sri Lanka's new president. Getty
    Soldiers stand guard at the Presidential Secretariat after Mr Wickremesinghe was announced as Sri Lanka's new president. Getty
  • Protesters watch a live broadcast of the parliamentary vote to pick Sri Lanka's new president. EPA
    Protesters watch a live broadcast of the parliamentary vote to pick Sri Lanka's new president. EPA
  • A screen grab of Mr Wickremesinghe, bottom left, during the vote count announcement in Sri Lanka's Parliament. AFP
    A screen grab of Mr Wickremesinghe, bottom left, during the vote count announcement in Sri Lanka's Parliament. AFP
  • Mr Alahapperuma, bottom right, during the parliamentary vote in Colombo. AFP
    Mr Alahapperuma, bottom right, during the parliamentary vote in Colombo. AFP
  • A supporter celebrates in Colombo after Mr Wickremesinghe was elected as president. Reuters
    A supporter celebrates in Colombo after Mr Wickremesinghe was elected as president. Reuters
  • Mr Wickremesinghe's supporters celebrate in the capital after his election as Sri Lankan president. Getty
    Mr Wickremesinghe's supporters celebrate in the capital after his election as Sri Lankan president. Getty
  • Sri Lankans protest after the announcement of Mr Wickremesinghe as president. Getty
    Sri Lankans protest after the announcement of Mr Wickremesinghe as president. Getty
  • Demonstrators watch a public screen as voting begins in Sri Lanka's Parliament. Reuters
    Demonstrators watch a public screen as voting begins in Sri Lanka's Parliament. Reuters
  • Protesters in Colombo demand Mr Wickremesinghe's resignation as prime minister and acting president before the parliamentary vote. AP
    Protesters in Colombo demand Mr Wickremesinghe's resignation as prime minister and acting president before the parliamentary vote. AP
  • Demonstrators carry an effigy of Mr Wickremesinghe. AFP
    Demonstrators carry an effigy of Mr Wickremesinghe. AFP
  • Demonstrators take part in a procession against Mr Wickremesinghe. AFP
    Demonstrators take part in a procession against Mr Wickremesinghe. AFP
  • Demonstrators shout slogans. AFP
    Demonstrators shout slogans. AFP
  • Sri Lankan demonstrators take part in a celebration in Colombo to mark the 100th day of protests. AFP
    Sri Lankan demonstrators take part in a celebration in Colombo to mark the 100th day of protests. AFP
  • After months of street protests, Sri Lanka’s parliament will elect a new president to replace Gotabaya Rajapaksa on Wednesday. AFP
    After months of street protests, Sri Lanka’s parliament will elect a new president to replace Gotabaya Rajapaksa on Wednesday. AFP
  • The country faces its worst economic crisis in decades due to the lack of foreign reserves, resulting in severe shortages of food, fuel, medicines and imported goods. Getty
    The country faces its worst economic crisis in decades due to the lack of foreign reserves, resulting in severe shortages of food, fuel, medicines and imported goods. Getty
  • Soldiers lower the national flag at Galle Face Green in Colombo. Getty
    Soldiers lower the national flag at Galle Face Green in Colombo. Getty
  • A demonstrator writes a slogan against acting president Ranil Wickremesinghe. AFP
    A demonstrator writes a slogan against acting president Ranil Wickremesinghe. AFP
  • Mr Wickremesinghe is a top contender in the race to succeed Mr Rajapaksa. AFP
    Mr Wickremesinghe is a top contender in the race to succeed Mr Rajapaksa. AFP
  • People light candles in the capital in memory of protesters killed or wounded since the demonstrations began. EPA
    People light candles in the capital in memory of protesters killed or wounded since the demonstrations began. EPA
  • Police officers stand guard outside Parliament in Colombo. Reuters
    Police officers stand guard outside Parliament in Colombo. Reuters
  • The vandalised office of the Sri Lankan president inside his official residence in the capital. Getty
    The vandalised office of the Sri Lankan president inside his official residence in the capital. Getty
  • Police officials gather evidence at the president’s official residence after it was overrun by anti-government protesters on July 9. AFP
    Police officials gather evidence at the president’s official residence after it was overrun by anti-government protesters on July 9. AFP
  • Sri Lankan Prime Minister Ranil Wickremesinghe, right, is sworn in as acting president by Chief Justice Jayantha Jayasuriya in Colombo. EPA
    Sri Lankan Prime Minister Ranil Wickremesinghe, right, is sworn in as acting president by Chief Justice Jayantha Jayasuriya in Colombo. EPA
  • Parliamentary Speaker Mahinda Yapa Abeywardena addresses the media in Colombo. AFP
    Parliamentary Speaker Mahinda Yapa Abeywardena addresses the media in Colombo. AFP
  • People dance in Colombo as they celebrate the resignation of Mr Rajapaksa amid the country’s economic crisis. Reuters
    People dance in Colombo as they celebrate the resignation of Mr Rajapaksa amid the country’s economic crisis. Reuters
  • Demonstrators cheer after hearing news that Mr Rajapaksa had emailed his letter of resignation after fleeing months of anti-government protests. Bloomberg
    Demonstrators cheer after hearing news that Mr Rajapaksa had emailed his letter of resignation after fleeing months of anti-government protests. Bloomberg
  • Members of the media wait outside the VIP complex of Changi International Airport in Singapore for the arrival of Mr Rajapaksa, his wife and two bodyguards. Sri Lanka's president left the Maldives on July 14 aboard a Saudia Airlines plane bound for Singapore. AFP
    Members of the media wait outside the VIP complex of Changi International Airport in Singapore for the arrival of Mr Rajapaksa, his wife and two bodyguards. Sri Lanka's president left the Maldives on July 14 aboard a Saudia Airlines plane bound for Singapore. AFP
  • A Saudia Airlines plane believed to be carrying Mr Rajapaksa arrives on the tarmac at Changi Airport in Singapore. EPA
    A Saudia Airlines plane believed to be carrying Mr Rajapaksa arrives on the tarmac at Changi Airport in Singapore. EPA
  • Police officers walk outside Sri Lankan Prime Minister Ranil Wickremesinghe's office, a day after thousands of anti-government protesters stormed the building, when he was named acting president. AFP
    Police officers walk outside Sri Lankan Prime Minister Ranil Wickremesinghe's office, a day after thousands of anti-government protesters stormed the building, when he was named acting president. AFP
  • A Saudia airline Boeing 787 Dreamliner bound for Singapore and carrying Sri Lanka's fleeing president Gotabaya Rajapaksa, his wife and bodyguards prepares to take off at the Velana International airport, in the Maldives. AFP
    A Saudia airline Boeing 787 Dreamliner bound for Singapore and carrying Sri Lanka's fleeing president Gotabaya Rajapaksa, his wife and bodyguards prepares to take off at the Velana International airport, in the Maldives. AFP
  • Sri Lankan soldiers stand guard near the parliament building in Colombo, a day after thousands of anti-government protesters stormed the prime minister's office. AFP
    Sri Lankan soldiers stand guard near the parliament building in Colombo, a day after thousands of anti-government protesters stormed the prime minister's office. AFP
  • A soldier walks past a demonstrator sitting in a meeting room, at the prime minister's offices. AFP
    A soldier walks past a demonstrator sitting in a meeting room, at the prime minister's offices. AFP
  • Soldiers patrol the buildings of the prime minister's office. AFP
    Soldiers patrol the buildings of the prime minister's office. AFP
  • Troops make their way to an anti-government protest at the prime minister's office in Colombo, Sri Lanka. Bloomberg
    Troops make their way to an anti-government protest at the prime minister's office in Colombo, Sri Lanka. Bloomberg
  • Demonstrators takes pictures inside the complex housing the Sri Lankan prime minister's offices. AFP
    Demonstrators takes pictures inside the complex housing the Sri Lankan prime minister's offices. AFP
  • An injured protester lies in an ambulance after clashes with police near parliament in Colombo. AP
    An injured protester lies in an ambulance after clashes with police near parliament in Colombo. AP
  • People wait to enter the presidential palace in Colombo, Sri Lanka. AP
    People wait to enter the presidential palace in Colombo, Sri Lanka. AP
  • Protesters in Colombo hold Sri Lankan flags as they stand on top of the office of acting Prime Minister Ranil Wickremesinghe, amid the country's economic crisis. Reuters
    Protesters in Colombo hold Sri Lankan flags as they stand on top of the office of acting Prime Minister Ranil Wickremesinghe, amid the country's economic crisis. Reuters
  • Protesters demand the resignation of Mr Wickremasinghe. Bloomberg
    Protesters demand the resignation of Mr Wickremasinghe. Bloomberg
  • Police officers stand guard in Colombo. Reuters
    Police officers stand guard in Colombo. Reuters
  • Police fire tear gas to control the crowds. Reuters
    Police fire tear gas to control the crowds. Reuters
  • A protester pours water on a man as tensions soar. Reuters
    A protester pours water on a man as tensions soar. Reuters
  • Protesters throw teargas shells. AP Photo
    Protesters throw teargas shells. AP Photo
  • Protesters storm Prime Minister Ranil Wickremesinghe's office in Colombo, Sri Lanka and demand his resignation, after President Gotabaya Rajapaksa fled the economic and political crisis for the Maldives. AP
    Protesters storm Prime Minister Ranil Wickremesinghe's office in Colombo, Sri Lanka and demand his resignation, after President Gotabaya Rajapaksa fled the economic and political crisis for the Maldives. AP
  • Police use tear gas to disperse Sri Lankan protesters outside the prime minister's office. AP
    Police use tear gas to disperse Sri Lankan protesters outside the prime minister's office. AP
  • A protester sleeps on vandalised furniture inside the presidential palace in Colombo, which has been occupied by demonstrators for days. Getty Images
    A protester sleeps on vandalised furniture inside the presidential palace in Colombo, which has been occupied by demonstrators for days. Getty Images
  • A satellite image shows people gathered outside Sri Lanka's Parliament building in Colombo amid the country's economic and political crisis. AFP
    A satellite image shows people gathered outside Sri Lanka's Parliament building in Colombo amid the country's economic and political crisis. AFP
  • Youths play carrom inside the Sri Lankan prime minister's official residence, which was stormed by protesters at the weekend. Reuters
    Youths play carrom inside the Sri Lankan prime minister's official residence, which was stormed by protesters at the weekend. Reuters
  • People sit on a couch inside the prime minister's official residence. The protests against the government have simmered since May, but erupted again last Saturday. Reuters
    People sit on a couch inside the prime minister's official residence. The protests against the government have simmered since May, but erupted again last Saturday. Reuters
  • Army cadets march past people queuing to get inside Sri Lankan President Gotabaya Rajapaksa's official residence in Colombo. AFP
    Army cadets march past people queuing to get inside Sri Lankan President Gotabaya Rajapaksa's official residence in Colombo. AFP
  • People visit Mr Rajapaksa's official residence in Colombo. It was reported on Wednesday that he had fled the country for the Maldives. AFP
    People visit Mr Rajapaksa's official residence in Colombo. It was reported on Wednesday that he had fled the country for the Maldives. AFP
  • A man takes a selfie at the presidential palace. AP
    A man takes a selfie at the presidential palace. AP
  • Sri Lankans line up to take a look inside the presidential palace in Colombo. EPA
    Sri Lankans line up to take a look inside the presidential palace in Colombo. EPA
  • Crowds flock to take in the presidential palace. EPA
    Crowds flock to take in the presidential palace. EPA
  • A man takes a rest inside the prime minister's official residence in Colombo. EPA
    A man takes a rest inside the prime minister's official residence in Colombo. EPA
  • People sing songs inside the prime minister's official residence. EPA
    People sing songs inside the prime minister's official residence. EPA
  • Protesters erect a banner on the presidential palace three days after it was stormed by anti-government demonstrators in Colombo. AP
    Protesters erect a banner on the presidential palace three days after it was stormed by anti-government demonstrators in Colombo. AP
  • People wait in a queue to collect gas at a distribution point in Colombo. AFP
    People wait in a queue to collect gas at a distribution point in Colombo. AFP
  • Sri Lankans quarrel as they wait for gas at a distribution point. AFP
    Sri Lankans quarrel as they wait for gas at a distribution point. AFP
  • A driver of an autorickshaw sleeps inside his vehicle while waiting in a queue to buy petrol at a fuel station in Colombo. AP
    A driver of an autorickshaw sleeps inside his vehicle while waiting in a queue to buy petrol at a fuel station in Colombo. AP

A senior source told Reuters the president left for the archipelago's capital Male.

The country's air force said it provided a plane early on Wednesday to fly him, his wife and two security officials out of the country "under the provisions of the constitution and on a request by the government".

Key members of Sri Lanka's ruling party are keen to back Mr Wickremesinghe as their presidential nominee, a senior party source told Reuters on Wednesday. No decision has yet been taken.

Members met on Tuesday evening, with the "overwhelming consensus" being for Mr Wickremesinghe to replace Mr Rajapaksa.

The Indian High Commission in Colombo said on Twitter it "categorically denies baseless and speculative media reports" that India helped to arrange the departure of Mr Rajapaksa and his wife from Sri Lanka.

President Gotabaya Rajapaksa and his wife spent the night at a military base next to the main international airport before their departure. Reuters
President Gotabaya Rajapaksa and his wife spent the night at a military base next to the main international airport before their departure. Reuters

The president would most likely proceed to another Asian country, the source told Reuters.

The immigration official said the authorities could not prevent a sitting president from leaving the country.

Mr Rajapaksa was due to step down on Wednesday to make way for a unity government.

It comes after thousands of protesters stormed his and the prime minister's official residences on Saturday, demanding they step down.

The president has not been seen in public since Friday. Parliament will elect his replacement on July 20.

The Rajapaksa family, including Mr Gotabaya's brother, former prime minister Mahinda Rajapaksa, have dominated the politics of the country of 22 million for years. Most Sri Lankans blame them for current problems.

The tourism-dependent economy was hammered badly by the Covid-19 pandemic and a fall in remittances from overseas Sri Lankans, while a ban on chemical fertilisers damaged farm output. The ban was later reversed.

Import cuts on fuel, food and medicine

The Rajapaksas introduced populist tax cuts in 2019 that affected government finances, while shrinking foreign reserves curtailed imports of fuel, food and medicine.

Petrol has been severely rationed and long lines have formed in front of shops selling cooking gas. Headline inflation hit 54.6 per cent last month and the central bank has given a warning that it could rise to 70 per cent in coming months.

Mahinda Rajapaksa, who previously also served as president, resigned as prime minister in May after protests against the family turned violent. He remained in hiding at a military base in the east of the country for some days before returning to Colombo.

In May, the Rajapaksa government appointed Mohammed Nasheed, the Speaker of the Maldives parliament and a former president, to help co-ordinate foreign assistance for crisis-hit Sri Lanka.

The same month, Mr Nasheed publicly denied allegations that he was helping Mahinda Rajapaksa secure a safe haven in the Maldives.

The protests against the Sri Lankan government have simmered since May, but erupted again last Saturday when hundreds of thousands of people surged into Colombo and occupied key government buildings and residences.

On Tuesday, immigration officials prevented another of the president's brothers, former finance minister Basil Rajapaksa, from flying out of the country.

It was not clear where Basil Rajapaksa, who also holds US citizenship, was trying to go. He resigned as finance minister in early April amid street protests against fuel and food shortages, and quit his seat in Parliament in June.

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel

7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
PREMIER LEAGUE FIXTURES

All kick-off times UAE ( 4 GMT)

Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm

Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm

Monday
Leicester City v West Bromwich Albion - 11pm

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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.”

RESULTS

5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)

5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar

6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel

6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel

7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

UAE currency: the story behind the money in your pockets
Updated: July 14, 2022, 11:13 AM