A motorcade carrying former Sri Lankan president Gotabaya Rajapaksa leaves the VIP complex of Bandaranaike International Airport, Colombo, on September 2. EPA
A motorcade carrying former Sri Lankan president Gotabaya Rajapaksa leaves the VIP complex of Bandaranaike International Airport, Colombo, on September 2. EPA
A motorcade carrying former Sri Lankan president Gotabaya Rajapaksa leaves the VIP complex of Bandaranaike International Airport, Colombo, on September 2. EPA
A motorcade carrying former Sri Lankan president Gotabaya Rajapaksa leaves the VIP complex of Bandaranaike International Airport, Colombo, on September 2. EPA

Gotabaya Rajapaksa returns to Sri Lanka after fleeing protester anger


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Sri Lanka’s former president Gotabaya Rajapaksa has returned to the country seven weeks after fleeing when tens of thousands of protesters stormed his home and office in a display of anger over the country’s economic crisis.

Mr Rajapaksa flew into Colombo’s Bandaranaike International Airport at around midnight on Friday from Bangkok via Singapore. He was welcomed by lawmakers from his party before travelling in a heavily guarded motorcade to a government-owned house allocated to him as a former president, at the centre of the capital, Colombo.

On July 13, the ousted leader, his wife and two bodyguards left aboard an air force plane for the Maldives, before travelling to Singapore from where he officially resigned. He flew to Thailand two weeks later.

Mr Rajapaksa has no court case or arrest warrant pending against him. The only court case he was facing — for alleged corruption during his time as the secretary to the ministry of defence under his older brother’s presidency — was withdrawn when he was elected president in 2019 because of constitutional immunity.

Gotabaya Rajapaksa waves to supporters in Colombo after the announcement of his election victory on November 17, 2019. AP Photo
Gotabaya Rajapaksa waves to supporters in Colombo after the announcement of his election victory on November 17, 2019. AP Photo

Mr Rajapaksa and his brother, the former prime minister, were forced to step down after months of protests over Sri Lanka's worst economic crisis. The situation in the bankrupt country was made worse by global factors such as the Covid-19 pandemic and Russia’s invasion of Ukraine, but many blamed the once-powerful Rajapaksa family for severely mismanaging the economy and tipping it into crisis.

The economic meltdown has caused months-long shortages of essentials such as fuel, medicine and cooking gas due to a severe shortage of foreign currency. Although cooking gas supplies were restored through World Bank support, shortages of fuel, critical medicines and some food items continue.

The island nation has suspended repayment of nearly $7 billion in foreign debt due this year. The country’s total foreign debt amounts to more than $51 billion, of which $28 billion has to be repaid by 2027.

On Tuesday, President Ranil Wickremesinghe, who took over after Mr Rajapaksa resigned, and his administration reached a preliminary agreement with the International Monetary Fund for a $2.9bn bailout package over four years to help the country recover.

Mr Rajapaksa, a former military officer, was elected on promises to uplift the economy and ensure national security after ISIS-inspired bomb attacks killed some 270 people in churches and hotels on Easter Sunday in 2019. He relinquished his American citizenship when he contested the election because laws at the time made dual citizens ineligible from holding political office.

As a top defence official he is accused of overseeing human rights violations by the military during a military campaign to defeat rebels who fought a three-decade civil war for an independent state for the country’s ethnic minority Tamils.

In April, protesters started camping outside the president’s office in the heart of Colombo and chanted “Gota, go home”, a demand for Mr Rajapaksa to quit, which quickly became the rallying cry of the movement.

  • Nilanthi Gunasekera, 49, holds her family’s last remaining handful of dried fish. She is one of the millions of Sri Lankans battling a sharp decline in living standards. All photos: Reuters
    Nilanthi Gunasekera, 49, holds her family’s last remaining handful of dried fish. She is one of the millions of Sri Lankans battling a sharp decline in living standards. All photos: Reuters
  • Dilhani Wathsala, 14, eating lunch cooked by Gunasekera, her mother. 'Before the economic crisis, we ate well and we served meat or fish to our kids at least three or four times a week. Now fish is out of the reach of our family and so is meat,' said Gunasekera.
    Dilhani Wathsala, 14, eating lunch cooked by Gunasekera, her mother. 'Before the economic crisis, we ate well and we served meat or fish to our kids at least three or four times a week. Now fish is out of the reach of our family and so is meat,' said Gunasekera.
  • 'We had a good business at our kiosk,' said food kiosk owner Chandra Thushari Peiris, 42. 'Since we used to eat the leftovers from our kiosk we didn't have any problem with food.'
    'We had a good business at our kiosk,' said food kiosk owner Chandra Thushari Peiris, 42. 'Since we used to eat the leftovers from our kiosk we didn't have any problem with food.'
  • 'But during the pandemic, and more so the present economic crisis, we didn't get any customers. Although we want to restart we don't have any capital,' Ms Peiris said.
    'But during the pandemic, and more so the present economic crisis, we didn't get any customers. Although we want to restart we don't have any capital,' Ms Peiris said.
  • 'Our water and electricity supplies were disconnected during the Covid-19 crisis but still we had food,' said road sweeper W.M. Irangani, 58, 'but this is far, far worse,' she said.
    'Our water and electricity supplies were disconnected during the Covid-19 crisis but still we had food,' said road sweeper W.M. Irangani, 58, 'but this is far, far worse,' she said.
  • Ms Irangani added: 'I am scared to borrow as I have no way of repaying. Already I am in huge debt. I only pray that this economic crisis improves for all and we have enough food to eat.'
    Ms Irangani added: 'I am scared to borrow as I have no way of repaying. Already I am in huge debt. I only pray that this economic crisis improves for all and we have enough food to eat.'
  • Oshada Fernando, 11, plays with a kite his uncle made for him. 'With the economic crisis we haven't bought any toys for our son,' said his mother, 42-year-old Anusha Priyadarshini.
    Oshada Fernando, 11, plays with a kite his uncle made for him. 'With the economic crisis we haven't bought any toys for our son,' said his mother, 42-year-old Anusha Priyadarshini.
  • 'Just a couple of months back some robbers broke into our house and stole the small gas cylinder and the cooker we had,' said Vidyathipathige Nihal, 62.
    'Just a couple of months back some robbers broke into our house and stole the small gas cylinder and the cooker we had,' said Vidyathipathige Nihal, 62.
  • Mr Nihal, holding two small bags of chickpeas and rice, the only grain his family currently has, is now forced to cook with firewood.
    Mr Nihal, holding two small bags of chickpeas and rice, the only grain his family currently has, is now forced to cook with firewood.
  • 'I joined the Sri Lanka Army in 1989, and in 1992 I lost my leg to a land mine,' said retired soldier Saman Priyantha, 51.
    'I joined the Sri Lanka Army in 1989, and in 1992 I lost my leg to a land mine,' said retired soldier Saman Priyantha, 51.
  • Mr Priantha said he is receiving a pension but it is not enough to feed and look after his family of five.
    Mr Priantha said he is receiving a pension but it is not enough to feed and look after his family of five.
  • "I am a heart patient and have to take medicine every day," said Manel Peiris, 68. "Hospitals used to issue medicine for three months. But ... hospitals don't have medicine and so we are asked to buy from pharmacies."
    "I am a heart patient and have to take medicine every day," said Manel Peiris, 68. "Hospitals used to issue medicine for three months. But ... hospitals don't have medicine and so we are asked to buy from pharmacies."
  • She said that sometimes her husband has to borrow or get an advance from his workplace to buy the medicine.
    She said that sometimes her husband has to borrow or get an advance from his workplace to buy the medicine.
  • 'For the last two years, I have sewn clothes for a kids' clothing shop,' said K.P.R. Priyadarshani, 54, who lives with her 16-year-old son Ramika Lakdin.
    'For the last two years, I have sewn clothes for a kids' clothing shop,' said K.P.R. Priyadarshani, 54, who lives with her 16-year-old son Ramika Lakdin.
  • Ms Priyadarshani said that with the onset of the economic crisis, people don't have money to buy food, let alone clothes.
    Ms Priyadarshani said that with the onset of the economic crisis, people don't have money to buy food, let alone clothes.
  • Sivaraja Sanjeewan, 31, takes a bath at a public well at Wanathamulla, Colombo.
    Sivaraja Sanjeewan, 31, takes a bath at a public well at Wanathamulla, Colombo.
  • Auto rickshaw driver Mr Sanjeewan said: 'We have a tap water connection but it's very difficult to pay water and electricity bills in addition to the rising costs of food. So now I bathe in a public well more often to save money."
    Auto rickshaw driver Mr Sanjeewan said: 'We have a tap water connection but it's very difficult to pay water and electricity bills in addition to the rising costs of food. So now I bathe in a public well more often to save money."
  • As desperation grows, the government is seeking a multi-billion-dollar bailout in talks with the IMF, but major financial assistance is still months away, so few Sri Lankans are expecting to see light at the end of the tunnel soon.
    As desperation grows, the government is seeking a multi-billion-dollar bailout in talks with the IMF, but major financial assistance is still months away, so few Sri Lankans are expecting to see light at the end of the tunnel soon.

The demonstrations dismantled the Rajapaksa family’s grip on politics. Before Mr Rajapaksa resigned, his older brother stepped down as prime minister and three more close family members quit their Cabinet positions.

The country’s new president, Mr Wickremesinghe, has cracked down on protests since taking office. His first action as leader included dismantling the protest tents in the middle of the night as police forcibly removed demonstrators from the site and attacked them.

There is genuine fear among people who want to protest now, said Bhavani Fonseksa, with the independent think tank Centre for Policy Alternatives.

“Whether people will take to the streets to demonstrate again is still to be seen, especially since there’s been so much repression since Ranil Wickremesinghe came to power. Several protesters have been arrested so there is genuine fear,” she said.

There is no way Gotabaya will be forgiven for his transgressions but I think now there is more bitterness than public rage that awaits him
Dayan Jayatilleka,
Sri Lankan former diplomat and political analyst

Dayan Jayatilleka, a former diplomat and political analyst, said the ruling SLPP party would welcome Mr Rajapaksa back, but did not think his return would spark people to flood the streets again. “They will be sour — it is still far too early for him to return,” he said.

“There is no way Gotabaya will be forgiven for his transgressions but I think now there is more bitterness than public rage that awaits him,” Mr Jayatilleka said.

For Nazly Hameem, an organiser of the protest movement, the former president’s return isn’t an issue “as long as he is held accountable”.

“He is a Sri Lankan citizen so no one can prevent him from coming back. But as someone who wants justice against the corrupt system, I would like to see action taken — there should be justice, they should file cases against him and hold him accountable for what he did to the country.”

“Our slogan was ‘Gota, go home’ — we didn’t expect him to flee, we wanted him to resign. As long as he doesn’t involve himself in active politics, it won’t be a problem.”

With reporting from Associated Press.

Racecard
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The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The specs
Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now 

2020 Oscars winners: in numbers
  • Parasite – 4
  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
  • Bombshell – 1
  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
  • Rocketman – 1
  • The Neighbors' Window – 1
  • Toy Story 4 – 1

THE SPECS

Touareg Highline

Engine: 3.0-litre, V6

Transmission: 8-speed automatic

Power: 340hp

Torque: 450Nm

Price: Dh239,312

RESULTS: 2018 WORLD CUP QUALIFYING - EUROPE

Albania 0 Italy 1
Finland 2 Turkey 2
Macedonia 4 Liechtenstein
Iceland 2 Kosovo 0
Israel 0 Spain 1
Moldova 0 Austria 1
Serbia 1 Georgia 0
Ukraine 0 Croatia 2
Wales 0 Ireland 1

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

The%20specs%20
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COMPANY%20PROFILE%20
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The five pillars of Islam
THE SPECS – Honda CR-V Touring AWD

Engine: 2.4-litre 4-cylinder

Power: 184hp at 6,400rpm

Torque: 244Nm at 3,900rpm

Transmission: Continuously Variable Transmission (CVT)

0-100kmh in 9.4 seconds

Top speed: 202kmh

Fuel consumption: 6.8L/100km

Price: From Dh122,900

Full list of Emmy 2020 nominations

LEAD ACTOR IN A COMEDY SERIES

Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy

LEAD ACTRESS IN A COMEDY SERIES

Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish

OUTSTANDING VARIETY/TALK SERIES

The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert

LEAD ACTOR IN A DRAMA SERIES

Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession

LEAD ACTRESS IN A DRAMA SERIES

Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria

OUTSTANDING REALITY/COMPETITION PROGRAM

The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice

LEAD ACTOR IN A LIMITED SERIES/TV MOVIE

Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True

LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE

Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere

OUTSTANDING LIMITED SERIES

Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen

OUTSTANDING COMEDY SERIES

Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows

OUTSTANDING DRAMA SERIES

Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession

 

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

Lazio v Spezia (5pm)

Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)

MATCH INFO

Uefa Champions League semi-final, first leg

Bayern Munich 1
Kimmich (27')

Real Madrid 2
Marcelo (43'), Asensio (56')

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

Fight card
  • Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
  • Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
  • Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
  • Michael Lawal (UK) beat Tamas Kozma (Hungary) KO​​​​​​​
  • Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
  • Darren Surtees (UK) beat Kane Baker (UK) KO
  • Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
  • Callum Smith (UK) beat George Groves (UK) KO
Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
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Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

What is an FTO Designation?

FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes. 

It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.

Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.

Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.

Source: US Department of State

MATCH INFO

New Zealand 176-8 (20 ovs)

England 155 (19.5 ovs)

New Zealand win by 21 runs

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

RESULTS

6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.

8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.

8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.

9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

Sweet%20Tooth
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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.”

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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

If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

HOW TO WATCH

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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
Gulf Under 19s final

Dubai College A 50-12 Dubai College B

Updated: September 03, 2022, 6:54 AM