Russian coal is set to be the first part of its lucrative fossil fuel market closed off by the EU. Getty
Russian coal is set to be the first part of its lucrative fossil fuel market closed off by the EU. Getty
Russian coal is set to be the first part of its lucrative fossil fuel market closed off by the EU. Getty
Russian coal is set to be the first part of its lucrative fossil fuel market closed off by the EU. Getty

EU expected to agree on coal ban after €35bn paid to Russia since war began


Tim Stickings
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Live updates: follow the latest news on Russia-Ukraine

The European Union will agree to impose its first sanctions against Russia’s energy sector by the end of this week, giving leading officials something to show Ukrainian President Volodymyr Zelenskyy when they travel to Kyiv, the bloc’s foreign policy chief said on Thursday.

On another critical day of diplomacy in Brussels, Josep Borrell said he expected the EU’s fifth sanctions package, which would ban imports of Russian coal and stop many Russian ships from docking at European ports, would be signed off on Thursday or Friday.

It came after the horrors discovered in the Ukrainian town of Bucha when it was abandoned by Russian forces pushed the EU into softening its earlier opposition to an energy embargo.

A potential second phase of energy sanctions, targeting oil, will be discussed next week after Mr Borrell said the EU’s energy imports had financed Russia to the tune of €35 billion ($38bn) since the war began on February 24 – dwarfing the bloc's €1bn of military aid to Ukraine.

Kyiv wants its allies to complete the set by targeting gas deliveries, for which Europe is particularly reliant on Russia.

“I hope we will never face a situation again when to step up the sanctions pressure, you need atrocities like Bucha to be revealed,” said Ukraine’s Foreign Minister Dmytro Kuleba.

Ukraine says hundreds of civilians were found dead after Russian troops withdrew from areas around Kyiv, with western countries speaking of possible war crimes.

  • Nato foreign ministers meet in Brussels to discuss the latest in the continuing Russia-Ukraine war. AFP
    Nato foreign ministers meet in Brussels to discuss the latest in the continuing Russia-Ukraine war. AFP
  • People take part in a protest against the transport of cargo to Russia and Belarus near the Polish-Belarusian border crossing in Koroszczyn, eastern Poland. EPA
    People take part in a protest against the transport of cargo to Russia and Belarus near the Polish-Belarusian border crossing in Koroszczyn, eastern Poland. EPA
  • A Ukrainian naval vessel, thought to be the ‘Donbas’ and a nearby building burn in the besieged city of Mariupol. AP
    A Ukrainian naval vessel, thought to be the ‘Donbas’ and a nearby building burn in the besieged city of Mariupol. AP
  • Bucha resident Tetiana Ustymenko weeps over the grave of her son, buried in the garden of her house, in Bucha, north-west of Kyiv. AFP
    Bucha resident Tetiana Ustymenko weeps over the grave of her son, buried in the garden of her house, in Bucha, north-west of Kyiv. AFP
  • People charge their mobile phones in a public building in Bucha. AFP
    People charge their mobile phones in a public building in Bucha. AFP
  • People from Mariupol leave a train to be taken to temporary residences in Nizhny Novgorod, Russia. AP
    People from Mariupol leave a train to be taken to temporary residences in Nizhny Novgorod, Russia. AP
  • Vladyslava Liubarets, a Bucha resident, cries as she hugs her sister whom she had not seen since the beginning of the Russian invasion, in Bucha, the town which was retaken by the Ukrainian army. EPA
    Vladyslava Liubarets, a Bucha resident, cries as she hugs her sister whom she had not seen since the beginning of the Russian invasion, in Bucha, the town which was retaken by the Ukrainian army. EPA
  • Local citizen Oleksandr, 55, looks at the grave of his neighbour in the backyard of his private house in Hostomel in Kyiv. EPA
    Local citizen Oleksandr, 55, looks at the grave of his neighbour in the backyard of his private house in Hostomel in Kyiv. EPA
  • Debris of a rocket missile on the field near Kyiv. EPA
    Debris of a rocket missile on the field near Kyiv. EPA
  • The mother of Ukrainian soldier Lubomyr Hudzeliak, who was killed during Russia's invasion of Ukraine, mourns during his funeral in the western Ukrainian city of Lviv. AFP
    The mother of Ukrainian soldier Lubomyr Hudzeliak, who was killed during Russia's invasion of Ukraine, mourns during his funeral in the western Ukrainian city of Lviv. AFP
  • A woman takes care of a baby at a shelter in the Ukrainian city of Severodonetsk in Donbas region. AFP
    A woman takes care of a baby at a shelter in the Ukrainian city of Severodonetsk in Donbas region. AFP
  • Residents gather outside a shelter in the city of Severodonetsk. AFP
    Residents gather outside a shelter in the city of Severodonetsk. AFP
  • Residents in eastern Ukraine, including the city of Severodonetsk in Donbas region, have been asked by their government to leave 'now' or 'risk death'. AFP
    Residents in eastern Ukraine, including the city of Severodonetsk in Donbas region, have been asked by their government to leave 'now' or 'risk death'. AFP
  • A young girl with her dog arrives at a centre for the displaced in Zaporizhzhia, north-west of Mariupol. AFP
    A young girl with her dog arrives at a centre for the displaced in Zaporizhzhia, north-west of Mariupol. AFP
  • A damaged ambulance in Hostomel, on the outskirts of Kyiv. Reuters
    A damaged ambulance in Hostomel, on the outskirts of Kyiv. Reuters
  • A bomb crater left behind by Russia's attack on the Ukrainian village of Demydiv, on the outskirts of Kyiv. Reuters
    A bomb crater left behind by Russia's attack on the Ukrainian village of Demydiv, on the outskirts of Kyiv. Reuters
  • Russian attacks have reduced Hotel Ukraine in Chernihiv to debris. Reuters
    Russian attacks have reduced Hotel Ukraine in Chernihiv to debris. Reuters
  • Oleksii Shcherbo, 98, near his burnt house in the village of Sloboda, on the outskirts of Chernihiv. Reuters
    Oleksii Shcherbo, 98, near his burnt house in the village of Sloboda, on the outskirts of Chernihiv. Reuters
  • Residents walk past destroyed Russian military machinery on the street, in Bucha, the town which was retaken by the Ukrainian army, north-west of Kyiv. EPA
    Residents walk past destroyed Russian military machinery on the street, in Bucha, the town which was retaken by the Ukrainian army, north-west of Kyiv. EPA
  • Damaged National flags flutter in the wind on a cemetry of Chernihiv city which was blocked by Russian troops for a long time. EPA
    Damaged National flags flutter in the wind on a cemetry of Chernihiv city which was blocked by Russian troops for a long time. EPA
  • Demonstrators lie down on the ground in tribute to the people killed in Russia's war against Ukraine, in Berlin, Germany. AP
    Demonstrators lie down on the ground in tribute to the people killed in Russia's war against Ukraine, in Berlin, Germany. AP
  • A Ukrainian firefighter works at the site of a burning fuel storage facility ignited by an air strike, in Dnipropetrovsk. Reuters
    A Ukrainian firefighter works at the site of a burning fuel storage facility ignited by an air strike, in Dnipropetrovsk. Reuters
  • A woman before and after she was removed by rescuers from debris after a military strike on the town of Rubizhne, Luhansk. Reuters
    A woman before and after she was removed by rescuers from debris after a military strike on the town of Rubizhne, Luhansk. Reuters
  • People wait for help to evacuate Derhachi. Reuters
    People wait for help to evacuate Derhachi. Reuters
  • Pope Francis, in Vatican, holds a Ukrainian flag given to him by a delegation from the town of Bucha, where dozens of bodies had been found. EPA
    Pope Francis, in Vatican, holds a Ukrainian flag given to him by a delegation from the town of Bucha, where dozens of bodies had been found. EPA
  • State emergency servicemen clear shells near Chernigiv, northern Ukraine. AFP
    State emergency servicemen clear shells near Chernigiv, northern Ukraine. AFP
  • US war veteran Steven Straub shows his tattoo of the Ukrainian flag while on patrol near Buda-Babynetska, north of Kyiv, days after Russian forces retreated from the area. AFP
    US war veteran Steven Straub shows his tattoo of the Ukrainian flag while on patrol near Buda-Babynetska, north of Kyiv, days after Russian forces retreated from the area. AFP
  • Candles are arranged in the shape of Ukraine by the monument to the poet Taras Shevchenko in the western city Lviv. AFP
    Candles are arranged in the shape of Ukraine by the monument to the poet Taras Shevchenko in the western city Lviv. AFP
  • A teddy bear hangs from a tree branch outside an apartment building in Borodyanka, Kyiv oblast. AP
    A teddy bear hangs from a tree branch outside an apartment building in Borodyanka, Kyiv oblast. AP
  • A woman carries her cat as she walks past buildings that were destroyed by Russian shelling, in Borodyanka. Reuters
    A woman carries her cat as she walks past buildings that were destroyed by Russian shelling, in Borodyanka. Reuters
  • Dmitriy Evtushkov, 25, points to his picture in a primary school album retrieved from the rubble of a block of flats. AP
    Dmitriy Evtushkov, 25, points to his picture in a primary school album retrieved from the rubble of a block of flats. AP
  • Technicians try to fix the internet in Bucha. AP
    Technicians try to fix the internet in Bucha. AP
  • A smashed mobile phone lies next to a Russian army ration book in Bucha. AP
    A smashed mobile phone lies next to a Russian army ration book in Bucha. AP
  • A woman and children after their arrival at a centre for displaced persons in Zaporizhzhia, about 200 kilometres north-west of Mariupol. AFP
    A woman and children after their arrival at a centre for displaced persons in Zaporizhzhia, about 200 kilometres north-west of Mariupol. AFP
  • A man leaves a damaged pharmacy after a bombing that killed several civilians, in Mykolaiv. AP
    A man leaves a damaged pharmacy after a bombing that killed several civilians, in Mykolaiv. AP
  • Ukrainian soldiers sing a patriotic song with buildings in the background that were destroyed during fighting in Borodyanka. AP
    Ukrainian soldiers sing a patriotic song with buildings in the background that were destroyed during fighting in Borodyanka. AP
  • Borodyanka residents carry humanitarian aid packages. Reuters
    Borodyanka residents carry humanitarian aid packages. Reuters
  • Elderly Ukrainians shelter in a basement in Kharkiv, in eastern Ukraine. EPA
    Elderly Ukrainians shelter in a basement in Kharkiv, in eastern Ukraine. EPA
  • Destroyed apartment buildings in Borodyanka. Reuters
    Destroyed apartment buildings in Borodyanka. Reuters
  • Relatives and friends are overwhelmed with emotions as they stand next to the coffin of Anatoly German during his funeral. AP
    Relatives and friends are overwhelmed with emotions as they stand next to the coffin of Anatoly German during his funeral. AP

Moscow’s denials that such a massacre took place have been undermined by satellite photos, published by western intelligence and media outlets, showing bodies lying in Bucha’s streets when Russian forces still controlled the town.

While diplomats from the EU’s 27 countries discussed sanctions on Thursday, Mr Kuleba said he had come to a Nato meeting in Brussels with a simple agenda: “weapons, weapons and weapons”.

Asking for planes and heavy air defences, he rejected the distinction made by some Nato members between sending defensive weapons but holding back offensive ones for fear of provoking Russia into widening the conflict.

“Every weapon used in the territory of Ukraine, by the Ukrainian army against a foreign aggressor, is defensive by definition,” Mr Kuleba said. “So this distinction between defensive and offensive doesn’t make any sense.”

Nato Secretary General Jens Stoltenberg said he expected the 30-member alliance to agree on new support for Ukraine on Thursday.

The G7 countries – the US, UK, Germany, France, Italy, Canada and Japan – were separately holding talks at which Britain said it would lobby for tougher sanctions.

Ukraine's Foreign Minister Dmytro Kuleba said he was seeking 'weapons, weapons, weapons' from a Nato meeting. AFP
Ukraine's Foreign Minister Dmytro Kuleba said he was seeking 'weapons, weapons, weapons' from a Nato meeting. AFP

Britain on Wednesday said it would end Russian oil and coal imports by the end of this year, gas deliveries “as soon as possible thereafter” and urged its G7 allies to commit to a timetable for cutting loose from Russian fossil fuels.

The energy-rich US has already banned such imports, while Germany says it is striving extricate itself from Russian supply by 2024 but has so far opposed a blanket embargo because of the economic pain it could cause at home.

Mr Borrell said he hoped the coal sanctions would be in place by the time he and European Commission chief Ursula von der Leyen visit Kyiv “in the coming days”.

They will become the most senior EU officials there since the war began, after three prime ministers from Eastern Europe travelled by train to Kyiv last month in a show of solidarity with Mr Zelenskyy.

But “what he really needs is more arms”, said Mr Borrell. “Less applause and more arms.”

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

STAGE%201%20RESULTS
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Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Russia's Muslim Heartlands

Dominic Rubin, Oxford

The%C2%A0specs%20
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

Gertrude Bell's life in focus

A feature film

At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.

A documentary

A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.

Books, letters and archives

Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
 

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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.”

COMPANY%20PROFILE
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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars

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. 

Updated: April 07, 2022, 8:41 AM