Britain is in denial, determined to wipe this month’s riots from its collective memory. But what does the future hold for an island where millions have fallen into the poverty trap and the economic forecast remains grim?
Britain is in denial, determined to wipe this month’s riots from its collective memory. But what does the future hold for an island where millions have fallen into the poverty trap and the economic foShow more

Britain's summer of discontent simmers, but what have we learned?



North London is often referred to as "leafy". It certainly does have trees, and leaves, as anywhere in a country as wet as Britain ought to. But the term is mostly used to hint at its wealth, refinement and status.

But, on Saturday, August 6, a very different side of north London revealed itself. At about 10pm, I watched as two teenagers poured a bottle of lighter fluid across the width of Tottenham High Street. They did so halfway between a line of riot police and a group of 10 or so young men who were using a shopping trolley to try to smash through a shop window.

Once the two would be fire-starters had emptied the bottle, they tried to ignite it with a cigarette lighter, to create a wall of fire as a barrier between them and the police, who were twitching, but remained static in their position guarding the local police station.

The fire would not start. The duo kept trying and failing. The riot police finally raised their shields to charge and I withdrew to safety.

During the following hours, as helicopters hummed loudly overhead, I saw first a building then one of London's famous red double decker buses go up in flames. Fireworks were let off in the direction of mounted police, whose horses reared up and charged back in the general direction of the assorted locals, Saturday night revellers and journalists, who stood watching with unequal mixtures of fear, fascination, anger, sadness and excitement.

In the land of the fact-blind, conjecture is king. It was a response to police repression of the local black community, argued some; pure criminality, said others; a glorious expression of working-class anger, said one member of the Socialist Workers Party I spoke too.

One of the more specific opinions I heard that night was from a teenage girl who told me confidently that "every gang in Tottenham" was down there in the thick of it, that there were eight of these street gangs altogether (she reeled off a list to prove it), and each had 60-70 members.

I have no way of knowing if that is true - and even after more than 1,500 post-riot arrests across the UK, nor does anyone. But the picture is becoming clearer - analysis by The Guardian newspaper of 400 of those being tried in the courts for their part in the disturbances, found 73 per cent were 24 or under.

"It's not a race thing, it's a Tottenham thing," another local teenager told me that night, describing a general tension and antipathy between the mostly young, mostly poor people in the area, and the authorities.

Pretty soon it became much more than just a "Tottenham thing".

What had started that afternoon as a small, peaceful protest outside the police station, demanding answers into the shooting of a local black man, Mark Duggan, turned into trouble as darkness fell, and ignited a flame that spread with incredible speed over the following nights across London, then to Liverpool, Nottingham, Manchester, Birmingham and beyond.

The first flashpoint was only a mile away from where, in 1985, the Broadwater Farm Riots exploded - and that too began with the death of a black Briton at the hands of police, before escalating into riots, more deaths and destruction.

The legacy of the race riots of the 1980s for Britain's black communities remains understandably potent.

While several of the Tottenham-born British rappers who have achieved chart success in the last few years were posting "Rest in Peace" messages on their Twitter accounts to Mark Duggan, a man they knew personally, one of them, "Scorcher", aka Tayo Jarrett, revealed that it was his grandmother, Cynthia Jarrett, whose death had sparked the Broadwater Farm riots.

But even with Brixton, too, up in flames, as it had been in 1981, the events of the last two weeks have been far too distinctive and complicated to be simply a 1980s redux, a postmodern retread of recent history for those too young to remember it.

There are parallels - a Conservative government imposing deep austerity cuts in a time of economic hardship, a black British community at best suspicious of a police force who use "profiling" techniques on ethnic minorities - but that is not the whole story. Britain has moved onwards but many of its citizens have not had the chance to move upwards.

In 2007, as leader of the opposition, David Cameron responded to a Unicef report into child well-being by noting that Britain had "the loneliest, worst behaved, unhappiest children in the developed world".

Clearly, as leader of a government that has now held office for 15 months, not 15 years, it would be trite to suggest that the riots are all his fault - the one thing everyone seemed to agree on on the streets of Tottenham that night was that this had been coming for a long time.

Wealth inequality has been rising steeply in Britain since 1979. By 2005, it had returned to post-war levels. By 2030, if current trends continue, it will have returned to Victorian levels, with the richest 0.1 per cent of earners taking home 14 per cent of the income.

With one million Brits unemployed, millions more working in part-time or low-paid jobs and living below the poverty line, "the trickle down effect" is more of a mirage than anything else.

While their roots may be deep, there is a reason these riots are happening now and didn't happen one, five, or 10 years ago.

Historically, austerity measures in times of crisis provoke this kind of upheaval. An almost eerily timely analysis published last week by the Social Science Research Network, entitled Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2009 found "a clear link between the magnitude of expenditure cutbacks and increases in social unrest. With every additional percentage point of GDP in spending cuts, the risk of unrest increases."

The prospects for Britain's poorest young people makes devastating reading. The Conservative-Liberal Democrat coalition government has cut the Education Maintenance Allowance (a stipend for poorer 16-18 year olds who want to continue in education), tripled the university tuition fees cap to £9,000 a year, slashed 75 per cent of the youth services budget (providing opportunities and activities for young people) and all at a time when there is 21 per cent youth unemployment, the highest since records began in 1992.

This is a post baby-boomer generation where young Brits are now 25 per cent more likely to succumb to poverty than their parents, and a further 200,000 children will be pushed into poverty by government cuts, according to a report by the Institute for Fiscal Studies.

Those figures are all national - they are likely to be far worse in the parts of England's inner cities that also saw rioting last week.

The canard of a post-recession recovery has certainly been found wanting in the country's poorest areas. In Haringey, the borough containing Tottenham, unemployment has risen 10 per cent in the last year and there are now 54 applicants for every job available.

Around the world, people have watched open-mouthed as parts of Britain went up in flames.

For many British commentators, this has been an almighty shock, too. "Political classes and media completely unsighted on London riots," tweeted Martin Bright, a respected journalist, after four nights of rioting, before summing up the mood among his peers: "Who are these young people?"

For these same young people, the only surprise was that anyone was surprised. While the vast majority of the media wondered aloud how the riots could possibly have been predicted, one teenager from Tottenham had done exactly that, eight days earlier - and on camera.

Speaking to a Guardian video journalist filming a story about youth club closures in the area, Chavez Campbell said "people want jobs. That's why there's more crime on the road because there's nothing to do. There's gonna be a riot. There'll be riots."

Disorder with uniquely contemporary causes have uniquely modern methods. The Arab Spring had Twitter, the British riots had BlackBerry Messenger (BBM).

Much like the debates over the extent of social media's role in previous public uprisings and disorder, no one can quite agree, or prove their reach.

While it clearly didn't "fuel" the riots, as some commentators have said, there is plenty of evidence that the instant, free messaging service makes the BlackBerry particularly popular among young Brits - in this case, the option to send a message to all of your contacts, while still being essentially private, led to certain messages giving out meeting points to loot or trash areas. There were even rumours of PlayStation 3's messaging system - designed to connect online gamers - being used to plan where rioting and looting would begin.

British tabloids fulminated with the comical outrage often borne of generational ignorance - unlike Twitter, which they have finally got to grips with, BBM was a dangerous private communication system, secretive and self-contained. Much like, in fact, a text message or phone call.

David Lammy, member of parliament for Tottenham, called for BlackBerry to suspend its messaging service in attempt to stop rioters communicating.

Despite tabloid excitement about BlackBerry "broadcasts" and Twitter directing the mob, the riots and looting do not seem to have been nearly that organised - not in a hierarchical, top-down way, anyway.

This was not a mass orchestrated uprising but more of a mosaic of small, overlapping groups of the bored, the angry, the criminal and the opportunistic. I witnessed several times what one political activist friend observed as something resembling anarchist-style "affinity groups", small clusters of people who knew and looked out for each other, moved around together, perhaps collaborated with others, but mostly kept to themselves.

Sitting in my north London home on day two of the riots, at about 10pm on Sunday, I overheard a conversation between three or four young men outside my window.

"We've got to get down there!" said one. "Yeah OK, but where?" quizzed his friend. That night trouble had started in several parts of north, east and south London.

The first speaker, bursting with excitement, used hip-hop slang to reply: "I don't know - wherever it's cracking." He meant wherever it was happening. They just wanted to be there, in the heart of "it". I do not know what the intention of these young men was. It may have been, like mine, an urge to see what was happening in person rather than on TV, not wanting to miss the extraordinary things happening to our ordinary urban vistas.

In the discussions of family breakdown, violent video games, bling-promoting rap lyrics, desperate consumerist desire and the rest, boredom is the one motivating factor that has been under-written in all the hand-wringing.

Journalist Benji Lanyado was an exception to the rule. "Watching the riots and looting in London," he wrote, "seemingly so devoid of cause or motive, I couldn't help thinking that, ultimately, these kids were bored... seriously, horribly bored. Bored on an epidemic level. This was a chance for them to do something truly exciting. A chance to flee their listless lives for a few hours and do something pulse-raising." As guesswork goes, it is pretty persuasive. Indeed, one mother who handed her 12-year-old son in to Greater Manchester Police told the BBC: "The kid's bored. That's what it boils down to, boredom. There is nothing for him to do. You've come from a big posh estate probably - we're deprived. There's no activities, nothing for him whatsoever."

In the aftermath of the rioting, came the "clean-up". Organised largely via Twitter and Facebook, volunteers turned out on the streets armed with brooms to help sweep up the debris left from the rioting the night before. It seemed like a well-intentioned response to the trouble and was broadly celebrated by most - but the semiotics of the discourse around it have raised important points about the divided nature of modern British cities.

A provocative but brilliant piece of commentary from a group called the University for Strategic Optimism (UFSO) argued that this was a middle-class initiative designed to drive a wedge between themselves and the "feral underclass" who had been engaged in the rioting and looting - to set up an opposition between self-ascribed "real Londoners" with a right to the city and the largely poor, largely young Londoners who lived among them, people who they would never meet and never seek to understand.

"It's going to take more than posturing, 'blitz-spirit', keep-calm-and-carry-on claptrap and colonial Kiplingesque 'keeping your head' to fix this mess," ran the UFSO editorial. That "Keep Calm And Carry On" meme is an exemplary piece of modern British myth-making. A propaganda poster created by the British Ministry of Information in 1939, the slogan sitting beneath the crown, it was intended to provide reassurance in the event of a Nazi invasion. Incredibly, given its total ubiquity in British pop culture since its rediscovery in 2000, it was never officially put on display during the war.

The message speaks to centuries of national self-delusion peddled from the top down - the stiff upper lip in times of crisis, the stoical acceptance of one's fate and the Whiggish history popularised in the colonial period, which sought to write British history as a smooth, peaceful progression towards enlightened liberal democracy, eliding and gliding over foreign and civil wars, grotesque imperial brutality and domestic revolutions, riots, uprisings and repression through the ages.

Its popularity is situated in the long history of the British iconography of denial but its recent popularity is somehow especially worrying, particularly in the face of a second financial crisis in three years, devastating austerity measures and now riots on the streets.

Appropriately, in 2011, "Keep Calm and Carry On" has a consumer edge - it is possible to buy the poster image on clothing, mugs, tea cosies, deckchairs, cuff-links, even a First Aid kit.

After all, why treat the disease when you can just cover it up with a sticking plaster? Sweep up the broken glass and, with it, sweep the underlying causes of the riots under the carpet.

Much has been said about the looting of shops as a depoliticised form of unrest. "These shallow kids don't want change, they just want a nice pair of trainers" is a common refrain.

This ignores the fact that many looters seem to have been taking many of the same items to sell on for cash and that some were looting things that were less status symbols than basic means of survival, such as food and nappies.

Nonetheless, one of the most notorious BlackBerry broadcasts discovered by the media called for people to congregate in Oxford Circus, the heart of London's shopping district. It claimed that lots of "SHOPS are gonna get smashed up so come get some [free stuff!!!]... tool up [bring a weapon], it's a free world so have fun running wild shopping".

One of the most thoughtful responses to the idea of a consumerism-fixated youth came from the journalist Alex Hoban, who wrote about a commentator on the BBC show Newsnight describing "rioters" anger being expressed in acts of "violent consumption."

Much of the looting was of chain shops stocking internationally-recognised electrical goods and branded clothing, by young people raised in a culture that makes unrelenting consumerism the norm.

Furthermore, the pursuit of consequence-free accumulation of material wealth is as potent in the unsustainable inflations of the financial bubble as in the glittering nexus of pop culture and advertising.

It may be crass sloganeering to say "the bankers are the real looters", as some on the British left have done, but in terms of the impact each series of actions has had on the nation's economy, it's spot on.

Not much in Britain is sustainable right now. It is a country barely treading water after the first financial crisis, struggling to work out the shape of the next one, and with the worst of the public spending cuts still to take effect.

David Cameron's coalition government is fragile, hamstrung by its lack of a mandate.The riots have arrived after the phone-hacking scandal, which only began six weeks ago, had created a sense of a perfect storm of illegitimacy and corruption overwhelming Britain's elite.

During the hacking inquiry, as the latest in a series of revelations broke, a friend of mine commented: "Today really does feel like Britain: The End of Season Finale. Ten years of totally disparate events coming to a head."

While the media narrative has moved on to the riots, it lurks in the national consciousness along with the student protests in winter, the 500,000-strong protest against the government in March, the banking crisis, its £1.3 trillion bailout from public funds and, somewhere nearer the front of our national consciousness, the fact that things are not likely to get better. It is a system at the end of its tether.

Walking home through London in the heavily securitised aftermath of the riots, police sirens wailing theatrically to remind us they were there, I passed a public house near Finsbury Park station. Two black men in their late 50s and two white men in their early 20s were outside smoking, talking loudly about politics, the riots, the economy, everything. There was a lot of head-shaking. There is always a lot of head-shaking when the British talk about politics.

I joined them. They were sad and angry about the riots, about the punishment being given to looters - singling out a man who that day had been given a six-month prison sentence for looting a crate of water - and about much more, too.

They suggested deceit, corruption and bribery ran through the very top of the British elite, with poverty and unemployment increasingly dominating the lives of the masses.

As I made to leave, one of the young men tried to sum up all the things we had been talking about: "For the last three years, we've been completely screwed. It's over." It was late and I didn't ask him exactly what he meant. But I think I already knew.

Dan Hancox, a regular contributor to The Review, is the author of Summer of Unrest: Kettled Youth.

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MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: 
Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')    

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

Results

57kg quarter-finals

Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.

60kg quarter-finals

Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.

63.5kg quarter-finals

Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.

67kg quarter-finals

Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.

71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

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.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

RESULTS

Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden

Results:

6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).

7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.

7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.

8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.

8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.

9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.

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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Liverpool’s fixtures until end of 2019

Saturday, November 30, Brighton (h)

Wednesday, December 4, Everton (h)

Saturday, December 7, Bournemouth (a)

Tuesday, December 10, Salzburg (a) CL

Saturday, December 14, Watford (h)

Tuesday, December 17, Aston Villa (a) League Cup

Wednesday, December 18, Club World Cup in Qatar

Saturday, December 21, Club World Cup in Qatar

Thursday, December 26, Leicester (a)

Sunday, December 29, Wolves (h)

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

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

Rating: 4.5/5

Brahmastra%3A%20Part%20One%20-%20Shiva
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY%20PROFILE
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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.”

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners