A lone jogger in London's Battersea Park at sunrise on Sunday. The UK capital is in coronavirus lockdown AFP
A lone jogger in London's Battersea Park at sunrise on Sunday. The UK capital is in coronavirus lockdown AFP
A lone jogger in London's Battersea Park at sunrise on Sunday. The UK capital is in coronavirus lockdown AFP
A lone jogger in London's Battersea Park at sunrise on Sunday. The UK capital is in coronavirus lockdown AFP

Covid: UK lockdown easing planned for March as NHS battles case every 30 seconds


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  • Arabic

Lockdown restrictions could be eased in March and all UK adults should have received their first dose of a Covid vaccine by September, Foreign Minister Dominic Raab said on Sunday.

"What we want to do is get out of this national lockdown as soon as possible," Mr Raab told Sky News.

"By early spring, hopefully by March, we'll be in a position to make those decisions. I think it's right to say we won't do it all in one big bang. As we phase out the national lockdown, I think we'll end up phasing through a tiered approach."

Meanwhile, NHS chief executive Simon Stevens said a Covid-19 patient was being admitted to hospital "every 30 seconds" and warned of the "extreme pressure" facing the NHS.

Speaking on The Andrew Marr Show on BBC One, he said the crisis was a "unique event" in the NHS's history, but was upbeat about the vaccine distribution and improving treatments.

People in England are being vaccinated four times faster than new cases of the virus are being detected, the NHS chief executive said, with the health service administering 140 doses a minute.

His remarks come on the eve of 10 mass vaccination centres opening across England, fuelling hopes that the target of two million doses per week can be attained, with the prospect of a return to something akin to normality by late summer.

"Our target is to have offered all the adult population a first dose by September," said Mr Raab. "If we can do it faster than that, great, but that's the road map."

Health Secretary Matt Hancock said on Sunday that over half of over-80s had been vaccinated.

The UK has been fast to implement its vaccination campaign – giving Boris Johnson's leadership a much-needed boost.

The figures may reassure the native population, but UN Secretary General Antonio Guterres is less impressed with rich nations hogging vaccine supplies. On Friday he called for more money to distribute Covid-19 vaccines to poor countries, decrying so-called "vaccinationalism".

Friday also saw the UK announce the suspension of all travel corridors from 4am (GMT) on Monday, and Mr Raab would not deny the possibility of "quarantine hotels" being established for those wishing to fly into the country.

He said that all possibilities had been considered and that enforcement of international travel restrictions would be increased.

He discouraged Britons from travelling abroad for holidays, saying it would "not be appropriate".

The government's tougher stance on travel restrictions has been fuelled by a fear that new Covid variants could evade the current vaccines and jeopardise the UK's recovery.

"We don't want to find in two or three weeks' time that our vaccine roll-out is imperilled because we haven't taken the precautionary measures on travel corridors," Mr Raab said.

The latest UK figures show the daily Covid case rate was down to 38,598, from 41,342 on Saturday. A total of 671 new deaths were reported, compared with 1,295 on Saturday, the third-highest daily Covid death toll.

Daily figures also show the number of UK vaccinations at 3,857,266, up 298,087 from Saturday's total of 3,559,179, while 4,179 patients were admitted to hospital, down slightly from 4,262 on Saturday.

_________________________________________________

Covid around the world – in pictures

  • A waiter carries dishes from outdoor seating as indoor dining reopens in a limited capacity to reduce the spread of coronavirus in Philadelphia, Pennsylvania, US. Reuters
    A waiter carries dishes from outdoor seating as indoor dining reopens in a limited capacity to reduce the spread of coronavirus in Philadelphia, Pennsylvania, US. Reuters
  • Hamilton at Richard Rodgers Theatre near Times Square remains closed following restrictions imposed to slow the spread of coronavirus in New York City. The pandemic has caused long-term repercussions throughout the tourism and entertainment industries, including temporary and permanent closures of historic and iconic venues, costing the city and businesses billions in revenue. AFP
    Hamilton at Richard Rodgers Theatre near Times Square remains closed following restrictions imposed to slow the spread of coronavirus in New York City. The pandemic has caused long-term repercussions throughout the tourism and entertainment industries, including temporary and permanent closures of historic and iconic venues, costing the city and businesses billions in revenue. AFP
  • People drive through the Jurassic Quest Experience outside The Rose Bowl Stadium in Pasadena, California, US. Reuters
    People drive through the Jurassic Quest Experience outside The Rose Bowl Stadium in Pasadena, California, US. Reuters
  • Joyce Flippin, 83, receives a dose of the coronavirus vaccine at Mission Commons assisted-living community in Redlands, California, US. Reuters
    Joyce Flippin, 83, receives a dose of the coronavirus vaccine at Mission Commons assisted-living community in Redlands, California, US. Reuters
  • Hudson Mahaffay reacts to a staff member dressed like a raptor at the Jurassic Quest drive-thru Experience outside The Rose Bowl Stadium in Pasadena, California. Reuters
    Hudson Mahaffay reacts to a staff member dressed like a raptor at the Jurassic Quest drive-thru Experience outside The Rose Bowl Stadium in Pasadena, California. Reuters
  • People drive through the Jurassic Quest Experience outside The Rose Bowl Stadium in Pasadena, California. Reuters
    People drive through the Jurassic Quest Experience outside The Rose Bowl Stadium in Pasadena, California. Reuters
  • A nurse checks in on a person in a vehicle after receiving a dose of a coronavirus vaccine at a drive-through vaccination site at the TCF center in Detroit, Michigan, US. Reuters
    A nurse checks in on a person in a vehicle after receiving a dose of a coronavirus vaccine at a drive-through vaccination site at the TCF center in Detroit, Michigan, US. Reuters
  • The empty streets of Montmartre as the 6pm curfew starts in Paris. The prime minister announced last Thursday an extension of the 6 pm-to-6am curfew to cover the whole country, including zones, like Paris, where it previously hadn't started until 8pm. AP Photo
    The empty streets of Montmartre as the 6pm curfew starts in Paris. The prime minister announced last Thursday an extension of the 6 pm-to-6am curfew to cover the whole country, including zones, like Paris, where it previously hadn't started until 8pm. AP Photo
  • A couple walk on the Trocadero square near the Eiffel Tower during the curfew in Paris. All of France is under a stricter curfew, which started on Saturday at 6pm and will last for at least 15 days. AP Photo
    A couple walk on the Trocadero square near the Eiffel Tower during the curfew in Paris. All of France is under a stricter curfew, which started on Saturday at 6pm and will last for at least 15 days. AP Photo
  • A general view outside the stadium prior to the Premier League match between Leicester City and Southampton at The King Power Stadium in Leicester, England. Sporting stadiums around England remain under strict restrictions as social-distancing laws prohibit fans inside venues, resulting in games being played behind closed doors. Getty Images
    A general view outside the stadium prior to the Premier League match between Leicester City and Southampton at The King Power Stadium in Leicester, England. Sporting stadiums around England remain under strict restrictions as social-distancing laws prohibit fans inside venues, resulting in games being played behind closed doors. Getty Images
  • A photographer sits between cardboard cu- out fans during the Sky Bet League One match between AFC Wimbledon and Sunderland at Plough Lane in Wimbledon, England. Getty Images
    A photographer sits between cardboard cu- out fans during the Sky Bet League One match between AFC Wimbledon and Sunderland at Plough Lane in Wimbledon, England. Getty Images
  • A man wears a face mask as he rides a motorcycle in Karachi, Pakistan. Many countries around the world are battling a surge in coronavirus infections. EPA
    A man wears a face mask as he rides a motorcycle in Karachi, Pakistan. Many countries around the world are battling a surge in coronavirus infections. EPA
  • People wearing protective masks stand in front of a poster featuring a photograph of India's Prime Minister Narendra Modi outside the All India Institute of Medical Sciences in New Delhi, India. India launched one of the world’s largest coronavirus vaccination drives on Saturday, setting in motion a complex deployment plan aimed at stemming the wide spread of infections across a nation of more than 1.3 billion people. Bloomberg
    People wearing protective masks stand in front of a poster featuring a photograph of India's Prime Minister Narendra Modi outside the All India Institute of Medical Sciences in New Delhi, India. India launched one of the world’s largest coronavirus vaccination drives on Saturday, setting in motion a complex deployment plan aimed at stemming the wide spread of infections across a nation of more than 1.3 billion people. Bloomberg
  • A robot serves customers at a Japanese robot restaurant in Bangkok, Thailand. Thailand's first Japanese robot restaurant, Hajime, where the serving waiters are robots, has been operating since 2010, serving Japanese food shabu, yakiniku and sushi. EPA
    A robot serves customers at a Japanese robot restaurant in Bangkok, Thailand. Thailand's first Japanese robot restaurant, Hajime, where the serving waiters are robots, has been operating since 2010, serving Japanese food shabu, yakiniku and sushi. EPA
  • A man walks past restaurants which closed after 8pm, the time the government asks them to close by, amid the coronavirus emergency decree in Tokyo, Japan. Reuters
    A man walks past restaurants which closed after 8pm, the time the government asks them to close by, amid the coronavirus emergency decree in Tokyo, Japan. Reuters
  • People pray outside Hasan Anani mosque in Jiddah, Saudi Arabia. AP Photo
    People pray outside Hasan Anani mosque in Jiddah, Saudi Arabia. AP Photo
  • A street is almost empty of cars during an 11-day nationwide shutdown aimed at curbing the spread of the coronavirus, in Beirut, Lebanon. Lebanon's parliament has approved a draft law to allow the importing of vaccines into the tiny country to fight the spread of coronavirus. AP Photo
    A street is almost empty of cars during an 11-day nationwide shutdown aimed at curbing the spread of the coronavirus, in Beirut, Lebanon. Lebanon's parliament has approved a draft law to allow the importing of vaccines into the tiny country to fight the spread of coronavirus. AP Photo
Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Our legal consultant

Name: Hassan Mohsen Elhais

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

Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
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

Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
SUNDAY'S ABU DHABI T10 MATCHES

Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
MATCH INFO

New Zealand 176-8 (20 ovs)

England 155 (19.5 ovs)

New Zealand win by 21 runs

Race card

6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m

7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m

7.40pm: Handicap (TB) $135,000 (T) 2,000m

8.15pm: Handicap (TB) $135,000 (D) 1,600m

8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m

9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m

10pm: Handicap (TB) $135,000 (T) 2,000m

10.35pm: Handicap (TB) $175,000 (T) 1,400m

The National selections

6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath

GROUP RESULTS

Group A
Results

Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs

Group B
Results

Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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 Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The years Ramadan fell in May

1987

1954

1921

1888

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.