Dominic Cummings left Downing Street carrying a moving box, just as reports began circulating that it was his last day and he would not be staying until the end of the year. Reuters
Dominic Cummings left Downing Street carrying a moving box, just as reports began circulating that it was his last day and he would not be staying until the end of the year. Reuters
Dominic Cummings left Downing Street carrying a moving box, just as reports began circulating that it was his last day and he would not be staying until the end of the year. Reuters
Dominic Cummings left Downing Street carrying a moving box, just as reports began circulating that it was his last day and he would not be staying until the end of the year. Reuters

Dominic Cummings leaves Downing Street early, after resignation reports


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British Prime Minister Boris Johnson’s top adviser has been seen leaving Downing Street carrying a moving box, amid reports that he has left his job following a bruising battle for influence fueled by tensions over Brexit and the coronavirus pandemic.

He had left for good rather than stay until the end of the year, the BBC reported.

The prime minister’s office hasn’t confirmed Dominic Cummings’ departure.

Earlier, Transport Secretary Grant Schapps insisted “advisers come and go” after Mr Cummings, one of the UK’s most influential political figures indicated that he plans to leave Downing Street by the end of the year.

Mr Cummings told the BBC his “position hasn’t changed since my January blog” when he wrote he wanted his role made “largely redundant” by the end of 2020.

  • Dominic Cummings arrives at 10 Downing Street on Friday morning in London. EPA
    Dominic Cummings arrives at 10 Downing Street on Friday morning in London. EPA
  • Dominic Cummings - Prime Minister Boris Johnson’s controversial chief aide - told the BBC his “position hasn’t changed since my January blog” when he wrote he wanted his role made “largely redundant” by the end of 2020. AFP
    Dominic Cummings - Prime Minister Boris Johnson’s controversial chief aide - told the BBC his “position hasn’t changed since my January blog” when he wrote he wanted his role made “largely redundant” by the end of 2020. AFP
  • Prime Minister Boris Johnson and Dominic Cummings leave 10 Downing Street in October 2019. Getty Images
    Prime Minister Boris Johnson and Dominic Cummings leave 10 Downing Street in October 2019. Getty Images
  • Dominic Cummings looks on as Boris Johnson holds a news conference addressing the government's response to the coronavirus outbreak on March 12, 2020. Getty Images
    Dominic Cummings looks on as Boris Johnson holds a news conference addressing the government's response to the coronavirus outbreak on March 12, 2020. Getty Images
  • Dominic Cummings reminds photographers to maintain social distancing as he leaves his home on May 23, 2020. On March 31st 2020 Downing Street confirmed to journalists that Dominic Cummings was self-isolating with Covid-19 symptoms at his home in North London. Durham police confirmed that he was actually hundreds of miles away at his parent's house in the city. Getty Images
    Dominic Cummings reminds photographers to maintain social distancing as he leaves his home on May 23, 2020. On March 31st 2020 Downing Street confirmed to journalists that Dominic Cummings was self-isolating with Covid-19 symptoms at his home in North London. Durham police confirmed that he was actually hundreds of miles away at his parent's house in the city. Getty Images
  • A protester holds up a placard which reads 'Why are you above the law?' outside the home of Dominic Cummings on May 24, 2020. Getty Images
    A protester holds up a placard which reads 'Why are you above the law?' outside the home of Dominic Cummings on May 24, 2020. Getty Images
  • Two police officers arrive at the home of Dominic Cummings on May 24, 2020. Getty Images
    Two police officers arrive at the home of Dominic Cummings on May 24, 2020. Getty Images
  • A TV screen is installed in the street outside the home of Dominic Cummings on May 24, 2020. Getty Images
    A TV screen is installed in the street outside the home of Dominic Cummings on May 24, 2020. Getty Images
  • Protesters hold a banner which reads 'All animals are equal but some animals are more equal than others' (a quote from George Orwell's Animal Farm) outside the home of Dominic Cummings on May 25, 2020. Getty Images
    Protesters hold a banner which reads 'All animals are equal but some animals are more equal than others' (a quote from George Orwell's Animal Farm) outside the home of Dominic Cummings on May 25, 2020. Getty Images
  • Dominic Cummings makes a statement on his trip to Durham inside 10 Downing Street on May 25, 2020. Getty Images
    Dominic Cummings makes a statement on his trip to Durham inside 10 Downing Street on May 25, 2020. Getty Images
  • A tense Dominic Cummings during his statement inside 10 Downing Street on May 25, 2020. Getty Images
    A tense Dominic Cummings during his statement inside 10 Downing Street on May 25, 2020. Getty Images
  • A sign left by a protester is left near the home of Dominic Cummings. Getty Images
    A sign left by a protester is left near the home of Dominic Cummings. Getty Images
  • A supporter of Dominic Cummings waits for him to leave his home. Getty Images
    A supporter of Dominic Cummings waits for him to leave his home. Getty Images
  • Mr Cummings is the second special adviser to leave Number 10 in the space of a day. Getty Images
    Mr Cummings is the second special adviser to leave Number 10 in the space of a day. Getty Images

He is the second special adviser to leave Number 10 in the space of a day after the prime minister’s communications director, Lee Cain, announced he was standing down on Wednesday.

But Mr Schapps dismissed suggestions the turmoil would affect the government’s decision-making.

He told Sky News: “(Mr Cummings) will be missed but then again we’re moving into a different phase - we have already left Europe and the transition period is coming to a close.

“Things move on, advisers come and go.

When asked if the chief aide’s departure would affect plans for mass coronavirus testing, which was planned by Mr Cummings, Mr Schapps said: “It is ministers who make decisions.”

Advisers are usually low-profile figures but Mr Cummings tended to court attention.

He was blamed for breaking the UK's unity over lockdown after travelling around 260 miles from London to Durham, despite experiencing coronavirus symptoms. He also famously said the drive to the town of Barnard Castle was to "test his eyesight".

The media and the public were furious over the alleged breach of lockdown restrictions but Mr Cummings stood firm, with the Prime Minister’s continued backing.

The resignation of two top advisers comes after 24 hours of political soap opera in which the pair were reportedly pitted against Carrie Symonds, Mr Johnson’s fiancee, and new Downing Street spokeswoman Allegra Stratton.

Dominic Cummings leaves 10 Downing Street. Reuters
Dominic Cummings leaves 10 Downing Street. Reuters

Internal tensions spilled into the open after Mr Cain was offered a promotion as the Prime Minister’s chief of staff.

Mr Cummings and Mr Cain are long-time colleagues, working together on the successful Vote Leave referendum campaign.

Mr Cummings, the mastermind behind the campaign, created the slogan ‘Take Back Control’ - three words that became synonymous with Britain’s decision to leave the European Union.

It was also the campaign that catapulted Mr Johnson into the national spotlight.

His departure will deprive the Prime Minister of his most important strategist, a man who has wielded huge influence over all aspects of government policy, from its pandemic response to Brexit and economic reform.

His resignation comes at a critical time for the UK: England is in the midst of a second national lockdown and Mr Johnson has just a few days left to finalise a Brexit trade deal with the EU before the deadline runs out.

It is unclear what Mr Cummings’ departure will mean for the UK’s post-Brexit transition arrangements.

However, his presence alongside Mr Johnson at the top of government has often been controversial.

Divisive figure

In the first turbulent months of Mr Johnson’s premiership during 2019, Mr Cummings waged a campaign against anti-Brexit sympathisers inside the governing Conservative Party, forcing some rebels out for good and ripping up political conventions.

Dominic Cummings' resignation is a blow for Boris Johnson. Getty Images
Dominic Cummings' resignation is a blow for Boris Johnson. Getty Images

The aide then helped steer the UK leader towards a historic election victory last December, winning the biggest Tory majority in more than 30 years on his platform to “level up” economically neglected regions of the country.

But when the pandemic hit at the start of the year, Mr Cummings’ project ran into a wall. All government focus was directed towards combating coronavirus and Mr Cummings himself inevitably became part of the story.

In May, Mr Johnson put his own authority on the line to defend his senior adviser, who was accused of breaking lockdown rules by driving to Durham when the public were being ordered to stay at home -  he said he did so to seek help with childcare.

The PM was so determined to keep his chief aide that he appeared in public at press conferences and in Parliament to answer questions and repeatedly defend Mr Cummings’ actions.

Mr Schapps, meanwhile, said of Mr Cummings: "In any government you require people who are going to shake things up and come along with ideas, he's actually been that person."

However, reports of a domineering approach and regular clashes with colleagues are thought to have created a tense atmosphere within the government.

Bernard Jenkin, a Conservative party veteran and an MP since 2010, said Mr Cummings' departure could restore the "respect, integrity and trust" between Parliament and Downing Street, which have been "lacking in recent months".

"It's an opportunity to reset how the Government operates and to emphasise some values about what we want to project as a Conservative Party in government," Mr Jenkin said.

MP David Lammy, from the main opposition Labour party, said the departures of Mr Cain and Mr Cummings were "like rats fleeing a sinking ship".

"His (Cummings’) legacy is one of bullying, deception, hypocrisy and hubris," he added.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

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.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

FIGHT%20CARD
%3Cp%3E%3Cstrong%3EFeatherweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYousuf%20Ali%20(2-0-0)%20(win-loss-draw)%20v%20Alex%20Semugenyi%20(0-1-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBenyamin%20Moradzadeh%20(0-0-0)%20v%20Rohit%20Chaudhary%20(4-0-2)%3Cbr%3E%3Cstrong%3EHeavyweight%204%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EYoussef%20Karrar%20(1-0-0)%20v%20Muhammad%20Muzeei%20(0-0-0)%3Cbr%3E%3Cstrong%3EWelterweight%206%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMarwan%20Mohamad%20Madboly%20(2-0-0)%20v%20Sheldon%20Schultz%20(4-4-0)%3Cbr%3E%3Cstrong%3ESuper%20featherweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBishara%20Sabbar%20(6-0-0)%20v%20Mohammed%20Azahar%20(8-5-1)%3Cbr%3E%3Cstrong%3ECruiseweight%208%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EMohammed%20Bekdash%20(25-0-0)%20v%20Musa%20N%E2%80%99tege%20(8-4-0)%3Cbr%3E%3Cstrong%3ESuper%20flyweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3ESultan%20Al%20Nuaimi%20(9-0-0)%20v%20Jemsi%20Kibazange%20(18-6-2)%3Cbr%3E%3Cstrong%3ELightweight%2010%20rounds%3A%3C%2Fstrong%3E%3Cbr%3EBader%20Samreen%20(8-0-0)%20v%20Jose%20Paez%20Gonzales%20(16-2-2-)%3C%2Fp%3E%0A

Turkish Ladies

Various artists, Sony Music Turkey 

Messi at the Copa America

2007 – lost 3-0 to Brazil in the final

2011 – lost to Uruguay on penalties in the quarter-finals

2015 – lost to Chile on penalties in the final

2016 – lost to Chile on penalties in the final

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%0D%3Cbr%3EIreland%20beat%20UAE%20by%20six%20wickets%0D%3Cbr%3EZimbabwe%20beat%20UAE%20by%20eight%20wickets%0D%3Cbr%3EUAE%20beat%20Netherlands%20by%2010%20wickets%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%0D%3Cbr%3EUAE%20v%20Vanuatu%2C%20Thursday%2C%203pm%2C%20Zayed%20Cricket%20Stadium%0D%3Cbr%3EIreland%20v%20Netherlands%2C%207.30pm%2C%20Zayed%20Cricket%20Stadium%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGroup%20B%20table%3C%2Fstrong%3E%0D%3Cbr%3E1)%20Ireland%203%203%200%206%20%2B2.407%0D%3Cbr%3E2.%20Netherlands%203%202%201%204%20%2B1.117%0D%3Cbr%3E3)%20UAE%203%201%202%202%200.000%0D%3Cbr%3E4)%20Zimbabwe%204%201%203%202%20-0.844%0D%3Cbr%3E5)%20Vanuatu%203%201%202%202%20-2.180%3C%2Fp%3E%0A
The five stages of early child’s play

From Dubai-based clinical psychologist Daniella Salazar:

1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.

2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.

3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.

4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.

5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

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
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

While you're here
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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

On the menu

First course

▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water  

▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle

Second course

▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo

▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa

Third course

▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro

▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis

Dessert

▶ Lumi Black lemon ice cream, pistachio, pomegranate

▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
 

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.”