• A woman winnows rice she has harvested from a paddy field in Birulia, on the outskirts of Dhaka, Bangladesh. Reuters
    A woman winnows rice she has harvested from a paddy field in Birulia, on the outskirts of Dhaka, Bangladesh. Reuters
  • England's Mark Selby plays a shot during the Betfred World Snooker Championship at the Crucible Theatre in Sheffield, England. The tournament is being played in front of spectators as part of trials to see how events can reopen as Covid-19 restrictions ease. Getty Images
    England's Mark Selby plays a shot during the Betfred World Snooker Championship at the Crucible Theatre in Sheffield, England. The tournament is being played in front of spectators as part of trials to see how events can reopen as Covid-19 restrictions ease. Getty Images
  • A youth jumps into the Mediterranean off the Saida Corniche during lockdown over Orthodox Easter to curb the spread of coronavirus in Saida, Lebanon. AP Photo
    A youth jumps into the Mediterranean off the Saida Corniche during lockdown over Orthodox Easter to curb the spread of coronavirus in Saida, Lebanon. AP Photo
  • Volunteers clear up dead fish washed up on the banks of Lake Qaraoun on the Litani River, Lebanon. Locals have blamed pollution for the die off. Reuters
    Volunteers clear up dead fish washed up on the banks of Lake Qaraoun on the Litani River, Lebanon. Locals have blamed pollution for the die off. Reuters
  • Lightning bolts strike buildings during a thunderstorm over Thailand's capital Bangkok. AFP
    Lightning bolts strike buildings during a thunderstorm over Thailand's capital Bangkok. AFP
  • A woman stands in the ruins of her house in the village of Maksat, Kyrgyzstan, following border clashes between Kyrgyzstan and Tajikistan. A ceasefire has since been signed. AFP
    A woman stands in the ruins of her house in the village of Maksat, Kyrgyzstan, following border clashes between Kyrgyzstan and Tajikistan. A ceasefire has since been signed. AFP
  • FC Internazionale supporters celebrate at Piazza Duomo in Milan, after their team won the Italian Serie A Championship title for the first time since 2010. AFP
    FC Internazionale supporters celebrate at Piazza Duomo in Milan, after their team won the Italian Serie A Championship title for the first time since 2010. AFP
  • Paper boats at an event about a delegation of the Zapatista Army of National Liberation former guerrilla group, which will depart on the 'La Montana' ship for Europe to meet with anti-capitalist groups, at Zocalo square, in Mexico City. AFP
    Paper boats at an event about a delegation of the Zapatista Army of National Liberation former guerrilla group, which will depart on the 'La Montana' ship for Europe to meet with anti-capitalist groups, at Zocalo square, in Mexico City. AFP
  • Astronauts Soichi Wakata, left, of the Japan Aerospace Exploration Agency, and Thomas Pesquet, of the European Space Agency, pose for a portrait inside the cupola, the International Space Station's 'window to the world'. AFP
    Astronauts Soichi Wakata, left, of the Japan Aerospace Exploration Agency, and Thomas Pesquet, of the European Space Agency, pose for a portrait inside the cupola, the International Space Station's 'window to the world'. AFP
  • A man wearing a protective mask photographs a woman amid the coronavirus disease pandemic, at Gyeongbok Palace, in Seoul, South Korea. Reuters
    A man wearing a protective mask photographs a woman amid the coronavirus disease pandemic, at Gyeongbok Palace, in Seoul, South Korea. Reuters
  • Smoke haze and fog blankets Maroubra Beach in Sydney, Australia. The haze continues to linger following hazard reduction burnings over the weekend. Getty Images
    Smoke haze and fog blankets Maroubra Beach in Sydney, Australia. The haze continues to linger following hazard reduction burnings over the weekend. Getty Images

World

From a selfie inside ISS to a lightning strike in Bangkok - today's best pictures

Take a look at some of the best images from around the world in the past 24 hours

The National

May 03, 2021

  • English
  • Arabic

More from The National:

From protests in Brussels to a music festival in Wuhan - Sunday's best pictures

From walking along the Great Wall of China to travelling on the Staten Island ferry - Saturday's best pictures

From the world's largest plane to goslings in Canada - Friday's best pictures

From world-record UAE flag mosaic to a rocket's musical send-off - Thursday's best images

From a stamp on auction to a mask decorated with a moustache - Wednesday's best images

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. 

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.”

While you're here...
UAE currency: the story behind the money in your pockets
Recommended
While you're here
While you're here
Killing of Qassem Suleimani
Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A

Our Time Has Come
Alyssa Ayres, Oxford University Press

How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
How they line up for Sunday's Australian Grand Prix

1 Lewis Hamilton, Mercedes

2 Kimi Raikkonen, Ferrari

3 Sebastian Vettel, Ferrari

4 Max Verstappen, Red Bull

5 Kevin Magnussen, Haas

6 Romain Grosjean, Haas

7 Nico Hulkenberg, Renault

*8 Daniel Ricciardo, Red Bull

9 Carlos Sainz, Renault

10 Valtteri Bottas, Mercedes

11 Fernando Alonso, McLaren

12 Stoffel Vandoorne, McLaren

13 Sergio Perez, Force India

14 Lance Stroll, Williams

15 Esteban Ocon, Force India

16 Brendon Hartley, Toro Rosso

17 Marcus Ericsson, Sauber

18 Charles Leclerc, Sauber

19 Sergey Sirotkin, Williams

20 Pierre Gasly, Toro Rosso

* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Bridgerton%20season%20three%20-%20part%20one
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
You might also like
World