Prime Minister Boris Johnson after surviving the no-confidence vote on Monday. PA
Prime Minister Boris Johnson after surviving the no-confidence vote on Monday. PA
Prime Minister Boris Johnson after surviving the no-confidence vote on Monday. PA
Prime Minister Boris Johnson after surviving the no-confidence vote on Monday. PA

Boris Johnson praises ‘extremely good’ result and calls for party to move on


Soraya Ebrahimi
  • English
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British Prime Minister Boris Johnson insisted he had secured a “decisive” victory despite a confidence vote in which 148 of his own MPs tried to oust him.

Tory MPs voted by 211 to 148 in support of the prime minister but the scale of the revolt against his leadership leaves him wounded.

After the result of the no-confidence vote, Mr Johnson said: "I think this is a very good result for politics and for the country.

"In this sense I think it’s a convincing result, a decisive result and what it means is that as a government we can move on and focus on the stuff that I think really matters to people.

"I got a far bigger mandate from my own parliamentary colleagues, for instance, than I had in 2019 and I’m grateful to colleagues, I’m grateful for the support they’ve given me."

He called on his party to reunite.

"I understand that what we need to do now is come together as a government, as a party, and that is exactly what we can now do," Mr Johnson said.

“And what this gives us is the opportunity to put behind us all the stuff that I know the media have quite properly wanted to focus on for a very long time, and to do our job, which is to focus on the stuff that I think the public actually want us to be talking about, which is what we are doing to help the people in this country and all the things we’re doing to take this country forward.

"And so what this means tonight is that we can focus on exactly that.

"We can focus on what we’re doing to help people with the cost of living, with what we’re doing to … make streets and communities safer by putting more police out, and it gives us the opportunity to continue to unite, to level up, to strengthen our economy."

  • British Prime Minister Boris Johnson has survived an attempt by Tory MPs to oust him in a vote of confidence. PA
    British Prime Minister Boris Johnson has survived an attempt by Tory MPs to oust him in a vote of confidence. PA
  • Boris Johnson leaves the Houses of Parliament after the vote. Tory MPs voted by 211 to 148 in the secret ballot in Westminster. EPA
    Boris Johnson leaves the Houses of Parliament after the vote. Tory MPs voted by 211 to 148 in the secret ballot in Westminster. EPA
  • Sir Graham Brady, Chairman of the 1922 Committee of Tory backbenchers, announces the result of the vote. PA
    Sir Graham Brady, Chairman of the 1922 Committee of Tory backbenchers, announces the result of the vote. PA
  • A police officer patrols Downing Street on Monday. The vote of no confidence marked the most serious challenge yet to Mr Johnson's three-year tenure as prime minister. EPA
    A police officer patrols Downing Street on Monday. The vote of no confidence marked the most serious challenge yet to Mr Johnson's three-year tenure as prime minister. EPA
  • A protester holds up an anti Boris Johnson placard outside Parliament in London. EPA
    A protester holds up an anti Boris Johnson placard outside Parliament in London. EPA
  • Boris Johnson leaves from the back entrance of No 10 Downing Street. Reuters
    Boris Johnson leaves from the back entrance of No 10 Downing Street. Reuters
  • A broadcast journalist at work on College Green outside the Houses of Parliament in London. Getty Images
    A broadcast journalist at work on College Green outside the Houses of Parliament in London. Getty Images
  • British Conservative MP Sir Graham Brady speaks to members of the media announcing the decision to hold a vote of no confidence, outside of the Houses of Parliament. Reuters
    British Conservative MP Sir Graham Brady speaks to members of the media announcing the decision to hold a vote of no confidence, outside of the Houses of Parliament. Reuters
  • John Penrose, the prime minister's anti-corruption official who resigned, claiming it is 'pretty clear' that Boris Johnson broke the Ministerial Code, speaks to the media on College Green in central London. PA
    John Penrose, the prime minister's anti-corruption official who resigned, claiming it is 'pretty clear' that Boris Johnson broke the Ministerial Code, speaks to the media on College Green in central London. PA
  • Boris Johnson reads the long-awaited report by senior civil servant Sue Gray into the Downing Street party scandal. Photo: Andrew Parsons / No 10 Downing Street
    Boris Johnson reads the long-awaited report by senior civil servant Sue Gray into the Downing Street party scandal. Photo: Andrew Parsons / No 10 Downing Street
  • A gathering in the Cabinet Room at No 10 Downing Street on Mr Johnson's birthday. Photo: Cabinet Office
    A gathering in the Cabinet Room at No 10 Downing Street on Mr Johnson's birthday. Photo: Cabinet Office
  • Mr Johnson during a gathering held while lockdown rules were in force across the UK. Photo: Cabinet Office
    Mr Johnson during a gathering held while lockdown rules were in force across the UK. Photo: Cabinet Office
  • Another gathering at No 10 Downing Street to mark the departure of a special adviser. Photo: Cabinet Office
    Another gathering at No 10 Downing Street to mark the departure of a special adviser. Photo: Cabinet Office
  • Mr Johnson apologises to MPs in the House of Commons in April, having been fined after a police probe for attending a party during coronavirus lockdowns imposed by his own government. AFP
    Mr Johnson apologises to MPs in the House of Commons in April, having been fined after a police probe for attending a party during coronavirus lockdowns imposed by his own government. AFP
  • Mr Johnson was no more than 30 seconds into his speech when the first shout of 'resign' was heard from the opposition benches, followed by 'you’re an embarrassment' and 'just go'. Reuters
    Mr Johnson was no more than 30 seconds into his speech when the first shout of 'resign' was heard from the opposition benches, followed by 'you’re an embarrassment' and 'just go'. Reuters
  • 'I take this opportunity on the first available sitting day to repeat my wholehearted apology to the House,' he said, admitting that 'people had a right to expect better of their prime minister'. AFP
    'I take this opportunity on the first available sitting day to repeat my wholehearted apology to the House,' he said, admitting that 'people had a right to expect better of their prime minister'. AFP
  • The prime minister, pictured with a birthday cake baked for him by school staff at Bovingdon Primary Academy in Hemel Hempstead, said it ‘didn't occur’ to him that a gathering on June 19, 2020 to mark his 56th birthday broke coronavirus rules. AFP
    The prime minister, pictured with a birthday cake baked for him by school staff at Bovingdon Primary Academy in Hemel Hempstead, said it ‘didn't occur’ to him that a gathering on June 19, 2020 to mark his 56th birthday broke coronavirus rules. AFP
  • Chancellor Rishi Sunak, left, was also fined for attending lockdown parties held in and around Downing Street. AFP
    Chancellor Rishi Sunak, left, was also fined for attending lockdown parties held in and around Downing Street. AFP
  • Mr Johnson is the first sitting prime minister to be censured for breaking the law, sparking calls from all sides of Parliament, including some in his own party, to step down. Reuters
    Mr Johnson is the first sitting prime minister to be censured for breaking the law, sparking calls from all sides of Parliament, including some in his own party, to step down. Reuters
  • A lone protester demonstrates at Downing Street in London. EPA
    A lone protester demonstrates at Downing Street in London. EPA
  • Before the war broke out in Ukraine, Mr Johnson appeared vulnerable to the Partygate controversy. He has been praised for his response to the conflict, which may offer him some protection from critics, and he visited Kyiv in what he called a show of support for the country. AFP
    Before the war broke out in Ukraine, Mr Johnson appeared vulnerable to the Partygate controversy. He has been praised for his response to the conflict, which may offer him some protection from critics, and he visited Kyiv in what he called a show of support for the country. AFP
  • Mr Johnson and his wife Carrie applaud health workers outside No 10 Downing Street in May 2020. Getty
    Mr Johnson and his wife Carrie applaud health workers outside No 10 Downing Street in May 2020. Getty
  • Mr Johnson makes a statement in the House of Commons in January on a report regarding the Downing Street parties during lockdown. Reuters
    Mr Johnson makes a statement in the House of Commons in January on a report regarding the Downing Street parties during lockdown. Reuters
  • A journalist highlights sections of the Sue Gray report. AFP
    A journalist highlights sections of the Sue Gray report. AFP
  • Mr Johnson is understood to have been present at six of at least 12 events being investigated. One occurred on the eve of Prince Philip’s funeral, at which Queen Elizabeth II had to grieve away from other mourners because of social distancing protocol. Getty
    Mr Johnson is understood to have been present at six of at least 12 events being investigated. One occurred on the eve of Prince Philip’s funeral, at which Queen Elizabeth II had to grieve away from other mourners because of social distancing protocol. Getty

Mr Johnson acknowledged that there are tough times ahead for the country.

“We’re going to go through a continuing difficult time because of the inflationary pressures that the world is experiencing, but we have a lot of a lot of natural strength, not least the lowest unemployment since 1974," he said.

“What I think is important about tonight, and you know, forgive me what I’m going to say it again, I think this is very good news, because it allows the government to focus on on those issues.

“I certainly think it is [a good result] because don’t forget that when I first stood to be leader of the Conservative Party in 2019, I didn’t get anything like that much support from my colleagues in Parliament.

“What we have now is an opportunity to put behind us all the stuff, as I say, that people in the media like going on about.

"I think there’s a difference in the category of conversation. I know that, you know, people want to talk about stuff that goes on at Westminster.

"What I want to talk about is what we as a government are doing … what we’re going to do now is take the opportunity to unite and deliver."

  • Boris Johnson has had an eventful time during his life in politics and journalism. Here, 'The National' looks back at his life in pictures. Getty Images
    Boris Johnson has had an eventful time during his life in politics and journalism. Here, 'The National' looks back at his life in pictures. Getty Images
  • Mr Johnson attends the coronation ceremony of Britain's King Charles III at Westminster Abbey in May. Getty Images
    Mr Johnson attends the coronation ceremony of Britain's King Charles III at Westminster Abbey in May. Getty Images
  • Mr Johnson leaves his home to attend a televised evidence session in March in front of the Commons Privileges Committee. Getty Images
    Mr Johnson leaves his home to attend a televised evidence session in March in front of the Commons Privileges Committee. Getty Images
  • Mr Johnson listening to Ukrainian President Volodymyr Zelenskyy address parliamentarians in Westminster Hall in February. Getty Images
    Mr Johnson listening to Ukrainian President Volodymyr Zelenskyy address parliamentarians in Westminster Hall in February. Getty Images
  • Mr Johnson and Carrie Johnson arrive at Westminster Abbey for the state funeral of Queen Elizabeth II in September 2022. Getty Images
    Mr Johnson and Carrie Johnson arrive at Westminster Abbey for the state funeral of Queen Elizabeth II in September 2022. Getty Images
  • Mr Johnson he announces his resignation as prime minister outside 10 Downing Street in July 2022. Getty Images
    Mr Johnson he announces his resignation as prime minister outside 10 Downing Street in July 2022. Getty Images
  • Mr Johnson at a press conference in response to the publication of the Sue Gray report into Partygate at Downing Street in May 2022. Getty Images
    Mr Johnson at a press conference in response to the publication of the Sue Gray report into Partygate at Downing Street in May 2022. Getty Images
  • Mr Johnson reads the long-awaited report by senior civil servant Sue Gray into the Downing Street party scandal, in his Downing Street office in May 2022. Photo: Downing Street
    Mr Johnson reads the long-awaited report by senior civil servant Sue Gray into the Downing Street party scandal, in his Downing Street office in May 2022. Photo: Downing Street
  • Mr Johnson and Ukrainian President Volodymyr Zelenskyy in central Kyiv in April 2022. The British prime minister paid an unannounced visit to Kyiv in a show of solidarity with Ukraine. AFP
    Mr Johnson and Ukrainian President Volodymyr Zelenskyy in central Kyiv in April 2022. The British prime minister paid an unannounced visit to Kyiv in a show of solidarity with Ukraine. AFP
  • Mr Johnson watches an early morning police raid on a home in Liverpool as part of an operation to thwart drug dealing, in December, 2021. Getty Images
    Mr Johnson watches an early morning police raid on a home in Liverpool as part of an operation to thwart drug dealing, in December, 2021. Getty Images
  • The prime minister battles with his umbrella while with Prince Charles at The National Memorial Arboretum in July 2021, in Stafford, England. Getty Images
    The prime minister battles with his umbrella while with Prince Charles at The National Memorial Arboretum in July 2021, in Stafford, England. Getty Images
  • Mr Johnson and his wife before the Uefa European Championship final between Italy and England at Wembley Stadium, London, in July last year. Getty Images
    Mr Johnson and his wife before the Uefa European Championship final between Italy and England at Wembley Stadium, London, in July last year. Getty Images
  • The British prime minister with US President Joe Biden, European Council President Charles Michel, former Japanese prime minister Yoshihide Suga and Italian Prime Minister Mario Draghi during the G7 Summit in Cornwall, in June 2021. Getty Images
    The British prime minister with US President Joe Biden, European Council President Charles Michel, former Japanese prime minister Yoshihide Suga and Italian Prime Minister Mario Draghi during the G7 Summit in Cornwall, in June 2021. Getty Images
  • Mr Johnson with his wife Carrie in the garden of 10 Downing Street after their wedding at Westminster Cathedral, in May last year. Getty Images
    Mr Johnson with his wife Carrie in the garden of 10 Downing Street after their wedding at Westminster Cathedral, in May last year. Getty Images
  • Boris Johnson visits Hartlepool after Conservative Party candidate Jill Mortimer won a parliamentary by-election in May, 2021. Getty Images
    Boris Johnson visits Hartlepool after Conservative Party candidate Jill Mortimer won a parliamentary by-election in May, 2021. Getty Images
  • The prime minister after receiving the first dose of the AstraZeneca vaccine at St Thomas' Hospital in London in March, 2021. Getty Images
    The prime minister after receiving the first dose of the AstraZeneca vaccine at St Thomas' Hospital in London in March, 2021. Getty Images
  • Boris Johnson after signing a Brexit trade deal with the EU in December 2020. Getty Images
    Boris Johnson after signing a Brexit trade deal with the EU in December 2020. Getty Images
  • Mr Johnson examines a vial of the AstraZeneca Covid-19 candidate vaccine, at a pharmaceutical manufacturing facility in Wrexham, Wales, in November 2020. Getty
    Mr Johnson examines a vial of the AstraZeneca Covid-19 candidate vaccine, at a pharmaceutical manufacturing facility in Wrexham, Wales, in November 2020. Getty
  • Mr Johnson demonstrating the two-metre distancing rule during his visit to St Joseph's Catholic Primary School in Upminster, East London, in August 2020. PA
    Mr Johnson demonstrating the two-metre distancing rule during his visit to St Joseph's Catholic Primary School in Upminster, East London, in August 2020. PA
  • In this photo, published alongside the Sue Gray report into the Partygate affair, Mr Johnson is seen at a gathering in the Cabinet Room in 10 Downing Street on his birthday in June, 2020. Getty Images
    In this photo, published alongside the Sue Gray report into the Partygate affair, Mr Johnson is seen at a gathering in the Cabinet Room in 10 Downing Street on his birthday in June, 2020. Getty Images
  • Mr Johnson and former chancellor Rishi Sunak use hand sanitiser during a visit to the Pizza Pilgrims restaurant in June 2020, in east London, to see how they are getting their business ready to reopen as coronavirus lockdown restrictions were lifted in England. PA
    Mr Johnson and former chancellor Rishi Sunak use hand sanitiser during a visit to the Pizza Pilgrims restaurant in June 2020, in east London, to see how they are getting their business ready to reopen as coronavirus lockdown restrictions were lifted in England. PA
  • Mr Johnson and his fiancee Carrie Symonds applaud key workers outside 10 Downing Street in May 2020, during the coronavirus pandemic. Getty Images
    Mr Johnson and his fiancee Carrie Symonds applaud key workers outside 10 Downing Street in May 2020, during the coronavirus pandemic. Getty Images
  • Mr Johnson in the Cabinet Room observing a minute's silence in April 2020 in a tribute to the health staff and key workers who died during the coronavirus outbreak. PA
    Mr Johnson in the Cabinet Room observing a minute's silence in April 2020 in a tribute to the health staff and key workers who died during the coronavirus outbreak. PA
  • Boris Johnson appears on monitors for a meeting in March 2020. The prime minister chaired morning meetings on the coronavirus remotely from Number 11 Downing Street, while self-isolating after testing positive for the virus. Reuters
    Boris Johnson appears on monitors for a meeting in March 2020. The prime minister chaired morning meetings on the coronavirus remotely from Number 11 Downing Street, while self-isolating after testing positive for the virus. Reuters
  • Members of a family listen as BMr ris Johnson makes a televised address to the nation from 10 Downing Street in March 2020, where he outlined the latest instructions to stay at home to help contain the Covid-19 outbreak. AFP
    Members of a family listen as BMr ris Johnson makes a televised address to the nation from 10 Downing Street in March 2020, where he outlined the latest instructions to stay at home to help contain the Covid-19 outbreak. AFP
  • Mr Johnson speaks to British troops stationed in Estonia during a one-day visit to the Baltic country in December 2019. Getty Images
    Mr Johnson speaks to British troops stationed in Estonia during a one-day visit to the Baltic country in December 2019. Getty Images
  • Mr Johnson and Carrie Symonds enter Downing Street as the Conservatives celebrate a sweeping election victory in December 2019. Getty
    Mr Johnson and Carrie Symonds enter Downing Street as the Conservatives celebrate a sweeping election victory in December 2019. Getty
  • Boris Johnson is greeted by staff at 10 Downing Street after meeting Queen Elizabeth II and accepting her invitation to form a new government in December 2012. PA
    Boris Johnson is greeted by staff at 10 Downing Street after meeting Queen Elizabeth II and accepting her invitation to form a new government in December 2012. PA
  • Former US president Donald Trump and Mr Johnson arrive for a bilateral meeting during the G7 summit in August 2019 in Biarritz, France. Getty
    Former US president Donald Trump and Mr Johnson arrive for a bilateral meeting during the G7 summit in August 2019 in Biarritz, France. Getty
  • The queen welcomes Mr Johnson as the newly elected leader of the Conservative Party, during an audience in July 2019. Getty Images
    The queen welcomes Mr Johnson as the newly elected leader of the Conservative Party, during an audience in July 2019. Getty Images
  • Mr Johnson, then Britain's foreign secretary, stands in front of St Basil's Cathedral during a visit to Moscow's Red Square in December 2017. Getty
    Mr Johnson, then Britain's foreign secretary, stands in front of St Basil's Cathedral during a visit to Moscow's Red Square in December 2017. Getty
  • Mr Johnson collides with a child during a Street Rugby tournament in Tokyo in 2015, held to mark Japan hosting the 2019 Rugby World Cup
    Mr Johnson collides with a child during a Street Rugby tournament in Tokyo in 2015, held to mark Japan hosting the 2019 Rugby World Cup
  • As mayor of London Mr Johnson competes in a tug-of-war in October 2015. Getty Images
    As mayor of London Mr Johnson competes in a tug-of-war in October 2015. Getty Images
  • The Olympic Flag is passed from Mr Johnson to IOC President Jacques Rogge during the closing ceremony of the London 2012 Olympic Games. Getty Images
    The Olympic Flag is passed from Mr Johnson to IOC President Jacques Rogge during the closing ceremony of the London 2012 Olympic Games. Getty Images
  • Mayor of London Boris Johnson with Prime Minister David Cameron during the lighting of the Paralympic Cauldron in Trafalgar Square, in August 2012. PA
    Mayor of London Boris Johnson with Prime Minister David Cameron during the lighting of the Paralympic Cauldron in Trafalgar Square, in August 2012. PA
  • Boris Johnson gets stuck on a zip-line during a BT London Live event in Victoria Park in August 2012. Getty
    Boris Johnson gets stuck on a zip-line during a BT London Live event in Victoria Park in August 2012. Getty
  • Mr Johnson and Lord Sebastian Coe cheer as a giant set of Olympic rings is displayed from Tower Bridge in June 2012, Getty Images
    Mr Johnson and Lord Sebastian Coe cheer as a giant set of Olympic rings is displayed from Tower Bridge in June 2012, Getty Images
  • Mr Johnson gestures attends a Harry Potter studio tour of Diagon Alley, at the Warner Brother Studios, London, in December 2011. AP Photo
    Mr Johnson gestures attends a Harry Potter studio tour of Diagon Alley, at the Warner Brother Studios, London, in December 2011. AP Photo
  • Mr Johnson at the launch of London's first cycle hire scheme in July 2010. Getty Images
    Mr Johnson at the launch of London's first cycle hire scheme in July 2010. Getty Images
  • Mr Johnson with artists' impressions of the design for London's new Routemaster bus in May 2010. Getty Images
    Mr Johnson with artists' impressions of the design for London's new Routemaster bus in May 2010. Getty Images
  • The candidates to be mayor of London; Labour's Ken Livingstone, Conservative Boris Johnson and Liberal Democrat Brian Paddick, being questioned on BBC's 'Newsnight' programme in April 2008. Getty Images
    The candidates to be mayor of London; Labour's Ken Livingstone, Conservative Boris Johnson and Liberal Democrat Brian Paddick, being questioned on BBC's 'Newsnight' programme in April 2008. Getty Images
  • Boris Johnson on the North Pier in Blackpool during the Conservative Party conference there in October 2005. Getty Images
    Boris Johnson on the North Pier in Blackpool during the Conservative Party conference there in October 2005. Getty Images
  • Mr Johnson at his desk in 2000 while he was a journalist for 'The Telegraph'. Getty Images
    Mr Johnson at his desk in 2000 while he was a journalist for 'The Telegraph'. Getty Images
  • Mr Johnson when he was president of the Oxford Union society speaking to the Greek minister for culture Melina Mercouri when she addressed the union. Reuters
    Mr Johnson when he was president of the Oxford Union society speaking to the Greek minister for culture Melina Mercouri when she addressed the union. Reuters
  • Boris Johnson in September 1979, at Eton School. Shutterstock
    Boris Johnson in September 1979, at Eton School. Shutterstock

When asked if he was ruling out a snap election, Mr Johnson replied: “I certainly have no, I see no point in focusing on anything else.

“And I’m certainly not interested in, in snap elections. What I’m interested in, is delivering right now for the people of this country.

“We’ve got an amazing agenda, we have a fantastic mandate, a huge … biggest majority we secured in 2019 … the Conservatives for 40 years.

“If you look at what’s just happened in Parliament, in whatever statistics you want to chuck around, I’ve got many more MPs supporting me now than I did in 2019.

“I’m happy with that. We’re gonna bash on, we have a huge agenda and we’re gonna get it done.

“I think the most important thing, although you may want to focus on me, and on politics, and on Westminster, I think what matters is what we deliver, what we do.

“And as a result of this decision tonight by the Parliamentary party, which I welcome, we have a conclusion to something that has been dragging on for far too long.

"And we have the ability now to unite, deliver and get on with the people’s priorities, and that is what we’re going to do.”

Mr Johnson was also asked if he thought the vote had returned a good result considering he was in a worse position than Theresa May was after her vote in 2018.

“I think it’s an extremely good, positive, conclusive, decisive result which enables us to move on, to unite and to focus on delivery," he said.

"That is exactly what we’re going to do."

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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.”

Updated: June 07, 2022, 10:57 AM