King Charles III and members of the royal family follow the coffin of Queen Elizabeth II, carried by guardsmen who returned from a mission in Iraq to take part in the funeral. Reuters
King Charles III and members of the royal family follow the coffin of Queen Elizabeth II, carried by guardsmen who returned from a mission in Iraq to take part in the funeral. Reuters
King Charles III and members of the royal family follow the coffin of Queen Elizabeth II, carried by guardsmen who returned from a mission in Iraq to take part in the funeral. Reuters
King Charles III and members of the royal family follow the coffin of Queen Elizabeth II, carried by guardsmen who returned from a mission in Iraq to take part in the funeral. Reuters

World

UK

Queen's pallbearers return to Iraq for counter-ISIS mission after funeral

The men are involved in training Iraqi forces to prevent extremist attacks

Laura O'Callaghan
Laura O'Callaghan

September 25, 2022

  • English
  • Arabic

The guardsmen who were widely praised for carrying Queen Elizabeth II’s coffin with “precision and reverence” are said to have returned to their duties in Iraq to continue with a counter-ISIS mission.

The group of eight men were handpicked from the Queen’s Company, 1st Battalion Grenadier Guards, for the task of shouldering the late monarch’s coffin at a series of events in London after her death. This included her final journey home to Windsor on the day of her state funeral, the largest event for decades in British royal history.

As millions around the world watched the televised events, the troops were lauded for showing respect and honour under a huge amount of pressure ― some people called for them to be awarded with medals or even knighthoods.

The men were on duty in Iraq when the sovereign died peacefully at Balmoral on September 8 and were flown to the UK to prepare for ceremonial events. The climax of the ceremonies was the funeral on September 19, in which the men carried the coffin into Westminster Abbey trailed by King Charles III and other members of the royal family.

'They are fighting soldiers first and foremost'

Some of the Grenadier Guards have since returned to a base in Iraq, The Express reported, to continue in their roles under the Nato Mission Iraq. The initiative assists Iraqi authorities in building more effective security institutions and armed forces to better enable them to fight terrorism. A key aim of the mission is also to prevent a return of ISIS. In 2014 the terrorist group seized vast areas of Iraq, driving security forces from their posts, seizing Mosul and carrying out massacres against civilians, especially those from minority groups.

ISIS was declared defeated in Iraq in late 2017 but has continued to launch hit-and-run raids.

A senior source in the British Army confirmed to the newspaper that the men had returned to Iraq.

“It is this sharp contrast that the men find so appealing,” the insider said.

“If they only carried out ceremonial duties, I think it would lose its lustre. These are fighting soldiers first and foremost.”

The group of men shot to fame after appearing on live TV broadcasts carrying the queen’s coffin into Westminster Hall for her lying in state. A week later they were on duty again at her state funeral, and were praised for carrying out the duty in an honourable way.

“Precision, reverence, solemnity. My utmost respect for the soldiers from Queen's Company, 1st Battalion Grenadier Guards lifting HM’s coffin, the Royal Navy personnel hauling the gun carriage and all those participating,” radio host Kevin Hughes wrote on Twitter.

“The eight soldiers who carried the queen’s coffin, pretty incredible, can’t imagine the responsibility and the pressure they must have been feeling,” Coby Budge tweeted.

“Quite remarkable,” Jack Halliwell said in response. “I certainly wouldn't have been able to do it, to carry it all that way under that pressure with the weight of the coffin too.”

Carla Lockhart, Upper Bann’s Democratic Unionist Party MP, said: “Amidst the pageantry and occasion, eight young men silently went about their duty.

“The weight of the world on their shoulders, the glare of the world on them, but they were flawless.

“They did themselves, their families and our country proud. Thank you.”

The guardsmen’s unit had a close connection with the queen ― as the serving monarch she held the position of company commander and made a personal review of the company every decade.

The Queen’s Company may later change its name to reflect the new king.

Former British Army soldier Maj Adrian Weale said the role of the company is “to protect her body, both in life and in death, remaining the Queen’s Company until King Charles decides otherwise”.

“Their duties will then be transitioned to the next monarch,” he said.

Queen Elizabeth II's funeral: extraordinary images from an extraordinary day - in pictures

  • King Charles III follows behind the coffin of Queen Elizabeth II, draped in the Royal Standard with the Imperial State Crown and the Sovereign's orb and sceptre on top, as it is carried out of Westminster Abbey after her state funeral. Reuters
    King Charles III follows behind the coffin of Queen Elizabeth II, draped in the Royal Standard with the Imperial State Crown and the Sovereign's orb and sceptre on top, as it is carried out of Westminster Abbey after her state funeral. Reuters
  • The ceremonial procession of the coffin of Queen Elizabeth travels down the Long Walk as it arrives at Windsor Castle for the Committal Service at St George's Chapel. AP
    The ceremonial procession of the coffin of Queen Elizabeth travels down the Long Walk as it arrives at Windsor Castle for the Committal Service at St George's Chapel. AP
  • Pall bearers carry the coffin into St. George's Chapel, in Windsor. AP
    Pall bearers carry the coffin into St. George's Chapel, in Windsor. AP
  • A Royal Guard stands by floral tributes at Windsor Castle. AFP
    A Royal Guard stands by floral tributes at Windsor Castle. AFP
  • The coffin of Queen Elizabeth is pulled on a gun carriage by Royal Navy sailors to Westminster Abbey. Getty Images
    The coffin of Queen Elizabeth is pulled on a gun carriage by Royal Navy sailors to Westminster Abbey. Getty Images
  • Prince William and Prince Harry follow the coffin of the queen after her state funeral in Westminster Abbey. AP
    Prince William and Prince Harry follow the coffin of the queen after her state funeral in Westminster Abbey. AP
  • Emma, the monarch's fell pony, stands as Queen Elizabeth's coffin passes at Windsor Castle. PA
    Emma, the monarch's fell pony, stands as Queen Elizabeth's coffin passes at Windsor Castle. PA
  • Members of the royal household stand with Queen Elizabeth's Corgis, Muick and Sandy, as they await the funeral cortege at St. George's Chapel, Windsor. AP
    Members of the royal household stand with Queen Elizabeth's Corgis, Muick and Sandy, as they await the funeral cortege at St. George's Chapel, Windsor. AP
  • Catherine, Princess of Wales, attends the state funeral service in London. AFP
    Catherine, Princess of Wales, attends the state funeral service in London. AFP
  • The coffin of Queen Elizabeth is pulled along The Mall following her funeral service in Westminster Abbey. AP
    The coffin of Queen Elizabeth is pulled along The Mall following her funeral service in Westminster Abbey. AP
  • Flowers thrown by the public lie on the hearse carrying the coffin as it arrives at Windsor Castle. AP
    Flowers thrown by the public lie on the hearse carrying the coffin as it arrives at Windsor Castle. AP
  • King Charles at the state funeral in London. Reuters
    King Charles at the state funeral in London. Reuters
  • People sleep before the funeral service at Westminster Abbey. AFP
    People sleep before the funeral service at Westminster Abbey. AFP
  • A giant screen honouring the late queen at Piccadilly Circus in London. EPA
    A giant screen honouring the late queen at Piccadilly Circus in London. EPA
  • King Charles looks towards the coffin of his mother at Westminster Abbey. Getty Images
    King Charles looks towards the coffin of his mother at Westminster Abbey. Getty Images
  • Meghan, Duchess of Sussex, sitting in a car as a British flag is reflected in its window. AFP
    Meghan, Duchess of Sussex, sitting in a car as a British flag is reflected in its window. AFP
  • Buckingham Palace household staff return through the gates of the palace after paying their respects. AFP
    Buckingham Palace household staff return through the gates of the palace after paying their respects. AFP
  • Staff Sergeant Yeoman Darren Fowler, right, and Captain Rebecca Cooper from the Royal Signals at the Elizabeth Tower, checking that Big Ben Chimes in time with gunfire during the state funeral procession. EPA
    Staff Sergeant Yeoman Darren Fowler, right, and Captain Rebecca Cooper from the Royal Signals at the Elizabeth Tower, checking that Big Ben Chimes in time with gunfire during the state funeral procession. EPA
  • King Charles salutes as he is driven past Wellington Arch in London. Getty Images
    King Charles salutes as he is driven past Wellington Arch in London. Getty Images
  • The London skyline is seen as the procession moves down The Mall. Getty Images
    The London skyline is seen as the procession moves down The Mall. Getty Images
  • The coffin of the queen is pulled on a gun carriage by Royal Navy sailors from Westminster Abbey. Getty Images
    The coffin of the queen is pulled on a gun carriage by Royal Navy sailors from Westminster Abbey. Getty Images
  • Princess Charlotte arrives by car ahead of the funeral in central London. AP
    Princess Charlotte arrives by car ahead of the funeral in central London. AP
  • The coffin is carried into St George's Chapel for the Committal Service, in Windsor Castle. AP
    The coffin is carried into St George's Chapel for the Committal Service, in Windsor Castle. AP
  • A woman cries in London's Hyde Park while watching the funeral service. AP
    A woman cries in London's Hyde Park while watching the funeral service. AP
  • Prince George looks towards his father Prince William during the Committal Service at St George's Chapel. Getty Images
    Prince George looks towards his father Prince William during the Committal Service at St George's Chapel. Getty Images
  • Queen Elizabeth's coffin is driven along the Long Walk towards Windsor Castle. Reuters
    Queen Elizabeth's coffin is driven along the Long Walk towards Windsor Castle. Reuters
  • People waiting along the route that the coffin will be pulled on a gun carriage in central London. AP
    People waiting along the route that the coffin will be pulled on a gun carriage in central London. AP
  • King Charles and the Queen Consort Camilla follow the coffin at St George's Chapel. AP
    King Charles and the Queen Consort Camilla follow the coffin at St George's Chapel. AP
  • The Royal State Hearse arrives at Windsor Castle. Getty Images
    The Royal State Hearse arrives at Windsor Castle. Getty Images
  • King Charles follows the State Gun Carriage as it carries the coffin at Westminster Abbey. PA
    King Charles follows the State Gun Carriage as it carries the coffin at Westminster Abbey. PA
  • Members of the public gather to see the coffin as it travels from Westminster Abbey to Wellington Arch in London. Getty Images
    Members of the public gather to see the coffin as it travels from Westminster Abbey to Wellington Arch in London. Getty Images
  • King Charles and members of the royal family follow behind the coffin as it is carried into Westminster Abbey. PA
    King Charles and members of the royal family follow behind the coffin as it is carried into Westminster Abbey. PA
  • The Imperial State Crown resting on the coffin. Getty Images
    The Imperial State Crown resting on the coffin. Getty Images
  • The hearse transporting the coffin is covered in flowers thrown by the public. AFP
    The hearse transporting the coffin is covered in flowers thrown by the public. AFP
  • The Bearer Party of The Queen's Company, 1st Battalion Grenadier Guards carries the coffin from Westminster Abbey. AFP
    The Bearer Party of The Queen's Company, 1st Battalion Grenadier Guards carries the coffin from Westminster Abbey. AFP
The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

Dunki
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Essentials

The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September. 
 

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

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

MORE ON AFRICAN SECURITY
10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

World Mental Health Day

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Most%20ODI%20hundreds
%3Cp%3E49%20-%20Sachin%20Tendulkar%2C%20India%0D%3Cbr%3E47%20-%20Virat%20Kohli%2C%20India%0D%3Cbr%3E31%20-%20Rohit%20Sharma%2C%20India%0D%3Cbr%3E30%20-%20Ricky%20Ponting%2C%20Australia%2FICC%0D%3Cbr%3E28%20-%20Sanath%20Jayasuriya%2C%20Sri%20Lanka%2FAsia%0D%3Cbr%3E27%20-%20Hashim%20Amla%2C%20South%20Africa%0D%3Cbr%3E25%20-%20AB%20de%20Villiers%2C%20South%20Africa%2FAfrica%0D%3Cbr%3E25%20-%20Chris%20Gayle%2C%20West%20Indies%2FICC%0D%3Cbr%3E25%20-%20Kumar%20Sangakkara%2C%20Sri%20Lanka%2FICC%2FAsia%0D%3Cbr%3E22%20-%20Sourav%20Ganguly%2C%20India%2FAsia%0D%3Cbr%3E22%20-%20Tillakaratne%20Dilshan%2C%20Sri%20Lanka%0D%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Jurassic%20Park
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
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

2018 ICC World Twenty20 Asian Western Sub Regional Qualifier

Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.

Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar

Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

While you're here

Origin
Dan Brown
Doubleday

DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
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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
Our legal consultants

Name: Hassan Mohsen Elhais

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

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

On Women's Day
UAE currency
MATCH INFO

Qalandars 112-4 (10 ovs)

Banton 53 no

Northern Warriors 46 all out (9 ovs)

Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7

Qalandars win by six wickets

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Transgender report

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.”

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

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

Rating: 4.5/5

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

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While you're here
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: September 27, 2022, 9:07 AM
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