Follow the latest news on the missing Titanic sub here
The search for Titan, a submersible on a mission to take tourists to see the century-old wreck of the Titanic near Newfoundland, has stretched into a fourth day after underwater noises were detected by rescuers.
The mother ship lost contact with the mini-sub on Sunday, prompting a massive search operation involving the US and Canadian coastguards.
The mini-sub was designed to remain underwater for 96 hours, giving its occupants until Thursday morning before air supply runs out, if the craft is still intact.
"Canadian P-3 aircraft detected underwater noises in the search area. As a result, ROV (remotely operated vehicle) operations were relocated in an attempt to explore the origin of the noises," the US Coast Guard's First District said on its official Twitter page.
The coastguard did not give details on the nature of the sounds, but CNN and Rolling Stone magazine, citing internal US government communications, independently reported late on Tuesday that “banging” sounds had been heard at 30-minute intervals.
Where was the Titan when it lost contact?
The submarine was taking people to see the wreck of the Titanic, which sits about 4,000 metres under the Atlantic Ocean, roughly 400 nautical miles from Newfoundland in Canada.
When it sank, the ship broke into two parts – the stern and the bow, which is the largest and most intact section, located at 41°43′57′′ N 49°56′49′′ W. The co-ordinates should theoretically make it easier for explorers to find.
But instruments do not always work well so deep under the water. Writer Mike Reiss, who travelled on Titan last year, spoke about the challenges of finding the wreck, on BBC Breakfast on Tuesday.
He said: “In my case, we got down and we were just I think 500 metres from the Titanic, but it is pitch dark down there. The radar or the compass stopped working.
“We spent most of our time down there just kind of flailing around, trying to find the biggest thing in the ocean and we couldn’t see it.
“And just to raise the tension, as if we needed that, a hurricane was coming in over the ocean, so we didn’t have a lot of time to explore. But with just 20 minutes left on the voyage we found the Titanic.
“And it was enough I have to say for a photo op. We got there and I got to take pictures of the anchor and the bow of the ship and the railing and that kind of thing.”
Where is the search taking place?
The Titan is believed to be positioned approximately 900 miles to the east and 400 miles to the south of Newfoundland.
The precise depth of the vessel remains uncertain, as the seabed lies approximately 3,800 meters below the water's surface.
How much oxygen supply does the Titan have?
The US Coast Guard projects the oxygen in the Titan submersible will likely run out sometime on Thursday morning.
The submersible has a 96-hour supply, which based on its Sunday launch time, would be completely depleted by 7:08am local time (3:08pm UAE time) on Thursday.
A Coast Guard spokesman said on Wednesday evening there was fewer than 20 hours' supply remaining.
What could have happened to it?
Alistair Greig, a professor of marine engineering at University College London, said submersibles typically have a drop weight, which is “a mass they can release in the case of an emergency to bring them up to the surface using buoyancy.”
“If there was a power failure and/or communication failure, this might have happened, and the submersible would then be bobbing about on the surface waiting to be found,” Mr Greig said.
Colonel Terry Virts, a former US pilot and friend of Mr Harding, said the reports of banging was the news he had been hoping for.
He told Radio 4's Today show on Wednesday: "That's the news I've been looking forward to all day long and that is during the search they've heard some banging on the walls of the submersible.
"That's the best way to communicate with us and that's the news we've been hoping to hear."
He described Mr Harding as the "quintessential" British explorer adding that the design of the vessel is very simple, meaning there are not many things that can break on it.
"I was talking to someone who was on the sub last year and really the only emergency you can handle is a fire. Everything else you go to the surface and the sub has a bunch of ways to get to the surface. You can drop a bunch of weights and that should make it go up. There’s apparently some type of balloon system. I’m not exactly sure," he said.
But none of those systems worked, meaning it is "probably stuck on something", Colonel Virts added.
"To me it sounds like, and I don’t have any insider information, it sounds like it is just sitting there stuck underneath Titanic somehow.
"And by the way other submarines on other missions past have gotten stuck under their propeller and behind walls. Apparently that’s a dangerous place to operate because you just have one window.
"It’s not like when you are backing up your car you have your backup camera, you have your two mirrors and your rear mirror. I hope that’s the problem. That would be the best case scenario because it would mean they are still alive and there would be at least a hope for rescue."
Who is on board?
Pakistani businessman Shahzada Dawood and his son Suleman are two of the passengers on board the craft. The Dawood family runs one of Pakistan’s biggest business conglomerates, with investments in agriculture, industries and the health sector. Mr Dawood is also an adviser of Prince's Trust International. On Tuesday, the chief executive of the charity said it is shocked by the news.
Will Straw said: "Prince's Trust International has a longstanding relationship with Shahzada Dawood and his family.
"We are shocked by this awful news, praying for a rescue and sending our thoughts to his family during this deeply challenging time".
Suleman Dawood is a student at Strathclyde University in Glasgow. A statement from the family highlighted Suleman's enthusiasm for science fiction literature, his passion for learning new things, and his interest in activities such as solving Rubik's Cube puzzles and playing volleyball.
A fourth confirmed passenger is Hamish Harding, a British billionaire who lives in the UAE and flew into space last year. On Tuesday, Private plane firm Action Aviation said the family of its missing chairman Mr Harding are "very grateful" for the "kind messages" over the disappearance off the coast of Canada of the submersible tourist vessel he is on.
A French navy pilot, Paul-Henry Nargeolet, and the boss of tour company OceanGate, Stockton Rush, is also on the voyage.
Who is involved in the search and what equipment is being used?
The search operation involves multiple entities and a variety of equipment.
Among the vessels involved in the rescue are Polar Prince, Deep Energy, Atlantic Merlin, Skandi Vinland and Horizon Arctic. They are joined by Canadian Coast Guard vessels CCGS John Cabot, CCGS Ann Harvey and CCGS Terry Fox; Royal Canadian Navy vessel HMCS Glace Bay (equipped with a mobile decompression chamber and medical personnel); and French research vessel L'Atalante.
L'Atalante is equipped with the Victor 6000 robot, which can assist in cutting cables and conducting manoeuvres to release a stranded vessel. However, it is incapable of lifting objects independently.
The Horizon Arctic is believed to have a Flyaway Deep Ocean Salvage System (FADOSS) on board. This system includes a winch and a long cable suitable for pulling objects to the surface.
Potential rescue options for the submersible involve either winching it up from the seafloor, which presents substantial challenges due to the extreme depth, or using a flotation device or lift bag to raise the vessel.
Both methods would require the use of remotely operated vehicles and face potential obstacles if the sub is entangled in debris.
The situation is unprecedented and would require ROV operators to adapt their tactics to the unique challenges.
How challenging is the search?
Chris Parry, a former rear admiral in Britain’s Royal Navy, said the small vehicle could be difficult to find if it was deep in an ocean canyon among the debris of the Titanic itself.
He said that even if the passengers were found alive, it would be impossible to transfer them into another vehicle at that depth. Rescuers would have to try to lift the Titan out with a crane and a long wire, or send another submersible with “grabbing arms” to bring it to the surface, he told Sky News.
“I’m normally optimistic, but I have to tell you in these circumstances it’s very worrying indeed,” he said.
How deep does the Titan dive and who owns it?
The Titan vessel carrying the five is a submersible, which requires a mother ship from which to launch, to return to, and for support and communications.
It is designed to reach depths of 4,000 meters (13,123 feet), where the Titanic rested.
According to its owner OceanGate, which is based in Everett in Washington State in the US, it is the only manned submersible to use a “real-time health monitoring system” which monitors the effects of the pressure on the structure during dives. It is designed to provide an early warning system to alert the operator to any problems.
“This on-board health analysis monitoring system provides early warning detection for the pilot with enough time to arrest the descent and safely return to surface,” says the company's website.
The company says the vessel is lighter in weight and therefore more cost efficient to mobilise than any other deep diving submersible.
But it is surprisingly simple inside. Mr Reiss said: “You have to picture a van, an SUV with the seats taken out. It’s about that size. It seats five passengers comfortably but you are just sitting on the floor.
“When you get to the bottom, the ship is propelled by very tiny motors that look like a fan you would have on your desk. And it is steered literally by an X-Box joystick from a game system.
“You are very taken with how simple it is.”
OceanGate has successfully completed more than 14 expeditions and more than 200 dives in the Pacific, Atlantic and Gulf of Mexico, according to the company’s website.
“Following every mission, the team evaluates and updates the procedures as part of a continued commitment to evolve and ensure operational safety,” it states.
Why did they go down there?
The tourists had each paid $250,000 to see the 1912 wreck. According to an entry in Britannica, the ill-fated liner captured the imagination of the public from the outset.
Initially considered unsinkable, it hit an iceberg and went down off Newfoundland four days into its maiden voyage.
The wreckage was discovered in 1985, reigniting interest in the ship, which was the subject of a Hollywood movie of the same name in 1997.
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE currency: the story behind the money in your pockets
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More from Rashmee Roshan Lall
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
UAE currency: the story behind the money in your pockets
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
UAE currency: the story behind the money in your pockets
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
More on animal trafficking
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
SQUAD
Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
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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.”
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Killing of Qassem Suleimani
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less