• Paul Pelosi, the husband of US House Speaker Nancy Pelosi, was violently assaulted by a hammer-wielding attacker in the couple's San Francisco home. Reuters
    Paul Pelosi, the husband of US House Speaker Nancy Pelosi, was violently assaulted by a hammer-wielding attacker in the couple's San Francisco home. Reuters
  • San Francisco police officers and FBI agents gather in front of the Pelosi home after the attack. Getty Images / AFP
    San Francisco police officers and FBI agents gather in front of the Pelosi home after the attack. Getty Images / AFP
  • Suspected attacker David Depape in 2013. AP
    Suspected attacker David Depape in 2013. AP
  • The Associated Press reported that the assailant had been searching for Ms Pelosi when he entered her residence, shouting: 'Where is Nancy, where is Nancy?' Getty Images / AFP
    The Associated Press reported that the assailant had been searching for Ms Pelosi when he entered her residence, shouting: 'Where is Nancy, where is Nancy?' Getty Images / AFP
  • A police officer rolls out yellow tape near the Pelosi residence. The attack on Mr Pelosi comes before the US midterms and is the latest violence against a political figure. AP
    A police officer rolls out yellow tape near the Pelosi residence. The attack on Mr Pelosi comes before the US midterms and is the latest violence against a political figure. AP
  • Police tape is seen in front of the Pelosi home. Getty Images / AFP
    Police tape is seen in front of the Pelosi home. Getty Images / AFP
  • A screengrab taken from video shows damage to the Pelosi home. Reuters
    A screengrab taken from video shows damage to the Pelosi home. Reuters
  • Alexandria Ocasio-Cortez has previously said she uses campaign funds to pay for additional security due to concerns for her safety. Getty Images / AFP
    Alexandria Ocasio-Cortez has previously said she uses campaign funds to pay for additional security due to concerns for her safety. Getty Images / AFP
  • In July, she faulted the police response after she was harassed by a right-wing agitator who recorded a video of himself making vulgar comments about her as she entered the US Capitol. EPA
    In July, she faulted the police response after she was harassed by a right-wing agitator who recorded a video of himself making vulgar comments about her as she entered the US Capitol. EPA
  • Steve Scalise, a congressman, was shot at a baseball practice in 2017. Getty Images / AFP
    Steve Scalise, a congressman, was shot at a baseball practice in 2017. Getty Images / AFP
  • A man was arrested outside the home of Supreme Court Justice Brett Kavanaugh and charged with attempted murder in June. AP
    A man was arrested outside the home of Supreme Court Justice Brett Kavanaugh and charged with attempted murder in June. AP
  • Police outside Mr Kavanaugh's home after the Supreme Court ended the federal right to abortion. Reuters
    Police outside Mr Kavanaugh's home after the Supreme Court ended the federal right to abortion. Reuters
  • Police guard Mr Kavanaugh's home in Maryland. Getty Images / AFP
    Police guard Mr Kavanaugh's home in Maryland. Getty Images / AFP
  • Nancy and Paul Pelosi arrive for the Time 100 Gala at Lincoln Centre in New York. AFP
    Nancy and Paul Pelosi arrive for the Time 100 Gala at Lincoln Centre in New York. AFP
  • The Pelosis in 2019. AP
    The Pelosis in 2019. AP
  • Pope Francis meets the Pelosis at the Vatican in June 2022. AFP
    Pope Francis meets the Pelosis at the Vatican in June 2022. AFP
  • America has long grappled with political violence. President John F Kennedy was assassinated in 1963. AP
    America has long grappled with political violence. President John F Kennedy was assassinated in 1963. AP
  • Robert F Kennedy, JFK's brother, was assassinated in Los Angeles in 1968. AP
    Robert F Kennedy, JFK's brother, was assassinated in Los Angeles in 1968. AP
  • Police and Secret Service agents react during the assassination attempt on then US president Ronald Reagan in 1981. AFP
    Police and Secret Service agents react during the assassination attempt on then US president Ronald Reagan in 1981. AFP
  • Mr Reagan is shoved into the president's limousine after being shot outside a Washington hotel. AP
    Mr Reagan is shoved into the president's limousine after being shot outside a Washington hotel. AP
  • Reagan was hit by one of six shots fired by John Hinckley (not pictured). AP
    Reagan was hit by one of six shots fired by John Hinckley (not pictured). AP

Trump calls Nancy Pelosi an 'animal' as she ponders political future


Patrick deHahn
  • English
  • Arabic

Follow the latest news on the US midterm elections 2022

Donald Trump called US House Speaker Nancy Pelosi an “animal” after she voiced frustration over how the former president and other Republicans have questioned the brutal assault on her husband at the couple's home.

Speaking to CNN on Monday, Ms Pelosi said her husband Paul Pelosi was “doing OK” after a man broke into their San Francisco, California, residence on October 28 and attacked him with a hammer.

Ms Pelosi said that the intruder's hammer “had not pierced” Mr Pelosi's brain. Still, he needed surgery on his skull and treatment for injuries to his hands and arm.

Ms Pelosi became emotional when speaking about how the attacker intended to kidnap her and “break her kneecaps” but instead hurt her husband after discovering that she was not home.

She condemned political misinformation that may have influenced the attack, including from Mr Trump, who has suggested the event was staged.

“For me, this is really the hard part because Paul was not the target and he’s the one who is paying the price,” she said.

“[The attacker] was not looking for Paul — he was looking for me.”

Other Republicans have spread conspiracy theories about the attack or else remained silent, even as political violence across the US is on the ascent.

Former US president Donald Trump speaks during a 'Save America' rally in Vandalia, Ohio. Bloomberg
Former US president Donald Trump speaks during a 'Save America' rally in Vandalia, Ohio. Bloomberg

After her comments were broadcast, Mr Trump called Ms Pelosi “an animal” during a pre-election day rally in Ohio.

“They’ll say: ‘What a horrible thing he said about Nancy.’ She impeached me twice for nothing.”

The House speaker said that it hurt to see her congressional colleagues and Republican midterm election candidates be slow to denounce the attack but quick to spread conspiracy theories.

“You see what the reaction is on the other side to this, to make a joke of it, and really that is traumatising, too,” she said.

Ms Pelosi, whose Democrats are widely expected to lose control of the House of Representatives, is pondering her political future. She said the attack on her husband weighed into those considerations.

“I have to say my decision will be affected about what happened the last week or two,” she said.

She has represented California's San Francisco congressional district for 35 years and led the House as speaker from 2007-2011 and again beginning in 2019.

Younger Democrats have long called on the 82-year-old Ms Pelosi to find a successor to lead the party in the House.

  • US Vice President Kamala Harris speaks at a Democrat rally in Washington, as President Joe Biden and their spouses Jill Biden and Doug Emhoff listen. Bloomberg
    US Vice President Kamala Harris speaks at a Democrat rally in Washington, as President Joe Biden and their spouses Jill Biden and Doug Emhoff listen. Bloomberg
  • Bill Gates, chairman of the Maricopa County Board of Supervisors, speaks at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Former astronaut and Democratic candidate Mark Kelly defeated his Republican rival in Arizona's senate race. Reuters
    Bill Gates, chairman of the Maricopa County Board of Supervisors, speaks at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Former astronaut and Democratic candidate Mark Kelly defeated his Republican rival in Arizona's senate race. Reuters
  • Maricopa County recorder Stephen Richer, left, opens mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Ballots were being counted in Maricopa County three days after voters went to the polls for the midterm election in Arizona. AFP
    Maricopa County recorder Stephen Richer, left, opens mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Ballots were being counted in Maricopa County three days after voters went to the polls for the midterm election in Arizona. AFP
  • Election workers open mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. AFP
    Election workers open mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. AFP
  • Staff scan ballots for the US midterm elections at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Reuters
    Staff scan ballots for the US midterm elections at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. Reuters
  • Election workers open mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. AFP
    Election workers open mail-in ballots at the Maricopa County Tabulation and Election Centre in Phoenix, Arizona. AFP
  • In a divided America, a political campaign sign sits abandoned at the roadside in Phoenix, Arizona, two days after the midterms. AFP
    In a divided America, a political campaign sign sits abandoned at the roadside in Phoenix, Arizona, two days after the midterms. AFP
  • Ballots are processed in Las Vegas. Getty Images
    Ballots are processed in Las Vegas. Getty Images
  • Election officials give a press conference in Maricopa County, Arizona, where ballots were still being counted two days after the midterms. AFP
    Election officials give a press conference in Maricopa County, Arizona, where ballots were still being counted two days after the midterms. AFP
  • Ballots are carried to be scanned in Philadelphia. Reuters
    Ballots are carried to be scanned in Philadelphia. Reuters
  • Mr Biden was all smiles during a news conference in the White House. Bloomberg
    Mr Biden was all smiles during a news conference in the White House. Bloomberg
  • An election worker sorts ballots in Las Vegas. AFP
    An election worker sorts ballots in Las Vegas. AFP
  • Election workers sort ballots at the Maricopa County Tabulation and Election Centre. AFP
    Election workers sort ballots at the Maricopa County Tabulation and Election Centre. AFP
  • Georgia Secretary of State Brad Raffensperger holds a news conference in Atlanta. AP
    Georgia Secretary of State Brad Raffensperger holds a news conference in Atlanta. AP
  • Los Angeles mayoral candidate Rick Caruso gets a hug on stage at his election night headquarters in Los Angeles. AP
    Los Angeles mayoral candidate Rick Caruso gets a hug on stage at his election night headquarters in Los Angeles. AP
  • Paul Riley, father of Josh Riley, bows his head as election results come in at his son's election party in Binghamton, New York. Josh Riley, the Democratic candidate, ran against Republican Marc Molinaro. AP
    Paul Riley, father of Josh Riley, bows his head as election results come in at his son's election party in Binghamton, New York. Josh Riley, the Democratic candidate, ran against Republican Marc Molinaro. AP
  • Michigan Democratic Governor Gretchen Whitmer speaks during election night in Detroit. AP
    Michigan Democratic Governor Gretchen Whitmer speaks during election night in Detroit. AP
  • Supporters cheer during an election night event for Democratic Senate candidate John Fetterman in Pittsburgh, Pennsylvania. Mr Fetterman defeated Republican Senate candidate Dr Mehmet Oz. AFP
    Supporters cheer during an election night event for Democratic Senate candidate John Fetterman in Pittsburgh, Pennsylvania. Mr Fetterman defeated Republican Senate candidate Dr Mehmet Oz. AFP
  • Supporters watch news of a projected victory for Democratic candidate for Pennsylvania governor, Josh Shapiro, in Pittsburgh, Pennsylvania. Reuters
    Supporters watch news of a projected victory for Democratic candidate for Pennsylvania governor, Josh Shapiro, in Pittsburgh, Pennsylvania. Reuters
  • Republican J D Vance arrives with his wife Usha to declare victory in the Senatorial race in Columbus, Ohio. Reuters
    Republican J D Vance arrives with his wife Usha to declare victory in the Senatorial race in Columbus, Ohio. Reuters
  • New York Governor Kathy Hochul attends an event to celebrate her victory in the US midterm elections. Reuters
    New York Governor Kathy Hochul attends an event to celebrate her victory in the US midterm elections. Reuters
  • Representative Abigail Spanberger, of the Democratic party, speaks to supporters after her re-election, in Fredericksburg, Virginia. AP
    Representative Abigail Spanberger, of the Democratic party, speaks to supporters after her re-election, in Fredericksburg, Virginia. AP
  • Democrat Wes Moore, second from left, hugs his daughter, Mia, centre, as his mother, Joy Thomas Moore, left, son, Jamie, second from right, and wife, Dawn, look on, after he was declared the winner of the Maryland race for governor. AP
    Democrat Wes Moore, second from left, hugs his daughter, Mia, centre, as his mother, Joy Thomas Moore, left, son, Jamie, second from right, and wife, Dawn, look on, after he was declared the winner of the Maryland race for governor. AP
  • A supporter of Republican candidate Lee Zeldin reacts as media outlets predict results, in the race for governor, in favour of Democratic incumbent Kathy Hochul. AP
    A supporter of Republican candidate Lee Zeldin reacts as media outlets predict results, in the race for governor, in favour of Democratic incumbent Kathy Hochul. AP
  • Oklahoma Governor Kevin Stitt celebrates his re-election, at a Republican Party watch party in Oklahoma City. AP
    Oklahoma Governor Kevin Stitt celebrates his re-election, at a Republican Party watch party in Oklahoma City. AP
  • Democratic candidate for governor of Georgia Stacey Abrams speaks during her 2022 US midterm elections night party in Atlanta, Georgia. Her rival Brian Kemp won. Reuters
    Democratic candidate for governor of Georgia Stacey Abrams speaks during her 2022 US midterm elections night party in Atlanta, Georgia. Her rival Brian Kemp won. Reuters
  • A woman arrives before Florida's Republican Governor Ron DeSantis speaks to supporters during an election night party in Tampa. AP
    A woman arrives before Florida's Republican Governor Ron DeSantis speaks to supporters during an election night party in Tampa. AP
  • Voters wait in line at a polling station at the Lyndon B. Johnson School of Public Affairs in Austin, Texas. AP
    Voters wait in line at a polling station at the Lyndon B. Johnson School of Public Affairs in Austin, Texas. AP
  • A voter goes to cast their vote after filling out their ballot at a polling station inside The Shed arts centre in Manhattan. AP
    A voter goes to cast their vote after filling out their ballot at a polling station inside The Shed arts centre in Manhattan. AP
  • A jogger runs past the Capitol Building in Washington. The US midterm elections are held every four years at the midpoint of each presidential term. EPA
    A jogger runs past the Capitol Building in Washington. The US midterm elections are held every four years at the midpoint of each presidential term. EPA
  • Florida's Republican Governor Ron DeSantis waves from the stage next to his wife Casey and children during his midterm elections party in Tampa. Reuters
    Florida's Republican Governor Ron DeSantis waves from the stage next to his wife Casey and children during his midterm elections party in Tampa. Reuters
  • A man in costume arrives for a Republican party 'Save America' rally before the US midterm elections, in Miami, Florida. AFP
    A man in costume arrives for a Republican party 'Save America' rally before the US midterm elections, in Miami, Florida. AFP
  • US President Joe Biden, centre, poses for a selfie with supporters during a rally for Democratic candidates, including New York Governor Kathy Hochul, at Sarah Lawrence College in Bronxville, New York. AFP
    US President Joe Biden, centre, poses for a selfie with supporters during a rally for Democratic candidates, including New York Governor Kathy Hochul, at Sarah Lawrence College in Bronxville, New York. AFP
  • A man marks his ballot during early voting in Lansing, Michigan. Reuters
    A man marks his ballot during early voting in Lansing, Michigan. Reuters
  • A child attends a rally held by US President Joe Biden with Democratic nominee for Maryland Governor Wes Moore, Senator Chris Van Hollen and other Maryland Democrats, at Bowie State University. Reuters
    A child attends a rally held by US President Joe Biden with Democratic nominee for Maryland Governor Wes Moore, Senator Chris Van Hollen and other Maryland Democrats, at Bowie State University. Reuters
  • Supporters cheer during a rally for Democratic candidates at Sarah Lawrence College in Bronxville, New York. AFP
    Supporters cheer during a rally for Democratic candidates at Sarah Lawrence College in Bronxville, New York. AFP
  • State Representative Leslie Rossi poses by a giant cutout of former US President Donald Trump in front of the "Trump House", which she owns and created in 2016, in Youngstown, Pennsylvania. AFP
    State Representative Leslie Rossi poses by a giant cutout of former US President Donald Trump in front of the "Trump House", which she owns and created in 2016, in Youngstown, Pennsylvania. AFP
  • Republican candidate for US Senate for Arizona Blake Masters speaks at a rally in Queen Creek, Arizona. EPA
    Republican candidate for US Senate for Arizona Blake Masters speaks at a rally in Queen Creek, Arizona. EPA
  • People in the crowd cheer during a campaign rally at Bowie State University in Maryland, which was attended President Joe Biden, the first lady, Jill Biden, Maryland Democratic gubernatorial candidate Wes Moore and Senator Chris Van Hollen. AP
    People in the crowd cheer during a campaign rally at Bowie State University in Maryland, which was attended President Joe Biden, the first lady, Jill Biden, Maryland Democratic gubernatorial candidate Wes Moore and Senator Chris Van Hollen. AP
  • Republican candidate for Arizona governor Kari Lake arrives for a campaign stop, in Phoenix. Reuters
    Republican candidate for Arizona governor Kari Lake arrives for a campaign stop, in Phoenix. Reuters
  • Morgan Koetje and Nickolas Lentz from Reproductive Freedom for All, canvass a neighborhood in support of Proposal 3, a ballot measure that would codify the right to an abortion, one day before the midterm election in Dewitt, Michigan. Reuters
    Morgan Koetje and Nickolas Lentz from Reproductive Freedom for All, canvass a neighborhood in support of Proposal 3, a ballot measure that would codify the right to an abortion, one day before the midterm election in Dewitt, Michigan. Reuters
  • Republican candidate for US Senate Herschel Walker takes a picture with supporters in Kennesaw, Georgia during a "Unite Georgia Bus Stop" campaign rally on the eve of the midterm elections. AFP
    Republican candidate for US Senate Herschel Walker takes a picture with supporters in Kennesaw, Georgia during a "Unite Georgia Bus Stop" campaign rally on the eve of the midterm elections. AFP
  • Republican Senate candidate Val Demings speaks to supporters in Wilton Manors, Florida. AP
    Republican Senate candidate Val Demings speaks to supporters in Wilton Manors, Florida. AP
  • Senate hopeful Mehmet Oz addresses campaign rally in Pennsburg, Pennsylvania. AP
    Senate hopeful Mehmet Oz addresses campaign rally in Pennsburg, Pennsylvania. AP
  • Former president Donald Trump speaks at a rally in support of the campaign of Ohio Senate candidate JD Vance, at Dayton International Airport. AP
    Former president Donald Trump speaks at a rally in support of the campaign of Ohio Senate candidate JD Vance, at Dayton International Airport. AP
  • President Joe Biden and first lady Jill Biden arrive for the rally at Bowie State University, in Maryland. AP
    President Joe Biden and first lady Jill Biden arrive for the rally at Bowie State University, in Maryland. AP
  • Voters pass by a sign outside a polling site in Warwick, Rhode Island after casting their ballots on the last day of early voting before the midterm election. AP
    Voters pass by a sign outside a polling site in Warwick, Rhode Island after casting their ballots on the last day of early voting before the midterm election. AP
  • Democratic candidate for Georgia governor Stacey Abrams speaks to volunteers during an election eve phone and text bank party in Atlanta. AP
    Democratic candidate for Georgia governor Stacey Abrams speaks to volunteers during an election eve phone and text bank party in Atlanta. AP
  • US Vice President Kamala Harris, left, points to Los Angeles mayoral candidate Representative Karen Bass, after speaking at a rally in Los Angeles. AP
    US Vice President Kamala Harris, left, points to Los Angeles mayoral candidate Representative Karen Bass, after speaking at a rally in Los Angeles. AP
UAE currency: the story behind the money in your pockets
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

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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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

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

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

Rating: 4.5/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A

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.”

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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

Dubai Rugby Sevens

November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures

Thursday, November 30:

10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders

Friday, December 1:

9am, Pitch 4, v SBA Pirates

AIR
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Updated: November 08, 2022, 9:16 PM