Former president Donald Trump speaks during the New Hampshire Republican State Committee 2023 annual meeting in January. AP
Former president Donald Trump speaks during the New Hampshire Republican State Committee 2023 annual meeting in January. AP
Former president Donald Trump speaks during the New Hampshire Republican State Committee 2023 annual meeting in January. AP
Former president Donald Trump speaks during the New Hampshire Republican State Committee 2023 annual meeting in January. AP

Georgia grand jury member says indictments recommended in Trump election probe


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A member of the Georgia grand jury convened to investigate former US president Donald Trump's possible interference in the 2020 election told news outlets this week that the group had recommended several criminal indictments.

Emily Kohrs, who served as the forewoman on the special grand jury for eight months, did not specify the people named in the decision or the charges in her interviews with CNN and The New York Times.

“There may be some names on that list that you wouldn't expect. But the big name that everyone keeps asking me about — I don't think you will be shocked,” Ms Kohrs told CNN.

Mr Trump is being investigated over his phone call to Georgia's top election official Brad Raffensperger on January 2, 2021, asking him to “find” 11,779 votes in the pivotal state to bridge the electoral gap between him and Joe Biden.

“I just want to find 11,780 votes, which is one more than we have, because we won the state,” Mr Trump said, according to audio recordings of the conversation.

Mr Trump has continued to claim that the 2020 presidential election was stolen from him due to electoral fraud, but this has been repeatedly disproved.

A Georgia judge last week ordered the release of some excerpts of the special grand jury's final report, which concluded that some witnesses may have lied under oath and delivered recommendations to prosecutors on possible indictments for election interference, the document showed.

A look at former president Donald Trump's Truth Social feed — in pictures

  • On Truth Social, a social media platform founded by Donald Trump after he was banned from Twitter, conversation is often limited to sycophantic memes and conspiratorial memes. Photo: Screengrab from Truth Social
    On Truth Social, a social media platform founded by Donald Trump after he was banned from Twitter, conversation is often limited to sycophantic memes and conspiratorial memes. Photo: Screengrab from Truth Social
  • Almost all of Mr Trump's followers are die-hard supporters and criticism of the former president is rare. Photo: Screengrab from Truth Social
    Almost all of Mr Trump's followers are die-hard supporters and criticism of the former president is rare. Photo: Screengrab from Truth Social
  • Mr Trump's signature line on 'The Apprentice' was: 'You're Fired!' Photo: Screengrab from Truth Social
    Mr Trump's signature line on 'The Apprentice' was: 'You're Fired!' Photo: Screengrab from Truth Social
  • Many memes lionise the former president. Photo: Screengrab from Truth Social
    Many memes lionise the former president. Photo: Screengrab from Truth Social
  • Mr Trump hopes to get a second term in office in 2024. Photo: Screengrab from Truth Social
    Mr Trump hopes to get a second term in office in 2024. Photo: Screengrab from Truth Social
  • A not-true ReTruth: Trump-backed, election-denying candidate Kari Lake lost to Democrat Katie Dobbs in the Arizona governor race. Photo: Screengrab from Truth Social
    A not-true ReTruth: Trump-backed, election-denying candidate Kari Lake lost to Democrat Katie Dobbs in the Arizona governor race. Photo: Screengrab from Truth Social
  • Mr Trump suggests voter fraud in the Arizona governor race. Photo: Screengrab from Truth Social
    Mr Trump suggests voter fraud in the Arizona governor race. Photo: Screengrab from Truth Social
  • Mr Trump attacks Florida Governor Ron DeSantis, who may be well positioned to duel the former president in the 2024 White House race. Photo: Screengrab from Truth Social
    Mr Trump attacks Florida Governor Ron DeSantis, who may be well positioned to duel the former president in the 2024 White House race. Photo: Screengrab from Truth Social
  • Many Maga Republicans miss Mr Trump. Photo: Screengrab from Truth Social
    Many Maga Republicans miss Mr Trump. Photo: Screengrab from Truth Social
  • Mr Trump attacks mail-in ballots that allow millions of Americans who are unable to vote on election day to participate. Photo: Screengrab from Truth Social
    Mr Trump attacks mail-in ballots that allow millions of Americans who are unable to vote on election day to participate. Photo: Screengrab from Truth Social
  • Some of the Trump supporters that stormed the US Capitol on January 6, 2021, used American flags to attack police officers. Photo: Screengrab from Truth Social
    Some of the Trump supporters that stormed the US Capitol on January 6, 2021, used American flags to attack police officers. Photo: Screengrab from Truth Social
  • Supporters credit Mr Trump with not starting any new wars. Photo: Screengrab from Truth Social
    Supporters credit Mr Trump with not starting any new wars. Photo: Screengrab from Truth Social
  • How many moves in a game of chess? Photo: Screengrab from Truth Social
    How many moves in a game of chess? Photo: Screengrab from Truth Social
  • Another ReTruth. Photo: Screengrab from Truth Social
    Another ReTruth. Photo: Screengrab from Truth Social
  • The 'Greatest Of All Time'? That remains to be seen. Photo: Screengrab from Truth Social
    The 'Greatest Of All Time'? That remains to be seen. Photo: Screengrab from Truth Social
  • Mr Trump was expected to announce a new run for the White House on November 15. Photo: Screengrab from Truth Social
    Mr Trump was expected to announce a new run for the White House on November 15. Photo: Screengrab from Truth Social
  • Mr Trump blamed Senate Minority Leader Mitch McConnell for Republicans' poor showing in the midterm elections. Photo: Screengrab from Truth Social
    Mr Trump blamed Senate Minority Leader Mitch McConnell for Republicans' poor showing in the midterm elections. Photo: Screengrab from Truth Social
  • Mr Trump still attracts fierce loyalty from his 'Maga' supporters. Photo: Screengrab from Truth Social
    Mr Trump still attracts fierce loyalty from his 'Maga' supporters. Photo: Screengrab from Truth Social
  • Mr Trump suggests he would perform better than Ron DeSantis. Photo: Screengrab from Truth Social
    Mr Trump suggests he would perform better than Ron DeSantis. Photo: Screengrab from Truth Social
  • A variation on the election-denying theme. Photo: Screengrab from Truth Social
    A variation on the election-denying theme. Photo: Screengrab from Truth Social
  • Mr Trump has continued to make his baseless claims of election fraud in races he or his fellow Republicans lost. Photo: Screengrab from Truth Social
    Mr Trump has continued to make his baseless claims of election fraud in races he or his fellow Republicans lost. Photo: Screengrab from Truth Social
  • Another ReTruth. Photo: Screengrab from Truth Social
    Another ReTruth. Photo: Screengrab from Truth Social
  • Mr Trump returns to his debunked claims of widespread election fraud. Photo: Screengrab from Truth Social
    Mr Trump returns to his debunked claims of widespread election fraud. Photo: Screengrab from Truth Social
  • Another teaser for his November 15 announcement. Photo: Screengrab from Truth Social
    Another teaser for his November 15 announcement. Photo: Screengrab from Truth Social
  • Mr Trump 'ReTruths' a message from a follower. Photo: Screengrab from Truth Social
    Mr Trump 'ReTruths' a message from a follower. Photo: Screengrab from Truth Social
  • The 'legend' will be 78 at the 2024 election, the same age Joe Biden was when he got elected. Photo: Screengrab from Truth Social
    The 'legend' will be 78 at the 2024 election, the same age Joe Biden was when he got elected. Photo: Screengrab from Truth Social
  • Mr Trump is expected to announce he will run again for president in 2024. Photo: Screengrab from Truth Social
    Mr Trump is expected to announce he will run again for president in 2024. Photo: Screengrab from Truth Social
  • Mr Trump teases his announcement on November 15. Photo: Screengrab from Truth Social
    Mr Trump teases his announcement on November 15. Photo: Screengrab from Truth Social
  • Truth Social is only available in the US, Canada and Brazil. Reuters
    Truth Social is only available in the US, Canada and Brazil. Reuters

“It is not a short list,” Ms Kohrs told the Times after the group heard evidence from 75 witnesses.

The special grand jury does not have the power to bring charges, only to make recommendations to prosecutors. It also does not have the authority to issue indictments.

To do that, Fulton County District Attorney Fani Willis would need to seek a regular grand jury's approval.

The former president has denied wrongdoing and accused Ms Willis, an elected Democrat, of going after him for political reasons.

Ms Kohrs did not say if Mr Trump was included in the recommendations, but told the Times: “You’re not going to be shocked. It’s not rocket science.”

Agence France-Presse contributed to this report

START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
%3Cp%3E%3Cstrong%3ESaudi%20Arabia%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJoy%3A%3C%2Fstrong%3E%20Delivers%20car%20services%20with%20affordable%20prices%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKaraz%3A%3C%2Fstrong%3E%20Helps%20diabetics%20with%20gamification%2C%20IoT%20and%20real-time%20data%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMedicarri%3A%3C%2Fstrong%3E%20Medical%20marketplace%20that%20connects%20clinics%20with%20suppliers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMod5r%3C%2Fstrong%3E%3A%20Makes%20automated%20and%20recurring%20investments%20to%20grow%20wealth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStuck%3A%3C%2Fstrong%3E%20Live%2C%20on-demand%20language%20support%20to%20boost%20writing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWalzay%3A%3C%2Fstrong%3E%20Helps%20in%20recruitment%20while%20reducing%20hiring%20time%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEighty6%3A%20%3C%2Fstrong%3EMarketplace%20for%20restaurant%20and%20supplier%20procurements%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFarmUnboxed%3A%20%3C%2Fstrong%3EHelps%20digitise%20international%20food%20supply%20chain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENutriCal%3A%3C%2Fstrong%3E%20Helps%20F%26amp%3BB%20businesses%20and%20governments%20with%20nutritional%20analysis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWellxai%3A%3C%2Fstrong%3E%20Provides%20insurance%20that%20enables%20and%20rewards%20user%20habits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgypt%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAmwal%3A%3C%2Fstrong%3E%20A%20Shariah-compliant%20crowd-lending%20platform%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDeben%3A%3C%2Fstrong%3E%20Helps%20CFOs%20manage%20cash%20efficiently%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgab%3A%3C%2Fstrong%3E%20Connects%20media%20outlets%20to%20journalists%20in%20hard-to-reach%20areas%20for%20exclusives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENeqabty%3A%3C%2Fstrong%3E%20Digitises%20financial%20and%20medical%20services%20of%20labour%20unions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOman%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonak%3A%3C%2Fstrong%3E%20Provides%20financial%20inclusion%20and%20life%20services%20to%20migrants%3C%2Fp%3E%0A
Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

box

COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

The specs: 2018 Maserati Ghibli

Price, base / as tested: Dh269,000 / Dh369,000

Engine: 3.0-litre twin-turbocharged V6

Transmission: Eight-speed automatic

Power: 355hp @ 5,500rpm

Torque: 500Nm @ 4,500rpm

Fuel economy, combined: 8.9L / 100km

UAE%20SQUAD
%3Cp%3E%0DJemma%20Eley%2C%20Maria%20Michailidou%2C%20Molly%20Fuller%2C%20Chloe%20Andrews%20(of%20Dubai%20College)%2C%20Eliza%20Petricola%2C%20Holly%20Guerin%2C%20Yasmin%20Craig%2C%20Caitlin%20Gowdy%20(Dubai%20English%20Speaking%20College)%2C%20Claire%20Janssen%2C%20Cristiana%20Morall%20(Jumeirah%20English%20Speaking%20School)%2C%20Tessa%20Mies%20(Jebel%20Ali%20School)%2C%20Mila%20Morgan%20(Cranleigh%20Abu%20Dhabi).%3C%2Fp%3E%0A
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Director: Laxman Utekar

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

Rating: 1/5

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.

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

BlacKkKlansman

Director: Spike Lee

Starring: John David Washington; Adam Driver 

Five stars

FIGHT CARD

Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)

Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)

Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)

Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)

Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)

Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)

Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)

Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)

Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)

Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth

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SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

The years Ramadan fell in May

1987

1954

1921

1888

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

Racecard

5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m

6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m

6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m

7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m

7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m

8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m

8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m

10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
MOTHER%20OF%20STRANGERS
%3Cp%3EAuthor%3A%20Suad%20Amiry%3Cbr%3EPublisher%3A%20Pantheon%3C%2Fp%3E%0A%3Cp%3EPages%3A%20304%3Cbr%3EAvailable%3A%20Now%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.”

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

Updated: February 22, 2023, 7:46 PM