HopeHub is a co-working space for freelancers in Gaza. Photo: HopeHub
HopeHub is a co-working space for freelancers in Gaza. Photo: HopeHub
HopeHub is a co-working space for freelancers in Gaza. Photo: HopeHub
HopeHub is a co-working space for freelancers in Gaza. Photo: HopeHub

How global tech experts are supporting Palestinian start-ups and cause


Neil Halligan
  • English
  • Arabic

As the Israel-Gaza war continues, there has been increasing support for Palestine from the technology industry, particularly for start-ups that have been affected.

In the coming weeks, an initiative backed by the Bank of Palestine is set to use more than $2 million in raised capital to support 20 well-established Palestinian start-ups affected by the crisis.

The tech industry contributed almost $500 million to the Palestinian economy in 2021, accounting for close to 3 per cent of the gross domestic product in the occupied West Bank and Gaza, a report by the World Bank showed.

In its latest report on Palestine’s economy, the World Bank said nearly half a million jobs have been lost since the start of the war in October, with more than 200,000 of those in the Gaza Strip and 148,000 due to commuters from the West Bank losing access to work in Israel.

Another 144,000 positions have been eliminated in the West Bank “due to escalating violence and the repercussions on supply chains, production capacity, and breadwinners’ ability to access their workplace”, the institution said.

TAP (Talent Acceleration Platform) co-founders, Christian Vezjak and Jafar Shunnar, talking to Software Development graduates. Photo: TAP
TAP (Talent Acceleration Platform) co-founders, Christian Vezjak and Jafar Shunnar, talking to Software Development graduates. Photo: TAP

Education programmes, such as those offered by Talent Acceleration Platform (TAP), a Dutch-Palestinian upskilling and job placement company, have been severely affected, but they are still working to assist those they can.

Jafar Shunnar, co-founder of TAP, said their programmes in software development, digital marketing and business development have been hit.

“All the people that we had in Gaza working with external companies are no longer working with these companies. And all the participants in our programme are no longer participating,” Mr Shunnar told The National from the West Bank.

Three weeks ago, “things started to look a bit calmer” and they started to re-engage with people in Gaza, but then violence erupted again and they had to put their plans on hold, he said.

TAP, which has created 150 jobs for Palestinians, has partnered with HopeHub – an NGO that offers co-working space for freelancers in Gaza – to allow people to work or access Tap Education. It also helps those who have left Gaza to go to Egypt.

It has also launched a campaign called Palestine Future, which aims to connect 1,000 Palestinian youths with 1,000 global professionals from companies such as Google, Meta, Microsoft, LinkedIn and Accenture to help them with career coaching, mentorship or even job opportunities.

Lifeline

The tech economy in Palestine has always been able to thrive better than other sectors, given its ability to bypass a lot of the physical restrictions on the movement of people and goods.

Ryan Sturgill, principal at Cross Boundary and investment adviser to the Bank of Palestine, said technology had been a “lifeline for many people”.

“Since October, I think it's become even more important, certainly for people in the West Bank,” Mr Sturgill said.

“You see lots of companies, physical or digital, unable to have the people come to work or to communicate or interact effectively with the violence occurring all across the West Bank.”

Ryan Sturgill is leading a Bank of Palestine initiative called Safe Palestine, which aims to raise $5 million for bridge equity investments for the most promising Palestinian start-ups. Photo: TNW
Ryan Sturgill is leading a Bank of Palestine initiative called Safe Palestine, which aims to raise $5 million for bridge equity investments for the most promising Palestinian start-ups. Photo: TNW

He said he has been in contact with some internet companies about re-establishing hotspot Wi-Fi for the camps in Gaza, where infrastructure has been decimated.

The violence has led to increased attention from regional and global investors towards start-ups in Palestine’s tech sector, he said.

“They [Palestinian start-ups] are high-quality companies that are targeting big regional and global markets,” Mr Sturgill said.

He is leading a Bank of Palestine initiative called Safe Palestine, which aims to raise $5 million for bridge equity investments for the “most promising” start-ups that have already demonstrated significant traction.

Launched in February, the fund has done its first close at just under $2.5 million and will shortly do a first disbursement to 20 start-ups.

“We're looking at start-ups that are kind of at an inflection point,” Mr Sturgill said.

“They're kind of at the seed stage going to like a Series A and have traction, real customers, they’re revenue-generating, but they also have the most to lose potentially by not being able to extend that runway and continue to do product development and things like that.”

The companies are digital, scalable product or service-oriented start-ups from sectors like logistics, B2C booking apps, construction tech, legaltech, FinTech and healthtech.

Details of the funding will be announced shortly but the money came from “big technology companies” as well as public and individual and venture firms in Silicon Valley and across the Middle East region, Mr Sturgill said.

Rallying support

However, support from the US tech sector for Palestine has been starkly divided.

Silicon Valley is the headquarters for 35 Israeli-founded unicorns – privately held companies valued at $1 billion or more – the US-Israel Business Alliance said last year.

Paul Biggar, co-founder and former chief executive of software company CircleCI, which had a valuation of $1.7 billion in 2021, wrote a blog post in December against the tech industry for being complicit in “genocide” in Gaza.

The I Can't Sleep blog post went viral and led to Mr Biggar being contacted by people telling him about their Palestinian projects. He promptly created Tech for Palestine, a community of tech industry experts that has grown to 5,000 since its launch in January.

“The way it works is people join and we help people get connected to projects to start projects that will help Palestine in some way,” Mr Biggar, who lives in New York, told The National.

“In many cases, it's a boycott tool to help … boycott different parts of society. For example, we have some people who focus on boycotting specific companies, some people focused on boycotting general consumer applications, some people doing that via mobile apps versus Chrome extensions versus web apps.”

  • Students at King's College Cambridge University camp out in solidarity with Palestinians, in Cambridge, Britain, on May 9. EPA
    Students at King's College Cambridge University camp out in solidarity with Palestinians, in Cambridge, Britain, on May 9. EPA
  • A woman takes part in the King's College Cambridge University protest camp on May 9. EPA
    A woman takes part in the King's College Cambridge University protest camp on May 9. EPA
  • A banner at King's College shows the students' determination to support Palestinians under siege in Gaza. EPA
    A banner at King's College shows the students' determination to support Palestinians under siege in Gaza. EPA
  • Another banner, from Jewish students at Cambridge University, supporting Gaza's Palestinians. EPA
    Another banner, from Jewish students at Cambridge University, supporting Gaza's Palestinians. EPA
  • The pro-Palestinian camp at King's College. EPA
    The pro-Palestinian camp at King's College. EPA
  • Students at the university maintain their vigil. EPA
    Students at the university maintain their vigil. EPA
  • A protest outside Senate House at Cambridge University on Wednesday over the Gaza conflict. PA
    A protest outside Senate House at Cambridge University on Wednesday over the Gaza conflict. PA

Adil Abbuthalha, creator of the app Boycat, is among those who joined Tech for Palestine, which he said helped to launch his product.

Launched in January, the app allows users to scan a product’s bar code to tell if it’s pro-Palestinian. If it’s not, the app will provide pro-Palestinian alternatives.

Mr Abbuthalha, who lives in the US, said the app has more than 100,000 monthly active users and estimates that its diverted sales are worth several million dollars.

“We've calculated that we're looking around just around $10 million diverted in one-time purchases, which doesn't count continuous purchases,” Mr Abbuthalha told The National.

“So, if you bought Starbucks or Coca-Cola three times a week, we only count it as once because we don't count the continuous effect.”

The free app doesn’t make any money and will redirect any donations to those raising funds for humanitarian aid.

The next stage of development will be to localise the app and give alternatives in Europe, Africa, Asia and the Middle East. He also plans to create a shop on the app, which will have pro-Palestinian-only products.

Fact-checking

One of Tech for Palestine’s more successful projects so far is October 7 Fact Check, which Mr Biggar said was nearly complete by the time it joined the community.

“The tool has been incredibly effective and it continues to be developed,” Mr Biggar said.

“It has helped expose a lot of the myths around October 7 – when I say myths, I mean, atrocity propaganda which has been bought [and] is used by Israel to manufacture consent for the invasion and further genocide.”

Newscord, a website that compares news stories to reveal media bias, was also fully formed by the time it joined Tech for Palestine.

London-based Nima Akram created the website after he noticed “two distinct narratives being set from mainly the western sources”, which are “prioritising the Israeli side and covering whatever Israel says as fact”, he said.

“And then you're seeing Al Jazeera, the Middle East Eye and The National as well, I would say looking at both sides, or maybe kind of focusing on the humanitarian outcome and how it's affecting innocent people's lives.”

As a data scientist by trade, he said he wanted to use his skills to create a website that would evaluate both sides of the story and highlight the contradictions.

Newscord uses the AI technology that runs Chat GPT – Open AI’s GPT 3.5 – to compare articles with a summary of the facts and information, as well as the key contradictions.

“It's not saying this is the truth, but this is a lie. It's saying there are significant differences here,” he said.

“Hopefully, the user kind of gets to their own conclusions by seeing all of these different views.”

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)

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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)

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Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

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Director: Shawn Levy

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Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

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What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

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Dubai World Cup factbox

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Most wins by a jockey: Jerry Bailey(4)

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Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Major matches on Manic Monday

Andy Murray (GBR) v Benoit Paire (FRA)

Grigor Dimitrov (BGR) v Roger Federer (SUI)

Rafael Nadal (ESP) v Gilles Muller (LUX)

Adrian Mannarino (FRA) Novak Djokovic (SRB)

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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

The Old Slave and the Mastiff

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Translated from the French and Creole by Linda Coverdale

Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

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MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

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2019 is a milestone because he completes 50 years in business

 

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Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km

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TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Match info

Karnataka Tuskers 110-3

J Charles 35, M Pretorius 1-19, Z Khan 0-16

Deccan Gladiators 111-5 in 8.3 overs

K Pollard 45*, S Zadran 2-18

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

LOS ANGELES GALAXY 2 MANCHESTER UNITED 5

Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Results

Stage Two:

1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45

2. Jasper Philipsen (BEL) Alpecin-Fenix

3. Pascal Ackermann (GER) UAE Team Emirates

4. Olav Kooij (NED) Jumbo-Visma

5. Arnaud Demare (FRA) Groupama-FDJ

General Classification:

1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03

2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04

3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06

4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10

5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12

'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000

The Cockroach

 (Vintage)

Ian McEwan 
 

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

SPEC%20SHEET
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%2C%20starlight%2C%20midnight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%20or%2035W%20dual-port%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C999%3C%2Fp%3E%0A
Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

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.”

UAE%20v%20West%20Indies
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The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

RESULTS

Main card

Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision

Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision

Lightweight 60kg:  Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3

Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision

Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision

Light heavyweight 81.4kg:  Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round

If you go

Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

Touring

Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

Updated: June 09, 2024, 5:29 AM