Eight performance sports cars under Dh300,000 that are fast and fun

Lokman Slim – the assassination of a most elegant critic

Saudi Arabia welcomes US President Joe Biden's speech

Yemen takes centre stage as Biden’s Middle East priority

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

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.”

Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

UAE coins

Dh5 note

Dh10 note

Dh20 note

I pledge to uphold the duty of tolerance

I pledge to take a first stand against hate and injustice

I pledge to respect and accept people whose abilities, beliefs and culture are different from my own

I pledge to wish for others what I wish for myself

I pledge to live in harmony with my community

I pledge to always be open to dialogue and forgiveness

I pledge to do my part to create peace for all

I pledge to exercise benevolence and choose kindness in all my dealings with my community

I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Kareem Shaheen: Even a pandemic could not unite today's America

Michele Wucker: The difference between a black swan and a grey rhino

Robert Matthews: Has flawed science and rushed research failed us?

Date started: Founded in May 2017 and operational since April 2018

Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.

Based: Cairo, Egypt

Sector: Health-tech

Size: 22 employees

Funding: Seed funding 

Investors: Flat6labs, 500 Falcons, three angel investors

• Use unique usernames and passwords while enabling multi-factor authentication.
• Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
• Avoid suspicious social media ads promoting fraudulent schemes.
• Only invest in crypto projects that you fully understand.
• Critically assess whether a project’s promises or returns seem too good to be true.
• Only use reputable platforms that have a track record of strong regulatory compliance.
• Store funds in hardware wallets as opposed to online exchanges.

UAE coins

Dh5 note

Dh10 note

Dh20 note

Borussia Dortmund 0

Bayern Munich 1 (Kimmich 43')

Man of the match: Joshua Kimmich (Bayern Munich)