A giant painting of US Presidential candidate Joe Biden, erected in his ancestral home of Ballina, northwest Ireland. AFP
A giant painting of US Presidential candidate Joe Biden, erected in his ancestral home of Ballina, northwest Ireland. AFP
A giant painting of US Presidential candidate Joe Biden, erected in his ancestral home of Ballina, northwest Ireland. AFP
A giant painting of US Presidential candidate Joe Biden, erected in his ancestral home of Ballina, northwest Ireland. AFP

Joe Biden's Irish soul


  • English
  • Arabic

The election and inauguration of Joe Biden as US president is not only a relief to much of the world. It is also a source of pride and affection for the nearly 7 million people of the island of Ireland, the more than 3 million Irish citizens who reside overseas (of which I am one) and the 80 to maybe 100 million around the world whose identification with their Irish ancestry makes them part of a wider diaspora. For Mr Biden is the most Irish of American presidents since John F Kennedy, a fact that he is proud to mention whenever he can.

This is no mere “blarney” or “paddy-whackery”. All eight of Mr Biden’s great-great-grandparents on his mother’s side were born in Ireland, as were two of his paternal great-grandparents. He invited the Chieftains, one of the most revered Irish music bands, to play at his inauguration (they couldn’t due to travel restrictions). When he visited the country as vice president in 2016, he declared: “James Joyce wrote, ‘When I die, Dublin will be written on my heart.’ Well, northeast Pennsylvania will be written on my heart. But Ireland will be written on my soul” – no hyperbole given Mr Biden’s long commitment to the peace process in Northern Ireland.

Mr Biden also noted at the time that it was the centenary of the Easter Rising that set in motion independence for the 26 counties that make up the Republic of Ireland today. To Irish Catholics that event was a doomed but heroic attempt to end centuries of colonisation. Many Britons take a different view. The former UK defence secretary Michael Portillo has pointed out that the Rising’s leaders, whose executions took place in the middle of the First World War, had referred to Britain’s principal enemy, the Germans, as “gallant allies”.

Veronica McKevitt, seated, a distant cousin of President Joe Biden, and her family applaud at their home in Ireland as they watch the US presidential inauguration. AP
Veronica McKevitt, seated, a distant cousin of President Joe Biden, and her family applaud at their home in Ireland as they watch the US presidential inauguration. AP

Indeed, Mr Biden is distinct from many other presidents with Irish roots because he is only the second – after JFK – to be a Roman Catholic. Mr Biden has specifically identified as an “Irish Catholic”, and if anyone doubts that his sympathies are more with the nationalist side in Ireland, his response to a BBC reporter who’d asked him for a quick word should put them straight. “BBC?” said Mr Biden. “I’m Irish” – and walked off. He replied with a smile and was almost certainly joking. Nevertheless, it was a distinction that someone who was concerned about appealing to Irish Protestants – the vast majority of whom regard themselves as British and want Northern Ireland to remain in the UK – likely would not have made.

All of this serves to underline that Mr Biden’s affiliations mean Boris Johnson’s administration in London will need to act very gingerly around any aspect of Brexit that has an impact on the 1998 Good Friday Agreement, which brought peace to Northern Ireland and unique cross-border arrangements with the Republic. “Any trade deal between the US and UK must be contingent upon respect for the Agreement and preventing the return of a hard border. Period,” Mr Biden tweeted last September.

Mr Johnson may have had a jolly phone call with Mr Biden recently but Micheal Martin, the Irish prime minister, appears to have spoken to him earlier. “I did invite President Biden to Ireland,” Mr Martin told CNN last Friday, “and he jokingly said to me, ‘try and keep me out.’” Under the new administration in Washington, London would do well to fear that the real “special relationship” may be with Dublin.

None of this will be lost on the many Irish people who have lived and worked in the Gulf for decades, and who have been part of my life going back to the 1980s, when my family enjoyed happy times staying with Irish friends who helped manage the Al Kharj dairy farm south of Riyadh.

What, however, will Mr Biden’s Irishness mean for the wider world? A note published by Daniel Mulhall, Ireland’s ambassador to the US, on the day of Mr Biden’s inauguration, contains some telling pointers. “In our bones,” he wrote, “we know that we are a people shaped by emigration, which has been central to the experience of being Irish for the best part of two centuries.”

  • US President Joe Biden speaks during the 59th Presidential inauguration in Washington. Reuters
    US President Joe Biden speaks during the 59th Presidential inauguration in Washington. Reuters
  • President Joe Biden signs executive orders in the Oval Office of the White House. Reuters
    President Joe Biden signs executive orders in the Oval Office of the White House. Reuters
  • President Joe Biden swears in presidential appointees in a virtual ceremony in the State Dining Room of the White House. Reuters
    President Joe Biden swears in presidential appointees in a virtual ceremony in the State Dining Room of the White House. Reuters
  • President Joe Biden and first lady Jill Biden wave as they arrive at the North Portico of the White House. AP Photo
    President Joe Biden and first lady Jill Biden wave as they arrive at the North Portico of the White House. AP Photo
  • President Joe Biden and his wife Jill embrace as they arrive to the White House. Reuters
    President Joe Biden and his wife Jill embrace as they arrive to the White House. Reuters
  • President Joe Biden and first lady Jill Biden walk up the stairs as they arrive at the North Portico of the White House. AP Photo
    President Joe Biden and first lady Jill Biden walk up the stairs as they arrive at the North Portico of the White House. AP Photo
  • President Joe Biden, First Lady Jill Biden and family, walk in front of the White House. AP Photo
    President Joe Biden, First Lady Jill Biden and family, walk in front of the White House. AP Photo
  • President Joe Biden and Vice President Kamala Harris participate in a wreath laying ceremony at the Tomb of the Unknown Soldier at Arlington National Cemetery. AP Photo
    President Joe Biden and Vice President Kamala Harris participate in a wreath laying ceremony at the Tomb of the Unknown Soldier at Arlington National Cemetery. AP Photo
  • Former President Bill Clinton with his wife, former Secretary of State, Hillary Clinton, former President George W. Bush with his wife Laura Bush, and former president Barack Obama and his wife Michelle Obama at the Arlington National Cemetery. Reuters
    Former President Bill Clinton with his wife, former Secretary of State, Hillary Clinton, former President George W. Bush with his wife Laura Bush, and former president Barack Obama and his wife Michelle Obama at the Arlington National Cemetery. Reuters
  • US President Joe Biden, first lady Jill Biden, Vice President Kamala Harris, and her husband Doug Emhoff look on as they leave the US Capitol after the inauguration ceremony. Reuters
    US President Joe Biden, first lady Jill Biden, Vice President Kamala Harris, and her husband Doug Emhoff look on as they leave the US Capitol after the inauguration ceremony. Reuters
  • US President Joe Biden signs documents in the President's Room at the US Capitol following the inauguration ceremony. Bloomberg
    US President Joe Biden signs documents in the President's Room at the US Capitol following the inauguration ceremony. Bloomberg
  • Vice President Kamala Harris and her husband Doug Emhoff, wave from the Capitol steps as former Vice President Mike Pence's motorcade departs. AP Photo
    Vice President Kamala Harris and her husband Doug Emhoff, wave from the Capitol steps as former Vice President Mike Pence's motorcade departs. AP Photo
  • US President Joe Biden speaks during the 59th Presidential inauguration in Washington. Reuters
    US President Joe Biden speaks during the 59th Presidential inauguration in Washington. Reuters
  • US President-elect Joe Biden is sworn in as the 46th president of the United States during the 59th presidential inauguration in Washington. Bloomberg
    US President-elect Joe Biden is sworn in as the 46th president of the United States during the 59th presidential inauguration in Washington. Bloomberg
  • Joe Biden is sworn in as the 46th President of the United States as his spouse Jill Biden holds a bible on the West Front of the Capitol in Washington, DC. Reuters
    Joe Biden is sworn in as the 46th President of the United States as his spouse Jill Biden holds a bible on the West Front of the Capitol in Washington, DC. Reuters
  • Kamala Harris is sworn in as vice president by Supreme Court Justice Sonia Sotomayor as her husband Doug Emhoff holds the Bible during the 59th Presidential Inauguration at the US Capitol in Washington, DC. AP
    Kamala Harris is sworn in as vice president by Supreme Court Justice Sonia Sotomayor as her husband Doug Emhoff holds the Bible during the 59th Presidential Inauguration at the US Capitol in Washington, DC. AP
  • Social distancing audience during the inauguration of Joe Biden as the 46th President of the United States. Reuters
    Social distancing audience during the inauguration of Joe Biden as the 46th President of the United States. Reuters
  • Lady Gaga sings the National Anthem at the inauguration of US President-elect Joe Biden. AFP
    Lady Gaga sings the National Anthem at the inauguration of US President-elect Joe Biden. AFP
  • Lady Gaga sings the National Anthem as US Vice President Mike Pence and Vice President-elect Kamala Harris look on. Reuters
    Lady Gaga sings the National Anthem as US Vice President Mike Pence and Vice President-elect Kamala Harris look on. Reuters
  • From left: Doug Emhoff, US Vice President-elect Kamala Harris, incoming US First Lady Jill Biden, US President-elect Joe Biden arrive for the inauguration of Joe Biden as the 46th US President at the US Capitol in Washington, DC. AFP
    From left: Doug Emhoff, US Vice President-elect Kamala Harris, incoming US First Lady Jill Biden, US President-elect Joe Biden arrive for the inauguration of Joe Biden as the 46th US President at the US Capitol in Washington, DC. AFP
  • Former President Barack Obama and his wife Michelle arrive for the 59th Presidential Inauguration at the US Capitol for President-elect Joe Biden. AP Photo
    Former President Barack Obama and his wife Michelle arrive for the 59th Presidential Inauguration at the US Capitol for President-elect Joe Biden. AP Photo
  • Former US President Bill Clinton arrives with former Secretary of State Hillary Clinton to the inauguration of US President-elect Joe Biden on the West Front of the US Capitol. AFP
    Former US President Bill Clinton arrives with former Secretary of State Hillary Clinton to the inauguration of US President-elect Joe Biden on the West Front of the US Capitol. AFP
  • Former US President George W. Bush and his wife Laura Bush arrive for the inauguration of Joe Biden as the 46th President of the United States on the West Front of the US Capitol. Reuters
    Former US President George W. Bush and his wife Laura Bush arrive for the inauguration of Joe Biden as the 46th President of the United States on the West Front of the US Capitol. Reuters
  • Family members of Vice President-elect Kamala Harris attend the inauguration of US President-elect Joe Biden on the West Front of the US Capitol. AFP
    Family members of Vice President-elect Kamala Harris attend the inauguration of US President-elect Joe Biden on the West Front of the US Capitol. AFP
  • The view from the podium where Joe Biden will speak after being sworn-in during the 59th Presidential Inauguration at the US Capitol in Washington, DC. EPA
    The view from the podium where Joe Biden will speak after being sworn-in during the 59th Presidential Inauguration at the US Capitol in Washington, DC. EPA
  • Flags decorate the "Field of Flags" at the National Mall near the Washington Monument ahead of the inauguration of US President-elect Joe Biden. AFP
    Flags decorate the "Field of Flags" at the National Mall near the Washington Monument ahead of the inauguration of US President-elect Joe Biden. AFP
  • President-elect Joe Biden and his wife Jill Biden attend a church service before his presidential inauguration at St Matthews Catholic Church in Washington. Reuters
    President-elect Joe Biden and his wife Jill Biden attend a church service before his presidential inauguration at St Matthews Catholic Church in Washington. Reuters
  • President-elect Joe Biden, his wife Jill Biden, Vice President-elect Kamala Harris and her husband Doug Emhoff attend a church service before his presidential inauguration at St. Matthews Catholic Church. Reuters
    President-elect Joe Biden, his wife Jill Biden, Vice President-elect Kamala Harris and her husband Doug Emhoff attend a church service before his presidential inauguration at St. Matthews Catholic Church. Reuters
  • The West Front of the US Capitol is prepared for the inauguration of US President-elect Joe Biden in Washington, DC. AFP
    The West Front of the US Capitol is prepared for the inauguration of US President-elect Joe Biden in Washington, DC. AFP
  • US singer Lady Gaga arrives for the inauguration of Joe Biden as US President in Washington, DC. EPA
    US singer Lady Gaga arrives for the inauguration of Joe Biden as US President in Washington, DC. EPA
  • Supporters hold American flags as Air Force One, carrying US President Donald Trump, departs during a farewell ceremony at Joint Base Andrews, Maryland. Bloomberg
    Supporters hold American flags as Air Force One, carrying US President Donald Trump, departs during a farewell ceremony at Joint Base Andrews, Maryland. Bloomberg
  • President Donald Trump and first lady Melania Trump wave to a crowd as they board Air Force One at Andrews Air Force Base. AP Photo
    President Donald Trump and first lady Melania Trump wave to a crowd as they board Air Force One at Andrews Air Force Base. AP Photo
  • President Donald Trump speaks to crowd before boarding Air Force One at Andrews Air Force Base. AP Photo
    President Donald Trump speaks to crowd before boarding Air Force One at Andrews Air Force Base. AP Photo
  • The sun rises behind the US Capitol as preparations are made prior to the 59th inaugural ceremony for President-elect Joe Biden and Vice President-elect Kamala Harris on the West Front of the US Capitol in Washington. AFP
    The sun rises behind the US Capitol as preparations are made prior to the 59th inaugural ceremony for President-elect Joe Biden and Vice President-elect Kamala Harris on the West Front of the US Capitol in Washington. AFP

Mr Biden’s maternal great-great-grandparents were born in Ireland during the 1820s and 1830s, which meant “they experienced the Great Famine of the 1840s which decimated Ireland, producing a grim harvest of death, destitution, and mass emigration.” Alluding to the fact that many Irish, especially Irish Catholics, could only enjoy true freedom outside of their homeland at that time, Mr Mulhall added that “our exiles also became a source of support for Ireland as we strove to assert our independence and cultural identity.”

I don’t think it’s too big a stretch to believe that this has informed Mr Biden’s famed capacity for empathy – that his awareness of his own ancestry instils within him a desire to be on the side of the underdog, of those who have suffered. The new president is fond of quoting Irish poets. I can imagine him speaking these lines from The Rebel, by the leader of the Easter Rising, Padraig Pearse:

“Because I am of the people, I understand the people,

I am sorrowful with their sorrow, I am hungry with their desire;

My heart is heavy with the grief of mothers,

My eyes have been wet with the tears of children….

Their shame is my shame, and I have reddened for it

Reddened for that they have served, they who should be free

Reddened for that they have gone in want, while others have been full.”

It all fits with Mr Biden’s stress on “values” and on the US leading “not merely by the example of our power, but by the power of our example”.

Now all of this needs to be tempered by the reality that many countries have very different values to America’s, and one hopes Mr Biden will be pragmatic enough not to try to enforce the US’s “example” on others.

But in these early, optimistic days of his presidency, may one not dream that Mr Biden does not entirely have to obey the dictum: “campaign in poetry, govern in prose”? That Irish soul of his is part of what has uplifted people around the world. May not just the “luck of the Irish” but that romantic muse on which he has so often drawn, remain with him.

Sholto Byrnes is an East Asian affairs columnist for The National

UAE currency: the story behind the money in your pockets
Top tips

Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
 

While you're here
if you go

The flights

Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes

The package

Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January

The info

Visit www.gokorea.co.uk

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

RESULT

Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

The%20Killer
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDavid%20Fincher%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Fassbender%2C%20Tilda%20Swinton%2C%20Charles%20Parnell%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%C2%A0%3C%2Fp%3E%0A

Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah

 

Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

The Ashes

Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs

Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

Why does a queen bee feast only on royal jelly?

Some facts about bees:

The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer

The life cycle of a worker bee is from 40-60 days

A queen bee lives for 3-5 years

This allows her to lay millions of eggs and allows the continuity of the bee colony

About 20,000 honey bees and one queen populate each hive

Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.

Apart from honey, five other products are royal jelly, the special food bees feed their queen 

Pollen is their protein source, a super food that is nutritious, rich in amino acids

Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments

Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive,  protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts

Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain

Honey, royal jelly, pollen have health enhancing qualities

The other three products are used for therapeutic purposes

Is beekeeping dangerous?

As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.

“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”

 

 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Getting%20there
%3Cp%3EGiven%20its%20remote%20location%2C%20getting%20to%20Borneo%20can%20feel%20daunting%20even%20for%20the%20most%20seasoned%20traveller.%20But%20you%20can%20fly%20directly%20from%20Kuala%20Lumpur%20to%20Sandakan%20and%20Sepilok%20is%20only%20half%20an%20hour%20away%20by%20taxi.%20Sandakan%20has%20plenty%20of%20accommodation%20options%2C%20while%20Sepilok%20has%20a%20few%20nature%20lodges%20close%20to%20the%20main%20attractions.%3C%2Fp%3E%0A
Results

Stage 5:

1. Jonas Vingegaard (DEN) Team Jumbo-Visma  04:19:08

2. Tadej Pogacar (SLO) UAE Team Emirates  00:00:03

3. Adam Yates (GBR) Ineos Grenadiers

4. Sergio Higuita (COL) EF Education-Nippo 00:00:05

5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26

2.  Adam Yates (GBR) Ineos Grenadiers 00:00:45

3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12

4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54

5. Neilson Powless (USA) EF Education-Nippo 00:01:56

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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.”

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31