• A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
    A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
  • A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
    A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. Samsung Electronics/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
  • An ASML staff gives a tour to guests inside their innovation truck at SEMICON Taiwan in Taipei, Taiwan, September 14, 2022. REUTERS/Ann Wang
    An ASML staff gives a tour to guests inside their innovation truck at SEMICON Taiwan in Taipei, Taiwan, September 14, 2022. REUTERS/Ann Wang
  • Taiwan Semiconductor Manufacturing Company (TSMC) Fab 15B, one of the company's four giga semiconductor fabrication plants, is pictured in Taichung, Taiwan September 2, 2021. Picture taken September 2, 2021. REUTERS/Yimou Lee To match Special Report TAIWAN-CHINA/CHIPS
    Taiwan Semiconductor Manufacturing Company (TSMC) Fab 15B, one of the company's four giga semiconductor fabrication plants, is pictured in Taichung, Taiwan September 2, 2021. Picture taken September 2, 2021. REUTERS/Yimou Lee To match Special Report TAIWAN-CHINA/CHIPS
  • ICHEON, SOUTH KOREA - AUGUST 25: Workers work at SK HYNIX Inc. plant on August 25, 2015 in Icheon, South Korea. South Korean chip giant SK Hynix Inc. said on August 25, 2015 that it will spend 46 trillion won (US$38.2 billion) to build three new semiconductor production lines over the next 10 years in an effort to bolster its market position and join government efforts to revitalize the economy. (Photo by Kim Min-Hee-Pool/Getty Images)
    ICHEON, SOUTH KOREA - AUGUST 25: Workers work at SK HYNIX Inc. plant on August 25, 2015 in Icheon, South Korea. South Korean chip giant SK Hynix Inc. said on August 25, 2015 that it will spend 46 trillion won (US$38.2 billion) to build three new semiconductor production lines over the next 10 years in an effort to bolster its market position and join government efforts to revitalize the economy. (Photo by Kim Min-Hee-Pool/Getty Images)
  • epa10187815 A computer motherboard of ASUSTek Computer Inc. is on display at a Science park in Hsinchu county, Taiwan, 16 September 2022. Taiwan Semiconductor companies provide more than 60 percent of all orders around the world. EPA-EFE/RITCHIE B. TONGO
    epa10187815 A computer motherboard of ASUSTek Computer Inc. is on display at a Science park in Hsinchu county, Taiwan, 16 September 2022. Taiwan Semiconductor companies provide more than 60 percent of all orders around the world. EPA-EFE/RITCHIE B. TONGO
  • An employee works at a factory of Renesas Semiconductor Co. during a government organised tour of the facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 14, 2020. REUTERS/Thomas Peter
    An employee works at a factory of Renesas Semiconductor Co. during a government organised tour of the facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 14, 2020. REUTERS/Thomas Peter
  • HSINCHU, TAIWAN - SEPTEMBER 16: A student wears cleanroom suit conducts a research inside the clean room of Taiwan Semiconductor Research Institution during a press semiconductor tour at Hsinchu Science Park on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
    HSINCHU, TAIWAN - SEPTEMBER 16: A student wears cleanroom suit conducts a research inside the clean room of Taiwan Semiconductor Research Institution during a press semiconductor tour at Hsinchu Science Park on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
  • Employees change out their Personal Protective Equipment (PPE) before their lunch break at a factory of Renesas Semiconductor Co. during a government organised tour of the facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 14, 2020. REUTERS/Thomas Peter
    Employees change out their Personal Protective Equipment (PPE) before their lunch break at a factory of Renesas Semiconductor Co. during a government organised tour of the facility following the outbreak of the coronavirus disease (COVID-19), in Beijing, China May 14, 2020. REUTERS/Thomas Peter
  • HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a silicon wafer on display at Taiwan Semiconductor Research Institution on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
    HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a silicon wafer on display at Taiwan Semiconductor Research Institution on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
  • HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a circuit board on display at Taiwan Semiconductor Research Institution on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
    HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a circuit board on display at Taiwan Semiconductor Research Institution on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
  • HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a circuit board on display at the Macronix International Co. Ltd on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)
    HSINCHU, TAIWAN - SEPTEMBER 16: A closeup of a circuit board on display at the Macronix International Co. Ltd on September 16, 2022 in Hsinchu, Taiwan. Taiwan's semiconductor manufacturing capabilities are crucial to global supply chains, with megacap companies like Apple, Nvidia and Qualcomm heavily dependent on the island's exports. Taiwan accounts for some 60 percent of global semiconductor foundry revenue, according to media reports. (Photo by Annabelle Chih/Getty Images)

Microchip empires: how the race for nano-scale tech is changing geopolitics


Robert Tollast
  • English
  • Arabic

Swarms of drones able to pick out high-value targets and overwhelm enemy ground forces, unmanned stealth jets able to search out and engage enemy aircraft, all powered and directed by artificial intelligence — this isn't the stuff of sci-fi films but the next generation of weapons under development in a new race to dominate future battlefields.

But all of these high-tech systems, including many of the sophisticated weapons already in the arsenal of global powers, depend on tiny microchips.

Increasingly powerful, small and difficult to manufacture, the steady and secure supply of “leading-edge” microchips will determine which militaries dominate in the coming decades.

Falling behind the competition in microchip development or losing access to advanced chips entirely could spell disaster.

The broad risk of the Chips Act is the complexity of the industry and just trying to bring these tremendously complicated supply chains back to the US
Charles Wessner,
Georgetown University

This isn't only an issue for the future ― sanctions on Russia since the start of the invasion of Ukraine in February have drastically affected Moscow's ability to secure supplies of microchips.

The Russian military has started pulling apart civilian goods to cannibalise components such as microchips to build precision-guided missiles and drones, the Royal United Services Institute (Rusi), a UK-based defence think tank, said in an August report on the impact of sanctions.

But taking parts from items such as games consoles to source “dual use” chips for weapons, Rusi said, makes them far less reliable.

Meanwhile, Nato countries have maintained a steady supply of advanced weapons systems to the Ukrainian military.

Superpower competition for the best chips

For now, the US appears to have the edge in the high-tech race for microchips, but it has this primacy through alliances rather than domestic expertise.

Currently, the Dutch company ASML builds the most advanced machines for making leading-edge chips while the Taiwan Semiconductor Manufacturing Company (TSMC) is the biggest chip maker in the world. While both the Netherlands and Taiwan are US allies, neither are American firms.

TSMC can make tiny chips capable of running advanced artificial intelligence systems, powering super-advanced quantum computers or even controlling the next generation of weapons, including hypersonic aircraft that can fly over five times the speed of sound.

The US successfully pressured Taiwan into cutting supplies of these kinds of chips to both Russia and Chinese tech firms such as Huawei and research institutions including the China Aerodynamics Research and Development Centre.

But Russia and China are far from being out of the game.

That’s because most existing high-tech weapons do not yet need the most sophisticated chips necessary for top-spec AI applications. This gives countries and militaries time to invest in their own supplies.

  • Russian Malka artillery systems are fired from an undisclosed location in Ukraine. AP
    Russian Malka artillery systems are fired from an undisclosed location in Ukraine. AP
  • German Chancellor Olaf Scholz visits a training ground for Ukrainian soldiers in Putlos near Oldenburg, Germany. AFP
    German Chancellor Olaf Scholz visits a training ground for Ukrainian soldiers in Putlos near Oldenburg, Germany. AFP
  • Ukrainian President Volodymyr Zelensky (R) hands The Order of Liberty medal to Boris Johnson in Kyiv. The UK Prime Minister visited on Ukraine’s Independence Day. AFP
    Ukrainian President Volodymyr Zelensky (R) hands The Order of Liberty medal to Boris Johnson in Kyiv. The UK Prime Minister visited on Ukraine’s Independence Day. AFP
  • Destruction in Chaplyne, Dnipropetrovsk region. Reuters
    Destruction in Chaplyne, Dnipropetrovsk region. Reuters
  • The UN Security Council votes on whether to allow Ukrainian President Volodymyr Zelenskyy to address the meeting via video link on threats to international peace and security. AP
    The UN Security Council votes on whether to allow Ukrainian President Volodymyr Zelenskyy to address the meeting via video link on threats to international peace and security. AP
  • A pro-Ukrainian statue in Prague, Czech Republic. AP
    A pro-Ukrainian statue in Prague, Czech Republic. AP
  • Krystyna Kopaczewska takes part in a Ukrainian Independence Day rally outside Downing Street in London. Reuters
    Krystyna Kopaczewska takes part in a Ukrainian Independence Day rally outside Downing Street in London. Reuters
  • Firefighters work to extinguish flames at a shopping centre Galaktika after Russian shelling in Donetsk. Reuters
    Firefighters work to extinguish flames at a shopping centre Galaktika after Russian shelling in Donetsk. Reuters
  • Ukrainian servicemen fire at Russian positions in Kharkiv region. AP
    Ukrainian servicemen fire at Russian positions in Kharkiv region. AP
  • Destroyed Russian tanks and military equipment on Khreshchatyk, a street in central Kyiv, have been turned into an outdoor military museum. AFP
    Destroyed Russian tanks and military equipment on Khreshchatyk, a street in central Kyiv, have been turned into an outdoor military museum. AFP

The best microchips in the world are the size of a thumbnail and made up of as many as 15 billion transistors ― tiny devices that send signals in a circuit. Each one is between 5 and 10-nanometres wide. By comparison, a single human hair is 100,000 nanometres wide.

The more transistors packed in a chip, the more powerful the processor. A chip with 15 billion transistors, for example, is able to carry out 15 trillion operations a second.

Apple’s A15 chip represents the peak of computer science and engineering, using the 5-nanometre process.

However, IBM said it has made experimental transistors with 2-nanometre transistors, thinner than a strand of DNA.

While these are the fastest and most complex, they’re not yet necessary for the majority of weapons systems.

“Most of the militaries operate on legacy chips, between 14 and 30-nanometre processes or even higher,” Charles Wessner, a research professor at Georgetown University who specialises in emerging technology, told The National.

“There’s a paradox where the chips in the leading weapons are not always leading chips.”

In 2018, TSMC began mass-producing 7-nanometre transistor chips and is already working on 3-nanometre chips for Apple, with products to feature them as soon as next year.

China has recently created a 7-nanometre chip with what analysts say is a basic prototype using last-generation “deep ultraviolet” lithography technology. However, it is unlikely Beijing can mass produce such densely packed chips.

This “deep ultraviolet” lithography process, which uses ultraviolet light to etch microchip patterns on to silicon, has been surpassed by a process known as extreme ultraviolet (EUV) lithography.

This EUV process is so difficult, many companies gave up until ASML made the breakthrough by using what the manufacturer called “the most precise mirrors in the world”. They currently hold a monopoly on the technique.

Today, TSMC uses EUV machines to supply Apple’s 5-nanometre transistor M1 chips for their latest MacBook laptops, iPad Pros and other top-of-the-range devices.

While the US has pressured TSMC and ASML not to sell their chips and machines to China and Russia, Washington has a critical dependence on the firms, which has left it scrambling to catch up.

FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. REUTERS / Tyrone Siu / File Photo
FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. REUTERS / Tyrone Siu / File Photo

In 1990, the US manufactured almost 40 per cent of the global supply of microchips. Today, it makes only 12 per cent.

However, US companies still design half the world’s chips — itself a highly complex process that requires powerful computer software — but manufacturing is often outsourced to the likes of TSMC.

This is, in part, because of their dominance but also that a new chip foundry can cost upwards of $10 billion to $15bn to build.

American firm Intel is one exception that has invested in domestic supply and hopes to start producing 7-nanometre chips next year.

South Korea’s Samsung, too, has long invested in development and is another leading-edge chip manufacturer. Both Samsung and TSMC are in the middle of a $100bn investment plan to secure their leading place in the industry.

Now, the US, European Union and China are trying to catch up.

In July 2022, the US Congress passed the Chips Act to provide a $50bn boost to home-grown microchip production in a bid to match the massive subsidies some of its foreign competitors offer their chip industries.

The EU is spending almost as much as the US to boost home-grown production.

The Chinese National Integrated Circuit Industry Investment Fund has pumped $100bn in subsidies into chip production and development. Currently, only 17 per cent of China’s chip demand is met domestically and only half of that production is carried out by Chinese-run firms.

But experts say there’s not going to be a clear “winner” from the spending bonanza anytime soon. This is because chip production depends on a global ecosystem of highly specialised expertise and supply chains rather than having a small number of firms able to dominate the entire process.

“The broad risk of the Chips Act is the complexity of the industry and just trying to bring these tremendously complicated supply chains back to the US,” Mr Wessner said.

“The device manufacturers are one part of that, but it's by no means the whole part.”

Taking tech by investment, force or subterfuge

Last month, the Special Competitive Studies Project, an organisation led by ex-Google chief executive Eric Schmidt, said that China could eventually turn the tables on the US and dominate the industry.

While it is investing heavily in the industry, some experts have also said that Beijing could blockade the industry’s key hub.

As Taiwan makes about 60 per cent of the world’s chips, a military crisis in the area such as a long-feared invasion or blockade could prove catastrophic for the global economy.

But, ultimately, experts said that the complex process of manufacturing and the global supply chain involved make it very hard to simply buy or steal dominance. Chips cannot simply be reverse engineered from stolen plans.

The Soviet Union learnt this the hard way. In the early 1980s, the CIA estimated that Moscow had obtained 2,500 machines needed for “the full spectrum” of microelectronic manufacturing.

But even with the equipment, it was unable to build competitive computers that at the time had only 5,000 transistors in the chips compared with the billions packed into today’s equivalents.

They still fell decades behind the West.

“If you steal a concept, if you steal a piece of intellectual property, it’s just a piece of the puzzle,” said Taipei-based industry analyst Jonathan, who goes only by his first name.

“In terms of a semiconductor manufacturing process and all the trade secrets behind it, it's just as important that you're able to have the whole process and have access to the best material and equipment.”

Jonathan’s father designed microchips in the 1960s and 70s, and he now documents the evolution of the microchip industry in his Asianometry podcast.

One aspect that’s hard to force is the human dynamic: Jonathan said that companies have formed close relationships over decades which is hard to manufacture quickly.

“In addition to a lot of tacit knowledge, there is the ability of TSMC or Intel or Samsung to work extremely closely with the best supplier in that particular field,” he said.

“They won't take calls from anyone, except the people they've intimately worked with because they already know those people are the experts in that particular field. So, you have these relationships that are very intimate and not exactly easy to break in.”

For example, ASML makes the most advanced machines for building microchips. German firm Carl Zeiss supplies the curved mirrors with atomic precision that project the extreme ultraviolet light. They are the only company able to make such precision mirrors.

ASML also needs the US firm Cymer and Germany’s Trumpf for specialised lasers.

Tech company IBM said the entire process of making their chips requires more than 1,000 steps.

This illustrates how simply knowing how ASML or TSMC makes their machines and chips doesn’t mean they can be copied.

Co-operation to create an ecosystem

Although ASML is TSMC’s main supplier, they also rely on co-operation with scientific institutes and universities in the US and Europe. TSMC also gets crucial materials and software from Japan and the US.

The industry is highly interconnected.

“There's certainly a movement with Japan, Korea, Taiwan, the US and Europe to collaborate more,” Mr Wessner said.

“Samsung and TSMC are both building major facilities in the US, but not at their most cutting-edge level of production. And that may be in part because of some of the talent challenges.

“They work really hard but that’s not describing the whole culture of Taiwan. I'm talking about TSMC’s culture, you know, that's really quite driven.”

Both Mr Wessner and Jonathan believe that while US companies such as Intel face massive hurdles bringing supply chains home, it could yet have the edge, in the long run — provided it remains open to close co-operation with international friends.

“I was asking the assistant of a German research minister what would they think if we managed to find a company that would refurbish a fab [chip foundry] in Ireland, build a test and assembly facility in Italy and build a research facility in France and build a huge fab in Germany. Well, that's what Intel is doing. So, it's just a whole breath of fresh air into the semiconductor ecosystem.”

So, where does that leave the US in seeking resilience and avoiding a scenario such as that of Russia, which has lost access to chips at a crucial time?

“I don't necessarily see a situation in the United States where they suddenly lose access,” Jonathan said.

But domestically, competing with Taiwan is still a tall order.

“For us to bring this back to America, I wouldn't say it's impossible,” he said.

“The question is whether it is commercially competitive in a situation where TSMC is building five fabs a year over the next four years. I don't see that as commercially competitive in the US.”

But China faces the same hurdles.

“Chinese hardware in semiconductor manufacturing isn't quite there yet either. Especially when it comes to AI chips and GPUs — very few companies are capable of making those.”

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

Crime%20Wave
%3Cp%3EHeavyweight%20boxer%20Fury%20revealed%20on%20Sunday%20his%20cousin%20had%20been%20%E2%80%9Cstabbed%20in%20the%20neck%E2%80%9D%20and%20called%20on%20the%20courts%20to%20address%20the%20wave%20of%20more%20sentencing%20of%20offenders.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ERico%20Burton%2C%2031%2C%20was%20found%20with%20stab%20wounds%20at%20around%203am%20on%20Sunday%20in%20Goose%20Green%2C%20Altrincham%20and%20subsequently%20died%20of%20his%20injuries.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%E2%80%9CMy%20cousin%20was%20murdered%20last%20night%2C%20stabbed%20in%20the%20neck%20this%20is%20becoming%20ridiculous%20%E2%80%A6%20idiots%20carry%20knives.%20This%20needs%20to%20stop%2C%E2%80%9D%0D%20Fury%20said.%20%E2%80%9CAsap%2C%20UK%20government%20needs%20to%20bring%20higher%20sentencing%20for%20knife%20crime%2C%20it%E2%80%99s%20a%20pandemic%20%26amp%3B%20you%20don%E2%80%99t%20know%20how%20bad%20it%20is%20until%20%5Bit%E2%80%99s%5D%201%20of%20your%20own!%3C%2Fp%3E%0A
match info

Maratha Arabians 138-2

C Lynn 91*, A Lyth 20, B Laughlin 1-15

Team Abu Dhabi 114-3

L Wright 40*, L Malinga 0-13, M McClenaghan 1-17

Maratha Arabians won by 24 runs

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.”

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

ABU DHABI CARD

5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m​​​​​​​
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m​​​​​​​
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m​​​​​​​
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m​​​​​​​
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The five stages of early child’s play

From Dubai-based clinical psychologist Daniella Salazar:

1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.

2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.

3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.

4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.

5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Western Clubs Champions League:

  • Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
  • Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
  • Friday, Sep 22 – Kandy v Bahrain

The Outsider

Stephen King, Penguin

Genesis G80 2020 5.0-litre Royal Specs

Engine: 5-litre V8

Gearbox: eight-speed automatic

Power: 420hp

Torque: 505Nm

Fuel economy, combined: 12.4L/100km

Price: Dh260,500

Brief scoreline:

Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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The%20Afghan%20connection
%3Cp%3EThe%20influx%20of%20talented%20young%20Afghan%20players%20to%20UAE%20cricket%20could%20have%20a%20big%20impact%20on%20the%20fortunes%20of%20both%20countries.%20Here%20are%20three%20Emirates-based%20players%20to%20watch%20out%20for.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EHassan%20Khan%20Eisakhil%3C%2Fstrong%3E%0D%3Cbr%3EMohammed%20Nabi%20is%20still%20proving%20his%20worth%20at%20the%20top%20level%20but%20there%20is%20another%20reason%20he%20is%20raging%20against%20the%20idea%20of%20retirement.%20If%20the%20allrounder%20hangs%20on%20a%20little%20bit%20longer%2C%20he%20might%20be%20able%20to%20play%20in%20the%20same%20team%20as%20his%20son%2C%20Hassan%20Khan.%20The%20family%20live%20in%20Ajman%20and%20train%20in%20Sharjah.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EMasood%20Gurbaz%3C%2Fstrong%3E%0D%3Cbr%3EThe%20opening%20batter%2C%20who%20trains%20at%20Sharjah%20Cricket%20Academy%2C%20is%20another%20player%20who%20is%20a%20part%20of%20a%20famous%20family.%20His%20brother%2C%20Rahmanullah%2C%20was%20an%20IPL%20winner%20with%20Kolkata%20Knight%20Riders%2C%20and%20opens%20the%20batting%20with%20distinction%20for%20Afghanistan.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EOmid%20Rahman%3C%2Fstrong%3E%0D%3Cbr%3EThe%20fast%20bowler%20became%20a%20pioneer%20earlier%20this%20year%20when%20he%20became%20the%20first%20Afghan%20to%20represent%20the%20UAE.%20He%20showed%20great%20promise%20in%20doing%20so%2C%20too%2C%20playing%20a%20key%20role%20in%20the%20senior%20team%E2%80%99s%20qualification%20for%20the%20Asia%20Cup%20in%20Muscat%20recently.%0D%3Cbr%3E%3C%2Fp%3E%0A

The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

Scores

Bournemouth 0-4 Liverpool
Arsenal 1-0 Huddersfield Town
Burnley 1-0 Brighton
Manchester United 4-1 Fulham
West Ham 3-2 Crystal Palace

Saturday fixtures:
Chelsea v Manchester City, 9.30pm (UAE)
Leicester City v Tottenham Hotspur, 11.45pm (UAE)

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

Gulf rugby

Who’s won what so far in 2018/19

Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain

What’s left

UAE Conference

March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers

March 29, final

UAE Premiership

March 22, play-offs: 
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes

March 29, final

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Aahid Al Khalediah II, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Whistle, Harry Bentley, Abdallah Al Hammadi

6pm: Wathba Stallions Cup - Maiden (PA) Dh70,000 (T) 1,600m; Winner: Alsaied, Szczepan Mazur, Ibrahim Al Hadhrami

6.30pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Mumayaza, Antonio Fresu, Eric Lemartinel

7pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi

7.30pm: President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle

8pm: President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Medahim, Richard Mullen, Satish Seemar

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

RESULTS

2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m 

Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer) 

3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m 

Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar 

3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m 

Winner Tahdeed, Fernando Jara, Nicholas Bachalard 

4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m 

Winner Shanty Star, Richard Mullen, Rashed Bouresly 

4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m 

Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi 

5.25pm Al Tayer Motor – Handicap (TB) Dh95,000  T) 1,000m 

Winner Dahawi, Antonio Fresu, Musabah Al Muhairi 

6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m 

Winner Scabbard, Sam Hitchcock, Doug Watson  

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

Uefa Nations League

League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A

Huddersfield Town permanent signings:

  • Steve Mounie (striker): signed from Montpellier for £11 million
  • Tom Ince (winger): signed from Derby County for £7.7m
  • Aaron Mooy (midfielder): signed from Manchester City for £7.7m
  • Laurent Depoitre (striker): signed from Porto for £3.4m
  • Scott Malone (defender): signed from Fulham for £3.3m
  • Zanka (defender): signed from Copenhagen for £2.3m
  • Elias Kachunga (winger): signed for Ingolstadt for £1.1m
  • Danny WIlliams (midfielder): signed from Reading on a free transfer
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.
Other key dates
  • Finals draw: December 2
  • Finals (including semi-finals and third-placed game): June 5–9, 2019
  • Euro 2020 play-off draw: November 22, 2019
  • Euro 2020 play-offs: March 26–31, 2020
MATCH INFO

Asian Champions League, last 16, first leg:

Al Ain 2 Al Duhail 4

Second leg:

Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%20turbo%204-cyl%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E298hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E452Nm%3Cbr%3E%3Cstrong%3ETowing%20capacity%3A%20%3C%2Fstrong%3E3.4-tonne%3Cbr%3E%3Cstrong%3EPayload%3A%20%3C%2Fstrong%3E4WD%20%E2%80%93%20776kg%3B%20Rear-wheel%20drive%20819kg%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EPrice%3A%20Dh138%2C945%20(XLT)%20Dh193%2C095%20(Wildtrak)%3Cbr%3E%3Cstrong%3EDelivery%3A%3C%2Fstrong%3E%20from%20August%3C%2Fp%3E%0A
The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

Updated: October 20, 2022, 5:33 AM