If he becomes Israel's next prime minister, the right-wing Likud party leader, Benjamin Netanyahu, may be on a collision course with the next US president, but that has not stopped him from trying to capitalise on Barack Obama's campaign success. While Washington formulates a new approach to Afghanistan through a regional strategy, casualties from the war are roaming the streets of America.
"The election of Barack Obama as president is a political event in more than one country," wrote Amir Oren in Haaretz. "Three weeks after Obama is sworn into office, Israel will choose a new Knesset, which will then attempt to create from within it a new cabinet, headed by either Tzipi Livni or Benjamin Netanyahu.
"Obama will be forced to wait until the end of the internal struggle and the establishment of a new government before he knows the identity of his new partner; but it is critical for Israeli voters to know now, as part of the information with which they calculate how to vote, whether the candidates for prime minister are on a course for collision or discussion with Obama.
"The traffic reports say Livni is driving alongside Obama, and Netanyahu is approaching him head-on....
"Can Netanyahu avoid a confrontation with Obama? Not if he remains faithful to his present platform, which disagrees with negotiating with the Palestinians on the core issues of the conflict. This may be a good platform for convincing Benny Begin to return to the Likud, but if Netanyahu is courting Obama, then it is like sending a bouquet of thorns."
The columnist, Elyakim Haetzni, noted that Mr Obama's: "designated chief of staff, Rahm Emanuel, while serving under president Clinton on the eve of the 1996 elections, threatened Netanyahu with a harsh response by the US Administration should Bibi not change his policy after being elected."
But if imitation is the sincerest form of flattery, it would appear that Benjamin Netanyahu is an admirer of Barack Obama - at least when it comes to one of the instruments of Mr Obama's electoral success.
The Neocon Express blog was among the first to note that the Likud leader's campaign web site bears a striking resemblance to that of the Obama-Biden campaign. Sources for the same blog said that President Bush's former political adviser, Karl Rove, was consulting for the Netanyahu campaign.
Ynet reported: "Despite the obvious similarities between the sites, Netanyahu's Spokesman Yossi Levi claimed that the design of Bibi's website was not copied from Obama's site.
" 'We view the comparison as a compliment,' Levi said. 'The guideline of the Likud's online campaign is openness and maximal transparency to the public, with maximal public participation in the election process.' "
Lebanon's Daily Star reported that on Tuesday, Hizbollah leader Sayyed Hassan Nasrallah: "cautioned his supporters against expecting a change in US foreign policy with the election of President-elect Barack Obama.
" 'Our Arab world, our Third World and our African world can empathise with Obama because of his past or the colour of his skin, but politics and interests are a different story,' he said. 'Don't exaggerate hopes nor give people high expectations so that no one is disappointed or makes miscalculations,' he added. 'I don't want to anticipate events, but logic dictates that we not bet on changes in injustice or believe that he will be more lenient or less unfair than his predecessor.' "
Meanwhile, an editorial in Haaretz said that national reconciliation among Palestinians would support Israel's political interests.
"Even in the absence of a peace agreement, Israel has great interest in normal life on the Palestinian side and the possibility of conducting a practical dialogue and engaging in genuine cooperation with the Palestinian leadership on economic and security issues. Even right-wing leaders like Benjamin Netanyahu and Benny Begin speak about an 'economic peace' as a bypass road to political peace. But for such cooperation to work, Palestinian leadership is needed that represents all the Palestinian people and enjoys widespread legitimacy and authority.
"To achieve this, the Palestinians must have a national reconciliation, and Israel must recognise any government established with Palestinian approval - even if its members belong to Hamas or other factions. The Israeli illusion that the West Bank will be able to continue to be calm while Gaza is blockaded and shelled will end up being shattered.
"None of this is an alternative to political negotiations or concessions that Israel and the Palestinians must make to reach a final-status agreement. But Israeli recognition of any Palestinian government that is established is liable to lay a practical and stable foundation for cooperation, and perhaps even for deeper confidence that will advance the political process. Israel must therefore turn an attentive ear to the statements coming out of Gaza, and reexamine its policy."
An editorial in Arab News said: "If there is anything Hamas and Fatah agree on, it is that Israel cannot be persuaded to concede anything significant without effective resistance. The Israelis are not slovenly when it comes to spotting and furthering Palestinian weakness. The historical record, Israel's relentless territorial advance, as well as analyses of Israeli political forces and mindset, tell us that the Jewish state, in the absence of a countervailing force, will continue to expand and consolidate its colonial presence. If it were to offer the Palestinians anything, it would be at best a small, shredded and feeble entity.
"Hamas and Fatah may not agree on the forms that resistance should assume but their leaders need to push for consensual politics. It is a demanding task, but this is the hour of statesmanship. Personal profit is a luxury we cannot afford when the Palestinian national resistance movement is falling apart. Palestinians may still be able to garner sufficient political will, and enable their leaders to emerge and see beyond their own or their factions' interests, and chart a new course. A vast majority of Palestinians are for reconciliation and for ending a feud detrimental to their political aspirations."
While Washington formulates a new approach to Afghanistan, some of the casualties from the war are roaming the streets of America
"On the three most urgent problems of US foreign policy Afghanistan, Iraq and Iran the nastiness of the reality means there is little room for change," wrote Bronwen Maddox for The Times.
"On Afghanistan (or 'Af-Pak', as diplomatic slang now has it, to drive home that it and Pakistan are a joint problem), strategy will be shaped by the report from Lieutenant-General Douglas Lute around the end of this month (before the more-publicised report from General David Petraeus, the new head of Central Command, on Iraq and Afghanistan, next year). Obama has hinted that he wants to focus again on Osama bin Laden, to remind Americans, whose stamina for war is flagging, why their forces are there. He might, too, in a subtle but important shift, ask the European Union to do more on aid and trade to Pakistan.
"The inevitable US request for more Nato help looks like being largely disappointed. No one wants to be the first to say no, but no one wants to say yes. Germany, in an election year, is not about to lift the 'caveats' that keep its forces back from fighting (and commanders might not want it to, officials add, given their combat inexperience). Britain, with more than 8,000 troops in Afghanistan, and half as many in Iraq, does not want to make a significant increase. If the US wants more combat troops and advisers, it will probably have to send many itself."
In Eurasianet, Richard Weitz wrote: "Whatever the policy changes made by the Obama administration when it takes over in January, the challenges in Afghanistan will be daunting, according to participants in a panel discussion, held Nov 6 in Washington, DC, sponsored by the US Institute of Peace.
"One of the panelists, Maj Gen Peter Gilchrist - now the British defense attache in Washington, but who previously served as deputy commander of Combined Forces command Afghanistan - urged the Obama administration, along with all other coalition governments, to 'get out of the "short-termism" brought about by the election cycles.'
"Despite the importance of combating the insurgency, the Afghan population should be recognised as the 'center of gravity,' Gilchrist asserted. The general public in the West needs to understand that 'this is not about killing our way to victory,' he said. 'At a tactical level, the Taliban can't win. But they can win at a strategic level if we don't get our act together' by strengthening the performance of Afghanistan's security, political, and economic institutions.
"Gilchrist said the new US administration has 'a real chance for changing some of the dynamics, and to persuade the international community to pull in behind a comprehensive approach'. Even so, he urged the Obama administration not to berate American allies in public for failing to supply more troops to the cause. Instead, the new White House team should more realistically encourage other governments to provide more non-military assistance."
Meanwhile, the San Francisco Chronicle reported on the plight of some American soldiers once they return home.
"Ethan Kreutzer joined the Army at the age of 17 and fought with the 19th Airborne in Jalalabad, Afghanistan. When he returned home, he had no money, no education and no civilian job experience. He soon became homeless. He slept in an alley off Haight Street [in San Francisco], behind two trash cans.
"June Moss drove from Kuwait to Iraq as an Army engineer in a truck convoy. When she returned to the United States, she lost her home, and drove her two young children from hotel to hotel across Northern California.
"Sean McKeen, a hardy, broad-shouldered 21-year-old with a wide smile, went to Iraq to clear land mines, and to get money for college. When he returned home, he became homeless in less than a week. He found himself sleeping in a cot in a crowded homeless shelter in San Francisco.
"They are all part of a growing trend of homelessness among returning war on terrorism veterans.
"More than 2,000 military personnel return home to California each month. Most have no specialised job experience, education or an easy familiarity with civilian life. And many have post traumatic stress disorder (PTSD), making it difficult to get along with friends and family, and almost impossible to hold down a job.
" 'You feel like the whole world is against you when you get home,' said Kreutzer. 'I was sleeping on the sidewalk, whereas I had been wearing a uniform less than a year before.' Soft-spoken and restless, Kreutzer was recruited in a 7-Eleven [convenience store] while still in high school. After five months in Afghanistan, he had a mental breakdown, diagnosed as PTSD. When he returned to the United States, he spent almost four years living on the streets."
pwoodward@thenational.ae
RESULTS
5pm: Maiden (PA) Dh80,000 1,200m
Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer) 5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
Winner: Noof KB, Tadhg O’Shea, Ernst Oertel 6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
Winner: Taamol, Jim Crowley, Ali Rashid Al Raihe 6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle 7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami 7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: AF Mekhbat, Antonio Fresu, Ernst Oertel
Manchester United v Club America
When: Thursday, 9pm Arizona time (Friday UAE, 8am)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
Investment: Own savings. Going for first round of fund-raising in March 2019
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
MATCH INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m |Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out) bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
Essentials
The flights Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines,Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
2025 Fifa Club World Cup groups
GroupA: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Ain Issa camp:
Established in 2016
Houses 13,309 people, 2,092 families, 62 per cent children
Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
Most from Deir Ezzor and Raqqa
950 foreigners linked to ISIS and their families
NGO Blumont runs camp management for the UN
One of the nine official (UN recognised) camps in the region
Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19
July 29: OTA Gymnasium in Tokyo, Japan
Sep 22-23: LA Convention Centre in Los Angeles, US
Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil
Feb 7-9: Mubadala Arena in Abu Dhabi, UAE
Mar 9-10: Copper Box Arena in London, UK
The specs
Engine: Dual 180kW and 300kW front and rear motors
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
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.”