Philipp Maier conducts the UAE Philharmonic Orchestra during a recent summer rehearsal session.
Philipp Maier conducts the UAE Philharmonic Orchestra during a recent summer rehearsal session.

Orchestrating a new musical tradition



It is a humid Monday evening and shadowy figures are making their way across the car park of Dubai College, heading towards the music room and carrying a variety of oddly-shaped cases. The curvaceous outline of the largest, a cello, gives a clue as to what is going on. Listening to snatches of ­conversations in several different languages or heavily accented English points to an international gathering of musicians.

As they begin to take out their instruments - violins, clarinets, oboes, piccolos, flutes - and start tuning and warming up, it is clear that this is something rather ­special. A smart tap on a lectern, the rustle of sheet music and suddenly the strains of ­Tchaikovsky's 1812 Overture comes floating through the night air. It is the first time these particular musicians have tackled the piece with its familiar climactic volley of cannon fire and the chimes of church bells. They stop, they start again, going over tricky phrases till they are perfect. By the time they do a complete run through of the overture (written to commemorate Russia's stand against Napoleon's advancing army at the Battle of Borodino), the hairs on the back of my neck are standing to attention with a mixture of pride and excitement.

For this is the UAE Philharmonic Orchestra (UAEPO), just over two years old and made up of musicians from 21 different countries. It is already making its mark in the cultural fabric of the Emirates. At the Eighth Al Ain Music Festival in March, the 65-strong orchestra performed to ­acclaim alongside some of the world's greatest orchestras, including Germany's Dresdner Staatskapel, the Warsaw Philharmonic and Milan's La Scala Orchestra.

Now going into their third year as a ­proper orchestra, musicians are starting work on their repertoire for autumn. Judging by their performance in the last practice session before the summer holidays, the new season is going to be superb. For the benefit of the many lovers of classical music in the UAE who may not even know about the orchestra, it owes its existence to the efforts of one man, Philipp Maier, 46, a German-born conductor and concert pianist who moved here in 2005.

In the concert halls of Europe and in his native Bavaria he is something of a celebrity, as well as in South Africa, where he ran the Durban Philharmonic Orchestra for six years. Moving to the UAE has meant starting again, but his achievements with the orchestra have already been extraordinary. "I started it because in a society like [this one] here you have literally all cultures of the world and an orchestra is a necessity, especially in Dubai where everything is focused on the economy. People are looking for something with soul. An orchestra is what is needed for that. It's a perfect vehicle for reflecting the culture of any society.

"If you look at the history of orchestral ­music here, they tend to import orchestras for functions and gala nights," he continues. "There's obviously a need for a locally-based orchestra." Finding the musicians and putting together an orchestra from scratch without any financial backing was a daunting task. First, Maier had to re-establish his credentials by putting on a series of concerts called City Serenade, held at the Fairmont Hotel in Dubai. With the help of a Dubai-based businessman and music lover, John Deykin, who owns a brand management agency and offered to publicise the concerts, Maier filled the room every time. To say the concerts were sell-outs wouldn't be accurate as he did not charge an entrance fee. But in a room that can accommodate 180 seats, they started turning people away when the audience reached 220.

In between conducting a programme that included Liszt, Chopin and Bach, Maier spoke passionately to his audience about his dreams of forming a philharmonic orchestra in the UAE. By the end of the night he had a substantial handful of telephone numbers and business cards from local musicians, many of whom were working here as music teachers, or whose spouses had moved here for business reasons. He made a date with them to meet up with their instruments a week later in a room lent to them by Jumeirah College and that was the beginning.

"You start an orchestra by generating ­interest among musicians. Quite a lot of musicians came to the first concert. I soon realised there was a real thirst for good music," he says. "But I had to convince the musicians that I could do it. There was a distinct difference in how they treated me after they heard me give a recital." Backed by an ensemble of 20 musicians, the second concert was more ambitious, with performances of Beethoven, Grieg, Schubert and a rousing piano finale of David Foster's Winter Games. Such was the interest from the musicians themselves that some of them would drive to Dubai from Abu Dhabi and Al Ain for rehearsals. They played in the foyer of the Westin Mina Seyahi Hotel at its launch earlier this year and a property company filmed them ­playing in the desert for a television commercial to advertise a ­development in ­Ajman.

"We started off with six musicians in February 2006. Then it went up to 12 then back down to four," Maier recalls. "It was typical of the way things happen in Dubai as expats move on." An inquiry from Etihad for musicians to play at a corporate function was the first step towards something more permanent. "By this stage we had about 20 people. We would just make do with whatever instruments we had in the group. For example, sometimes we didn't have a bassoonist, so I would frantically rewrite the arrangements and substitute that part for a saxophone."

They called themselves the Dubai Philharmonic Orchestra to begin with, but by the time Maier had assembled 75 musicians made up of 21 different nationalities living all over the UAE, he decided it should have a name that reflected its national make-up, so UAEPO was born. In December 2006, the ­orchestra was formally launched with two free concerts in the Community Theatre at Mall of the Emirates. "The response to these first concerts was fantastic. There was a lot of appreciation among the audience and the public which was followed by huge interest from the corporate world as they began to realise they could book the orchestra and use it for functions." He continues: "There is also huge ­interest from international orchestras around the world who are very keen to collaborate with us and musicians who want to come here and work. Without any proper official support we have actually become a signpost for cultural life and ­musical ­development in the UAE."

Maier is determined that the orchestra will tackle just about anything that inspires them. "It's a question of striking a balance between Arabic music, Chinese, rock and original compositions, from Pirates of the Caribbean to Rhapsody in Blue, with Indian music in between. We had a Diwali concert using music from Bollywood films, for ­example. We have several ideas for next season including of course a symphony series dedicated to classical music. Every ­orchestra has to do that."

Another ambitious project is a symphonic work with Bobby Kimball, the American singer and front man of the rock group Toto. This collaboration reflects Maier's lifelong passion for rock music. In his twenties, he formed his own rock band, called Airborne, in Bavaria, landing a contract with CBS and producing two albums. It gave Maier, who combined his musical career with 10 years as a pilot for Lufthansa, a solid grounding in production techniques and studio management. "It gave me a lot of practical experience," he says. "We had this huge record company behind us, met all these famous people, partied with ZZ Top and Sade and learnt a lot about studio work and recording."

@style body: Born in Augsburg in 1962, Maier grew up in a family where music was a way of life. One of his earliest memories is of listening to the Brandenburg Concertos at the age of three sitting on a little swing in the living room of his home. "My mother played cello and piano and my brother Christophe is now a French hornist in the Deutsche Oper in Berlin. We would have wonderful Christmases singing Christmas Carols and then the real music would start." His father was a conductor and professor of music and very much involved in the cultural life of the city. He was a member of the city council and on the board of the local theatre. He also founded a highly successful youth orchestra which is now the Bavarian State Orchestra.

"My father played the organ in a local church every Sunday just for the love of it. I would sit beside him on this big organ and experience Mozart, Bruckner, Schubert, Haydn. My father allowed me to play after the service." Educated at a humanistic school run by Benedictine monks, Maier became a member of the school orchestra playing cello and piano. He gave his first concert as solo pianist at the age of 13 on tour in America playing Haydn's D Major piano concerto.

His father's work with the youth orchestra gave him plenty of opportunity to build up his repertoire to include Schumann, Liszt and Rachmaninoff. "That got me hooked on performing," says Maier, who studied music at a conservatory in Augsburg after leaving school. He soon began to realise that he wanted to conduct. At the age of 20 he took over an 80-person local church choir that produced a major work every year for a public performance. "There's a great choral tradition in Bavaria and the first work we did was Bruckner's short D Minor Mass. It was quite a thing for a 20-year-old who wanted to be a conductor. I was a bit nervous about how the choir would react, but it went very well."

At the same time he was developing his skills as a concert pianist, but his ­experience with the choir confirmed his belief that the way forward for him was conducting. "I did play the big piano ­concertos at a very early stage," he says. "But if I had continued I would have had to enter the rat race of international competitions. That kills your personality, your musicality; there are so many kids who are all technically brilliant but they don't do anything else but practise piano for 14 hours a day. My approach was always, how can you possibly play a Rachmaninoff piano concerto if you have not done anything else in your life?

"For me, conducting was a perfect way of making music. When you work as a pianist and play these big piano concertos you are restricted by a lot of technicalities and logistics, the instrument you play or the concert hall. There are a lot of things which take your focus away from concentrating on making music." When he wasn't studying or working with the choir, Maier was playing keyboard and composing for his rock band. There, he became involved with the mechanics of ­recording studios. A change in broadcasting laws in Bavaria meant that private radio stations were springing up and they needed people to run them. Maier was recruited by the owners of the newspaper Augsburger Allgemeine to build a studio.

"They gave me this dream opportunity of building a recording studio from scratch. From my work with Airborne I knew exactly what was needed, but as soon as the radio station was up and running it became regimented, so I started looking for a new challenge." Although he continued to perform as a ­pianist, Maier began to work in theatre where his director was Bruno Weil, the ­acclaimed international conductor who was then working for Herbert von Karajan, a renowned Austrian opera and orchestra conductor.

"Bruno Weil was right in the centre of the music business not only locally but internationally, so it was a wonderful opportunity for me. He taught me something very important: that you never have time to work on something and get it perfect in the real world. For example, on a Tuesday afternoon at four o'clock, you get a delivery of a piano reduction score of Wagner's Lohengrin - a four hour opera - and at seven o'clock you have to do the rehearsal. You've never seen the piece in your life, so not only do you have to sight read it but you have to deal with it.

"Weil taught me the reality of [the music business]. I had to learn Italian, for example, because you have to read opera scores. It gave me a good idea about theatre work, which made me decide that I didn't want to take that route. It's a very unmusical way of working. You are bashing away at piano scores with more or less talented opera singers and you are very restricted in what you can do. "For me, music was always a very important issue. I was just not prepared to compromise. I either had to do my own thing with music or do something else. You have to do a lot of compromising if you go that normal route of conducting."

@style body: Possessed of formidable energy and drive, Maier began flying as a hobby. When he gained his commercial pilot's licence, he decided that flying professionally would ­offer him a lifestyle that would provide an income for himself and his young family while giving him plenty of downtime in which to pursue his musical life. During that time, Lufthansa made use of his musical expertise and he recorded Tchaikovsky's B Minor piano concerto for the airline to use for promotional work. By 1999 he had graduated to flying all over the world, but he became restless and longed to return to full time music. "It became very boring. More than 80 per cent of it was night time."

Lufthansa's generous paternity leave ­allowed him to take his wife, Melanie, a South African, and their two children, Elena and Gabriel, to Durban. During his seven years in South Africa, he became the musical director of the Durban City Orchestra, whose repertoire he widened to include symphonic rock. "But the political problems were huge there," Maier remembers, ­"especially for a German male. There were safety and security issues, so we ­decided to leave."

In 2005 the family moved to Dubai, which Maier had visited frequently as a pilot. In January 2006, he was commissioned to ­produce a 30-minute Dubai suite for the Shopping Festival, but because of the death of Sheikh Maktoum bin Rashid Al ­Maktoum it was cancelled. Once again, Maier began working with a ­recording studio and ­developing his plans for an orchestra. "Dubai appeals to me because of the mix of cultures. It's a fascinating environment. I did consider going back to flying because it is a solid job with a good income but it's not an exciting life. I thought instead I could jump into cold water with the plans for the orchestra and take the opportunities as they arise."

He is adamant that the UAE Philharmonic Orchestra should not be a commercial ­undertaking and hopes that the government will support it and give it a ­permanent home. "It shouldn't be about money. I have walked out of meetings with event ­management companies because they were only interested in money. They would talk about bringing orchestras from Russia for Dh200,000 and all they would be interested in was how much they could charge on top of that.

"The UAE should have its own orchestra. Every time we play the auditorium is full. It's often a last minute affair, all by word of mouth, but people flock to hear us. There's a lot of money out here but it's not being spent on an orchestra." To sustain a fully functional orchestra, Maier estimates that he needs Dh37 million a year. He points to neighbouring ­Qatar, where a 120-piece symphony orchestra was also created from nothing, backed by ­government support.

"If you want to build up an orchestra you need to bring in musicians," Maier says. "We have contacts with conservatories all over the world who are interested. But you can't do it without funding. No orchestra in the world can survive without subsidies. An orchestra is an ambassador or, at least, that's what it could be if the support was there. Currently, Maier can often be found sitting in the foyer of The Westin with his laptop on his knee and a mobile phone clamped to one ear. It is a far from satisfactory arrangement, but he has no money for an office. "We now need a mandate and a home," he says. "I want to do it properly."

Financially, the orchestra survives on corporate events. Luckily, interest is growing. Smaller groups organised by the percussionist Mike Pineguy are booked for weddings and special occasions. Next year as the orchestra's fame spreads, Maier hopes to find suitable Emirati musicians to join them. "So far no Emirati musicians have applied but they would be very welcome. Part of the problem is that children here aren't exposed to music at school and people simply don't know about the orchestra. When they do hear about us and come to our concerts people tell me all the time how proud they are to hear that there is a UAE orchestra," he says.

Meanwhile, he is working on the programme for the orchestra's first concert in October. "The first concert should be something that represents the country," Maier says. "We have come a long way since we began less than three years ago. It's all about having a vision which you can excite people with." @Email:pkennedy@thenational.ae

Rebel%20Moon%20-%20Part%20One%3A%20A%20Child%20of%20Fire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EZack%20Snyder%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESofia%20Boutella%2C%20Djimon%20Hounsou%2C%20Ed%20Skrein%2C%20Michiel%20Huisman%2C%20Charlie%20Hunnam%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

2025 Fifa Club World Cup groups

Group A: 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 banned).

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.

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The biog

Place of birth: Kalba

Family: Mother of eight children and has 10 grandchildren

Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken

Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah

Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

How it works

1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground

2) Instead of water draining straight through the sand, it apparently helps the soil retain water

3) One application is said to last five years

4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare 

COMPANY%20PROFILE
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Bedu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaled%20Al%20Huraimel%2C%20Matti%20Zinder%2C%20Amin%20Al%20Zarouni%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%2C%20metaverse%2C%20Web3%20and%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Currently%20in%20pre-seed%20round%20to%20raise%20%245%20million%20to%20%247%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%20funded%3C%2Fp%3E%0A
RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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Key developments

All times UTC 4

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Arctic Monkeys

Tranquillity Base Hotel Casino (Domino) 

 

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm

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.”