The Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, posted higher annualised rates of return in 2017 as global equity markets rallied to record highs amid buoyant economic growth around the world.
Adia's 30-year annualised rate of return rose to 7 per cent last year compared to 6.9 per cent in 2016 while the fund's 20-year annualised rate of return climbed to 6.5 per cent in 2017 from 6.2 per cent recorded a year earlier. The fund said the figures in its annual review published on Monday were provisional until data for non-listed assets is included.
"In investment terms, 2017 provided a reminder of the ability of capital markets to surprise – in this case in a positive way," Sheikh Hamed bin Zayed, Adia's managing director, said in the review.
"Global equity markets appreciated close to 25 per cent in US dollar terms. Even with lacklustre results from global bonds, balanced portfolio returns reached high double digits."
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Abu Dhabi Investment Authority acquires minority shareholding in KKR India Financial Services
Abu Dhabi Investment Authority inks $1bn deal with Indian infrastructure fund
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The S&P 500 which has hit multiple records, last year put in its best first-half performance since 2013, before finishing the year 22 per cent higher, helped by continued outperformance of technology stocks. The MSCI Emerging Markets Index on the other hand returned 37 per cent during 2017. The markets in the Arabian Gulf region, however, lagged the global equities rally.
The Adia managing director said that emerging markets continued to be a target for the fund, which in recent years has backed investments in the fast growing economies such as India and China.
“As in previous years, emerging markets remained a key focus, particularly India and China as we sought to build further on our knowledge and deepen our relationships in these markets,” he said.
Sheikh Hamed said as of early 2018 global economic conditions around the world remained robust and well balanced in many parts of the world and that the main predictors of a recession - high inflation and restrained monetary conditions - remained absent.
"The short-term outlook for global growth remains positive. The prevailing interest rate environment, ample liquidity and narrower credit spreads during the course of 2017 have combined to create conditions at the start of 2018 even more conducive to growth than those of a year ago," he said.
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
COMPANY%20PROFILE
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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
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
