Aid is loaded into a Saudi Royal Air Force cargo plane, bound for Port Sudan, at the King Khalid International Airport in Riyadh. Spa via Reuters
Aid is loaded into a Saudi Royal Air Force cargo plane, bound for Port Sudan, at the King Khalid International Airport in Riyadh. Spa via Reuters
Aid is loaded into a Saudi Royal Air Force cargo plane, bound for Port Sudan, at the King Khalid International Airport in Riyadh. Spa via Reuters
Aid is loaded into a Saudi Royal Air Force cargo plane, bound for Port Sudan, at the King Khalid International Airport in Riyadh. Spa via Reuters

Saudi charity raises more than $800,000 in a day for Sudan victims


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A campaign to assist the Sudanese people raised $800,000 in less than 24 hours this week.

The kingdom-wide fundraising campaign was launched on Monday to help those affected by the fighting.

Saudis donated their cash to the King Salman Humanitarian Aid and Relief Centre's online campaign “Sahem”, which means "to contribute" in Arabic.

On Tuesday, Dr Abdullah Al Rabeeah, adviser at the Royal Court and general supervisor of KSRelief, said the money would be used to provide urgent relief supplies to displaced Sudanese people and those affected by the fighting.

The centre does not deduct any administrative fees from donations, he said.

The fundraising campaign was one of the “noble features of the leadership of this country and generous people that respond,” Dr Al Rabeeah said.

The third Saudi relief plane is being prepared to take off from King Khalid airport in Riyadh to Sudan, the Saudi Press Agency reported on Wednesday afternoon.

The plane will carry 10 tonnes of food, medical supplies and shelter material bought with help from donations.

On Tuesday, a team of 1,000 Saudi volunteers left for Sudan to deliver 10 tonnes of the aid.

Humanitarian aid worth $100 million will be provided to the Sudanese people by KSrelief, Spa reported.

Saudi Arabia has evacuated more than 5,000 people from Sudan since the start of its mission.

The Ministry of Defence on Tuesday said King Abdullah Air Base had received 26 flights carrying 2,889 people since the evacuations began.

The Air Force has set up six evacuation flights since the start of the operation.

The UN says 860,000 are expected to flee to neighbouring countries that were already struggling.

On Tuesday, the World Health Organisation put the death toll in Sudan at more than 600, with 5,000 injured, although the figure is expected to be much higher as many deaths are unaccounted for.

The International Organisation for Migration said on Tuesday that the number of internally displaced people in Sudan has more than doubled in the past week, amid armed clashes erupted between the army and the paramilitary Rapid Support Forces.

More than 700,000 people were now internally displaced by the fighting, which began on April 15, the UN reported.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company%20Profile
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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 
VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

The Good Liar

Starring: Helen Mirren, Ian McKellen

Directed by: Bill Condon

Three out of five stars

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: May 10, 2023, 6:50 PM