Karim al azhari biography sample

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

One driver is a veteran forced to play second fiddle and described by others as solid and reliable. His teammate is young, indomitable and speaks with a German accent. The team are reigning champions.

They are not Red Bull Racing.

Karim Al Azhari is a 40-year-old Emirati, a multiple UAE championship winner and a man so committed to motor racing that when asked what he does between races, replies, “I wait for the next race”.

Austria’s Clemens Schmid, 23, won nine out of 12 races in last year’s Porsche GT3 Cup Challenge Middle East, has a perfect record so far this season and spends non-race weekends skiing in Central Europe.

“They are different characters and that’s the reason we got them both in the same team,” Vijay Rao, the team principal of Al Nabooda Racing, said. “Clemens is the guy who is going to go for the kill and Karim is the guy who is going to hold position and score points.”

So far, it has proved — much like Red Bull’s pairing of Germany’s Sebastian Vettel and Australia’s Mark Webber — highly productive. The last time a driver other than Schmid or Al Azhari finished atop the podium was at Yas Marina Circuit more than a year ago. Al Nabooda Racing have since won the 2012/13 Teams’ Championship comfortably, outscoring nearest rivals Saudi Falcons by a hefty 41 points.

At the 2013/14 opening weekend in Bahrain a two weeks ago, Rao’s marque picked up where they left off, with Schmid taking wins in both rounds.

Starting on Thursday, he intends to add a third and fourth trophy at the Dubai Autodrome, extending his flawless run.

“We have won both team trophies and now we hope to do it at our home race in Dubai, which is my favourite track in the Middle East,” said Schmid, who won both races here last season. “To me, the races in Bahrain were pretty good, but I hope that, at the Autodrome, we can improve our performance a little bit. We are working hard to create a gap

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) beha

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