Mostafa Agib El Nahta is proud of his work at Umm Al Quwain’s Gulf Craft, a company he has been with for 16 years. Pawan Singh / The National
Mostafa Agib El Nahta is proud of his work at Umm Al Quwain’s Gulf Craft, a company he has been with for 16 years. Pawan Singh / The National

‘My boatyard baby – I know every stone’: a working day in the UAE



Mostafa Agib El Nahta is operations and technical manager at Gulf Craft. He has been with the company for 16 years. Before he moved to the UAE he worked in Egypt, where he is from, and in Singapore. He has a master's degree in engineering science and mechanical power.

4.30/5am

I get up and have Nescafé and some biscuits, and send the kids to school.

6.50/7am

I arrive at the boatyard at Umm Al Quwain. I live in Ajman so I drive over. In the office the first thing I do is check emails. I then do a quick round of the factory. First I visit the marina and inspect the five to 10 boats that are typically in the water. Then I check the boats in production on the shop floor to see what progress has been made overnight - the people on nightshift work until 10pm. We have about 1,100 people working here. It's very multicultural: the majority are Indians, but there are also Filipinos, Pakistanis, Sri Lankans, Syrians and Egyptians. When I joined the company we were just producing small boats and we were in a small facility in Ajman. In 1998, we moved to bigger projects above 100 feet. After that we set up the new facility in UAQ, starting in 2000 and moving in 2003. I set up this place so I know each and every stone. I feel this is my baby.

9.30am

All the production supervisors have a daily meeting to discuss production and quality issues - material shortages, ordering. Roughly we have about 25 people in that meeting.

10.30am

I go to the office and check the design progress because I also cover the engineering department. I start working on the new projects to design the scantling and do the calculations for boat stability and weight distribution.

12.30/1pm

The workers and the crew have their own mess. They are provided with food from the canteen. The managers bring their own food or sometimes order in fast food. And sometimes we get a treat from the chairman and he takes us out for lunch. In the afternoon I start responding to my emails, the after-sales issues. Since I joined I guess I have overseen the production of more than 1,000 boats.

3pm

I oversee the engineering department and the interior design. We check the status of each project. At one time we run about 15 projects.

4pm

I do a second round of the factory and the marina.

5pm

Back to the office to wrap up. This is my meeting with myself to review the whole day and check the status of all outstanding work.

6.30/7pm

I leave the factory. I reach home by 7.30 to 8pm and spend one hour with the kids helping them study. If we have time we go out for dinner. By 10pm I should be in bed. I am very proud of the fact that the company grew with me and I grew with the company.

UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

RACECARD

6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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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.”

23-man shortlist for next six Hall of Fame inductees

Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

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

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Quick%20facts
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Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

UAE currency: the story behind the money in your pockets
HWJN
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