Bangkok was wary of GCC efforts to ensure its food supplies by purchasing rice growing lands, and now political instability is chilling the investment climate. Tom Spender reports
Take a few steps into Soi 3 off the main drag through Bangkok's new city, and the atmosphere shifts several time zones westward.
"Arab street", as the alley is known, reverberates to the sound of Arabic pop, chatter and news channels blaring from restaurants with names such as Nefertiti, or New Baghdad. Gulf families stroll through the narrow space as slightly built Thais dart through the gaps between them.
Amid the clutter of this transplanted mini-souk, it is no accident that many of the Arabic-language signs are for pharmacists and private clinics, for Bangkok has positioned itself as a prime destination for health tourism and, in the wake of the attacks on the US on September 11 2001, Emiratis and other Arabs have become its most eager customers.
Bumrungrad, one of Bangkok's big international hospitals, now receives about 100,000 day visits by Arab patients each year, says Kenneth Mays, its marketing director. The rate of visits has shot up from less than 10,000 visits per year before the attacks, when the US was the destination of choice for Arabs seeking medical treatment and visas there were easier to come by. Altogether, about 60,000 people visit Thailand from the UAE each year, according to the Thai consulate in Dubai.
Nevertheless, while the restaurants of Arab Street busily ply their customers with shawarma and shisha, the real staple of the UAE-Thai relationship looked set to become rice - until last month.
Gulf investors were scrambling to secure farmland in Thailand, which accounts for about a third of the rice on the world market, after a shortage last spring that saw rice-producers such as India, where almost a third of the rice imported into the UAE is grown, stop exporting in order to guarantee supplies for their own populations. Thailand, which previously accounted for less than 10 per cent of the UAE's rice, did not stop exporting, but prices soared to more than US$1,000 per tonne, double its current level.
But the Thai government has moved swiftly to prevent foreigners owning farming businesses after a storm of protest this summer at what some called a land grab. Under current rules, foreigners can form joint ventures in Thailand but Thais must own 51 per cent, and Thai officials are now pushing for further restrictions.
"Any investment would need to be indirectly with local partners and take into account the interests of local stakeholders like farmers, customary land rights," said Eckart Woertz, the economics programme manager at the Gulf Research Centre (GRC) in Dubai. "So the UAE could think about investing in existing Thai trading houses or food producers or do contract farming, but they do not seem to be able to acquire land directly as they do in Sudan or Pakistan."
As things stand, GCC countries as a whole have just four announced investments in agricultural business in Thailand, according to the research centre, compared with 20 such deals in Sudan.
However, the Thais have said they are prepared to embark upon joint ventures with Gulf countries, with one minister adding that he saw Dubai as a potential trading and distribution centre for the region. "We are ready to form joint ventures with countries from the Middle East, be it on the government-to-government basis or business-to-business, in agricultural product processing and the food business," Alongkorn Ponlaboot, Thailand's deputy commerce minister, told the Bangkok Post newspaper last month.
"The Middle East is, in fact, Thailand's major rice client and we are all prepared to co-invest in setting up a rice-stocking centre somewhere in the Middle East to distribute the grain to that region."
While the imperative to feed millions of hungry mouths accounted for feverish interest in Thailand's agricultural sector, the overall Thai investment climate has cooled owing to persisting political instability, analysts say.
Last November's occupation of Bangkok's two airports by yellow-shirted protesters calling for the dissolution of the then government stranded more than 230,000 travellers, interrupted trade and damaged Thailand's tourism industry. Since then, sporadic demonstrations by the rival "red shirts", as the largely rurally-based supporters of the ousted former prime minister Thaksin Shinawatra are known, have continued, fuelling uncertainty. Nevertheless, the UAE has made a brace of headline-grabbing investments in Thailand. Tourism is targeted with the Jumeirah Private Island Phuket, a five-star resort just off the island of Phuket in the Andaman Sea that includes 65 villas with their own private infinity pools. The resort was scheduled for completion by last year, however no one at Jumeirah was able to say what stage development had reached or when the resort was likely to open.
Emiratis have also invested in South East Asia's rapidly growing energy needs by buying Pearl Energy, based in Singapore, which was first purchased by Aabar Energy in 2006 and then sold to Mubadala Development for about US$833 million (Dh3.05bn) in May last year.
Pearl's flagship oil-pumping operation is in the Jasmine offshore oilfield in the Gulf of Thailand, but it is also scouting for oil and developing oilfields in Vietnam, the Philippines and Indonesia. The company produced 19,000 barrels of oil per day at the end of 2007 from the Jasmine field as well as three other fields in Indonesia, according to Mubadala, which says Pearl will help it retain market share in oil both domestically and internationally.
Mubadala's move comes against a background of spiralling energy demand in rapidly developing South East Asia. The region of 568 million people, excluding the Philippines's population of 96 million, is forecast to need three times more power by 2025, according to data compiled by the Petroleum Institute of Thailand, Reuters reported last week.
South East Asia and the Gulf's common status as increasingly wealthy nodes on the global trade map prompted the first get-together between foreign ministers of the GCC and the Association of South East Asian Nations (ASEAN), which took place in Bahrain in June and resulted in proposals for a joint trade agreement and a GCC-ASEAN business association.
tspender@thenational.ae
Killing of Qassem Suleimani
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
COMPANY%20PROFILE
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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
AIR
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
Killing of Qassem Suleimani
RoboCop%3A%20Rogue%20City
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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.”
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.
UAE currency: the story behind the money in your pockets
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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COMPANY%20PROFILE
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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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
WORLD CUP SQUAD
Dimuth Karunaratne (Captain), Angelo Mathews, Avishka Fernando, Lahiru Thirimanne, Kusal Mendis (wk), Kusal Perera (wk), Dhananjaya de Silva, Thisara Perera, Isuru Udana, Jeffrey Vandersay, Jeevan Mendis, Milinda Siriwardana, Lasith Malinga, Suranga Lakmal, Nuwan Pradeep
Company%20Profile
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HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
UAE currency: the story behind the money in your pockets
The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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.
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 specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Diriyah%20project%20at%20a%20glance
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
