The magic of Oman



There is no way of saying this that will not seem smug to anyone unable to escape the wall of heat and humidity dominating summer days and nights. Without straying too far, I was able to swim in cool waters towards small dhows anchored off the shore. After that feeling of wading in simmering soup when bathing off Abu Dhabi, it brought perverse pleasure to have to brace myself before plunging into the Arabian Sea.

This was Oman. Next day, in a lovely shaded square beside the souq in Nizwa, I sipped coffee outside at noon, no streaming sweat to declare me antisocial. Along the elegant promenade of Muttrah port, I later passed couples and groups of friends taking in the evening air, a gentle breeze rippling through the abayas and dishdashas. The expat experience, if it is to have meaning, involves exploration, and mixing with people who are not just other expats. I thought so when I lived in France, appalled by Britons who avoided their Breton neighbours or treated Périgord as Dordogneshire. And I naturally think so here.

In truth, July and August did not seem a great time for anything more adventurous in the UAE than mingling with date growers in Liwa, visiting Al Ain and Dubai and otherwise sheltering in air-conditioned buildings or cars. It was time to keep a promise made here a little while ago, to ensure that the gap between my third and fourth visit to Oman was a lot shorter than the 22 years between second and third.

It was also time to suspend my distaste for 4x4s; the planned journey was certainly tout terrain enough to justify that. Abdullah, our driver, knew all the wadis, sinkholes, scenic diversions and pretty villages that we would probably have missed. He made light of rough tracks that skirted stretches of roadway swept away by last year's floods. And he proved a dab hand at negotiating the crazy angles and drops of the dunes at Wahiba Sands.

A lot was packed into three days. Setting off, I had received messages from friends in Washington, DC, and Paris, asking in envy: "Are you really going turtle-watching?" To which the answer, in the end, was yes and no. Once we'd seen a couple of green turtles flapping in their huge craters on the beach, without even shaking enough sand off their backs to reveal skin, that was pretty much that so far as Abdullah was concerned, and he led us away. In the morning, others boasted about how much they had seen. And they'd been back in the early morning - when Abdullah insisted turtles never came ashore - and spotted more.

But the disappointment did not tarnish the magic of Oman; it merely fed the resolve to return. And there was time for one last novelty to make the trip memorable. Though it was frequently hot, indeed very hot, the climate was refreshingly varied. Leaving Muscat, we actually witnessed rain. Remember that? @Email:crandall@thenational.ae

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)

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.”

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Western Region Asia Cup Qualifier

Results

UAE beat Saudi Arabia by 12 runs

Kuwait beat Iran by eight wickets

Oman beat Maldives by 10 wickets

Bahrain beat Qatar by six wickets

Semi-finals

UAE v Qatar

Bahrain v Kuwait

 

Where to buy and try:

Nutritional yeast

DesertCart

Organic Foods & Café

Bulletproof coffee

Wild & The Moon

Amasake

Comptoir 102

DesertCart

Organic Foods & Café

Charcoal drinks and dishes

Various juice bars, including Comptoir 102

Bridgewater Tavern

3 Fils

Jackfruit

Supermarkets across the UAE

UAE currency: the story behind the money in your pockets