The Ramadan social calendar in Abu Dhabi doesn’t only revolve around iftar tables at hotels and in tents.
Another spot that has become a firm staple of the holy month in the capital city is the Ramadan and Eid Festival at the Abu Dhabi National Exhibition Centre (Adnec).
Running until June 17, it is a strictly nocturnal affair, with the gates open at 8pm and closing at 2am, as families of all of kinds traverse the cavernous halls to sample the wares of hundreds of small market stalls selling all sorts of items, ranging from food to fashion.
Because the event is catered towards both Ramadan and Eid, most of the items on sale can be a convenient gift for either occasion. It is also a good place to gain an insight into the UAE-based shopper and what they look to buy during the holy month.
Hence my visit to Qasr Al Libnany is revelatory. The cheese and spice shop occupies a handsomely sized space near the entry, where up to a dozen different kinds of spread cheese and olives are sold.
It is the olive stand driving the business on the evening I visit, with scores of Emirati families lining up and tasting the produce before making their order. When it is my turn, I freeze while looking at the variety of glistening olives of different shades and textures, ranging from soft to rugged.
When I confess to the shop attendant, Khaled, that I have no idea what I am looking for, he chuckles.
"OK, let's start at what time you are planning to eat," he says. "Is this for iftar or suhoor [the pre-dawn meal in prelude to the fast]?" After stating that it is the latter, he merely grunts and sources a lime-green olive from one of the glass jars before handing it to me. To be honest, it is bitter enough to make my face crease.
“This is good,” he says. “Olives are perfect for suhoor because they don’t make you thirsty when you wake up. But to get that feeling then you need the olive to be fresh – and the sign of the freshness is that it is bitter.”
Walking down the aisles of the market with my new supply of "fresh" olives, I marvel at the variety and randomness on display. There are shops selling the latest Pakistani threads mixed with merchants selling glycerine soaps that smell like Dior and Escada scents; fine Ottoman-looking rugs stood beside a children's book corner; while in one abandoned stall hangs a poster of Bob Marley with his catchphrase "One love" emblazoned beneath. At the feet of the poster lie up to half a dozen disembodied hands from mannequins.
Disturbed by the scene, I scurry away and turn towards a section of stalls selling striped kandura pyjamas for men. When I ask Mahmoud, the Egyptian merchant from Al Gharam stand, why they are selling exclusively night threads, he explains that Ramadan is home to a super-niche market.
“A lot of us men are awake late in Ramadan more than what we are used to,” he says.
“Some like to stay home with the family or go play cards in the local coffee shop, so they don’t want to dress up too much. These kanduras are good for that.”
Heading towards the exit, I see an oud and perfume stand that has been attracting a steady stream of customers.
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Read more:
Ramadan 2018: Five suhoor tents to try in the UAE
Your essential guide to things to do in Abu Dhabi and Al Ain
Inside the newly restored Bait Al Naboodah in Sharjah - in pictures
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On my arrival, I initially suspect that it is the conspicuously named perfumes and the popular oud scent Sheikh Abdullah that are responsible for the hubbub.
The Yemeni stall owner, Abdul Jalil, is taken aback at the suggestion that his products aren't genuine.
“We don’t go around telling people that these are the real deal. We use these names so it can stick in people’s memories,” he explains.
“Most of these scents are mixed by us and we give them this catchy names so that people can remember. Also, the name Sheikh Abdullah, can be anyone’s name.”
Abdul Jalil sprays my body with four different scents to showcase the diversity of his products. I leave the fair smelling like a cross between a daffodil and a rainforest.
At the very least, I now have the perfect outfit the next time I venture out of my apartment for a 3am shawarma run.
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
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.”
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
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Transmission: Single-speed automatic
Price: From Dh825,900
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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
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.
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
