“Innovation”, we’re told, is the new buzzword. Government, industry, the arts, the young, the old – all are being encouraged to come up with new ideas to contribute as the UAE strives for excellence in the years ahead. It’s a good plan, too: it’s too easy to become sticks-in-the-mud.
Of course, new ideas don’t always work as well as the innovators intend. Sometimes, they’re just too costly or impractical and they’re quietly dropped. There is also the challenge of persuading those comfortable with the established way of doing things to accept change. I have my own, somewhat rueful, memories of shifting from a manual typewriter to an electric one, then to a word-processor, then to a PC, then to the next electronic gizmo.
This weekend, looking at the Sheikh Zayed Grand Mosque from a small boat off Abu Dhabi island, an idea for an innovation in our tourism industry came to mind.
A few other members of Abu Dhabi’s Emirates Natural History Group and I were spending a pleasant few hours afloat, wandering around the small islands and sandbanks that lie off Abu Dhabi island.
I’ve done it on and off for years, generally with the objective of doing a bit of birdwatching, while relaxing on the water in a gentle breeze.
Our captain for the day was a long-term expatriate resident whose job is focused on marine matters and who is willing to share his knowledge of local waters with others. He and I happily reminisced about other birdwatching voyages in the same area a quarter of a century ago with friends who have long since left the UAE.
The area, we agreed, has changed quite a bit. The dredging of spoil for the new shipping channel to Mussaffah has led to the creation of artificial islands, some now occupied by residences that make very nice hideaways not far from the city. The port of Mussaffah itself is now much more extensive, with shipbuilders, oilfield supply bases and a variety of other yards having replaced the relatively modest facilities that existed 25 years ago.
Despite those changes, these waters just west of Abu Dhabi, and those to the north-east, offer some remarkable views of the modern city, not just the Grand Mosque, or the cluster of skyscrapers that include the magnificent Etihad Towers, but much else besides. I hadn’t realised, though I should have, that the towers of Al Reem, to the east of Abu Dhabi, can be seen clearly from far to the west rising above the pall of light pollution that lies low over the city.
The real fascination, though, lies not in the distant views of the capital, but much closer to hand: the flocks of gulls, the thousands of flamingos, the chance of seeing a dolphin and the lovely little sandbanks, islets and mangrove forests. Apart from a few sport-fishermen and one vessel making its way to Mussaffah, we saw scarcely another boat, although there were a few vehicles visible on the mainland shoreline.
It’s just the kind of journey, I would have thought, that many tourists and local residents would enjoy. It provides a change from the conventional, land-based, tourist itinerary of the Grand Mosque, the souq, the breakwater and the malls. Moreover, it offers a better glimpse of the variety of the country’s outstanding natural beauty than the deservedly-popular tours around the mangroves east of Abu Dhabi and the new abra service to and from the hotels at Maqta.
With a guide and captain who knows his way around the channels, and who can provide a running commentary on the wildlife, and, for that matter, on Mussaffah’s busy port, such an outing could well be the highlight of any visit to Abu Dhabi.
There are prizes on offer for “innovation”, I gather. Perhaps some smart company, keen to show off this aspect of the UAE at its best, would like to try?
Peter Hellyer is a consultant specialising in the UAE’s history and culture
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
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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
Zayed Sustainability Prize
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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.”
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.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
