All-night dancing at Indian festival



DUBAI // Indians are preparing for a final weekend of dance and celebration that will wrap up a nine-day festival marking the goddess Durga's victory in battle over a demon king. Navratri, or nine, is a Hindu event traditionally observed by worshippers wearing colourful costumes, taking up bamboo sticks and dancing through the night.

The festival is most popular in the West Indian state of Gujarat, but is also keenly followed across the country. The modern version of the celebration, which is popular among expatriate Indians, incorporates traditional music with contemporary disco in what is known as Disco Dandiya. Large groups of Indian men and women dance through the night for the nine days. Although Navratri began on Saturday, much of the large Indian population in Dubai has been waiting until this weekend to celebrate. Several events will be held at parks, amphitheatres and clubs.

The Country Club Hotel in Dubai is organising The Great Indian Navratri Utsav 2009, a three-day event at the Al Mamzar Park Amphitheatre starting today. Organisers said yesterday that they expected to attract 20,000 people over the three days, after drawing about 15,000 last year. "The festival promises to be a great show, all about glitz, glamour, song and dance for three consecutive festive days," said Mr Rajeev Reddy, chairman and managing director of the Country Club group.

The Bollywood actress Arati Chabbria and other Indian celebrities are expected to attend. A similar event is being organised at Wonderland Park, where Dandiya 2009 will feature several performances by popular singers, dancers and DJs. There will be other celebrations on a smaller scale in some of the Indian clubs and associations. Indians have been busy shopping in Bur Dubai's Meena Bazaar for this weekend's festivities.

"We will be attending at least one of the Dandiya nights," said Shetal Gajjar, an accountant from Gujarat who now lives in Dubai. "We really miss India and our families back home on these nine days but at least we get to enjoy the festival in Dubai." A regular dancer at Dandiya nights in India, she will be celebrating in Dubai for the first time. "I hope it is as much fun as India," she said. pmenon@thenational.ae

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UAE currency: the story behind the money in your pockets

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.”

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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.

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