As the sun began to set on the waters in Fujairah, Byron Bower tried to hold onto a fish that was hooked but eventually got away.
As the sun began to set on the waters in Fujairah, Byron Bower tried to hold onto a fish that was hooked but eventually got away.

Angling in the shadow of the fleet



FUJAIRAH // The hundreds of tankers off the coast offer a strange contrast to the turquoise waters, blue skies and smoky-grey crags as Wayne de Jager steers his 29ft catamaran from the docks of Fujairah International Marine Club with his crew of sport fishermen. The tankers, several kilometres off the coast, are both a boon and a menace to the 42-year-old South African owner of East Coast Fishing Charters, which takes anglers out for four-hour sessions. Two hundred or more are present at any time, and are blamed for countless oil slicks that have blighted the emirate's waters and beaches. Fujairah is the world's second-largest bunkering port, with the 100,000-tonne ships refuelling here or awaiting orders to pick up loads in the Arabian Gulf. But Mr de Jager relishes steering his boat through the maze of ships, searching for fish metres from their fortress-sized hulls. Sport fishing among the vessels is booming, and the skipper boasts of catching and releasing 92 fish in one day last October. Despite the financial downturn that has begun to affect tourism in Fujairah, Mr de Jager says his customers, many of whom come from Dubai, keep returning. He had nearly 40 separate charters last month, one of the busiest he can recall. "This summer was definitely better than other years; we were catching dorado, queenfish, sailfish a lot," he says. Game fishermen say fish gravitate to the shade provided by the barnacled tankers and the nutrients carried in on their hulls from faraway places, creating bustling underwater ecosystems. "They sit out there like they're a big reef; some of these boats have been here for six years," says Johnny Stephenson, 39, owner of a sailing company in Oman, who has fished with Mr de Jager for several years. "Dorado are famous for lying around the shade. They love just about anything that floats - wooden planks, oil drums. They just love shade." Cruising alongside the huge vessels and their often volatile crewmen has provided its fair share of memorable encounters - some amusing, others unnerving. Mr de Jager once steered alongside an oil tanker as the crew, in festive spirits, held a barbecue on deck in defiance of the "No Smoking" warning in large letters on the ship's hull. "We were like, 'we gotta get the hell out of here, man'," he says. Apart from the occasional run-in, Mr de Jager says, attention is mostly fixed on the five to six fish hauled in on a typical day, including bonita, yellowfin tuna and brilliantly coloured rainbow runners. The most prized catches on his boat are sailfish and dorado, also known as mahimahi or dolphinfish. Dorado grow as big as 10kg and sailfish as much as 50kg, and can match the strength of a fully grown man. Mr de Jager says he recently hauled in a 48kg sailfish after a 20-minute struggle during which the spearheaded creature leapt from the water, flailing from side to side with incredible power. "They fight like hell, mate," Byron Bower, 35, a Fujairah businessman and regular sport fisherman, says of a similar sailfish he caught. "I was right knackered, mate. My arm was hurting." Mr de Jager comes prepared to catch fish in just about every discipline - fly fishing, spinning, trolling - and uses devices ranging from simple bait to rigs that border on the bizarre, looking like flashy Christmas ornaments. One of his most effective methods for attracting surface-feeding game fish, such as dorado and sailfish, is to use lures that mimic the fluttering of swimming bait fish, a technique known as the "smoke trail". For that effect, Mr de Jager prefers a combination of filleted mackerel on a plastic lure. A metre or so above the lure, he places another one, called a "tuna bird", which also imitates fish. The lures give the impression of fish chasing one another, and can prove irresistible to roaming predators. "Fish can't refuse it," says Mr de Jager as he dresses his line with the bait. With two poles rigged with the bait, the boat begins weaving in and around the tankers as Mr de Jager and his friends keep their eyes fixed on surrounding waters for signs of fish. One of the best indicators is flocks of birds which swoop down after smaller mackerel that are being corralled upwards to shallower depths by the larger game fish. The process causes the water to churn with excitement as the schools of mackerel squirm for dear life at the surface. "The water literally looks like it's boiling," says Mr Stephenson, who scrupulously analyses the skies as he does the water. "The birds are your biggest friend out here. If there are lots of them, normally that's a good sign." Along with the fun, there are moments of concern and reflection on Mr de Jager's boat. The red tide has been plaguing Fujairah's waters for months now. The algal bloom has halted operations of some commercial fishing companies and has fouled the emirate's shores with unsavoury odours. Mr de Jager and his fishing pals also express concern about changing fishing patterns. In Dubai, some species of fish have all but vanished, forcing anglers to make the hour-long trek to Fujairah. There are complaints that the Gulf's once-plentiful sailfish are increasingly difficult to spot, with their populations dropping as a result of man-made developments and all-out plunder by countries that need them for fertiliser. Now Fujairah appears to be showing hints of similar change. The yellowfin tuna that usually stalk the waters this time of year are nowhere to be found. "We should be having them by now," says Mr Stephenson, who has had to put his boating business on hold because of the red tide. "Fish are a lot less predictable these days." The erratic fishing patterns could be explained by Fujairah's exposure to the Indian Ocean. It is the only emirate connected to that ocean, and is affected by changing currents generated by the subcontinent's abrupt shift between monsoon rains and drought. Part of the change to the fishing pattern could also be caused by natural phenomena: lunar cycles, changing temperatures or atmospheric pressure. Whatever the cause, Mr de Jager says his enthusiasm for angling in Fujairah is undiminished. "You could sit there and say, 'Oh well, it's this and it's because of that,' but you've got to just go out there and do it." As long as he is out fishing with his friends and customers, regardless of what he does or does not catch, he is content. "Fishing's a total release from everything else. It's a switch-off," he says as he steers his boat back into the harbour. "You're not thinking about your finances. Nothing else matters to you." As he admires the setting sun behind the hazy mountains, he says: "If the ground isn't moving beneath me, I'm just not happy." hnaylor@thenational.ae

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

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The essentials

What: Emirates Airline Festival of Literature

When: Friday until March 9

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Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 

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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.”