Water find pours new life into Fujairah healing site



FUJAIRAH // Planners hope a new hot spring, discovered a few steps up a mountain from where a popular source healing water once bubbled, can help revive the site's former glory. Driven by the old saying that "when one hot spring dries up, another one starts flowing not far from it", a team of experts from Fujairah Municipality hiked along the mountain where Ain al Ghamour springs were once renowned for their healing power.

"There it was, like the old saying," said Asielah al Mualla, the head of the municipality's health section. "New cracks in the mountains with hot springs bubbling out of it." She was one of the team that found the new source this year, after being tipped off by a local resident. Located 20km south of Fujairah city, along the Hela ridges, the Ain al Ghamour spring was for decades sought out by residents and tourists alike for their healing powers.

Until it dried up two years ago, the spring was said to help with skin and muscle problems, rheumatism, backaches and arthritis. The spring still features on tourism websites, leading to an occasional trickle of disappointed visitors. The water in the old spring was as hot as 75¿C, with a potent sulphurous whiff. Now that unforgettable aroma has returned. "We could smell the new hot spring even before reaching it," said Mrs al Mualla. "That very strong rotten egg smell in the midst of greenery and rocks."

With the help of government environment and tourism agencies, the municipality has drawn up a plan to revive the site and turn it into a natural reserve. Once it gets final approval from the Ruler, the multimillion-dirham project should start later this year. "We want to do this right and we want to preserve the beautiful environment around it," said Mrs al Mualla. Dipping her feet into the new spring, which can be as hot as 90¿C, she could not keep them in the water for more than a few seconds.

"We also want to have better control over the springs so it doesn't dry up prematurely." Part of the plan is to use the facilities from the old spring. Two concrete basins, each about three metres by four, served as separate baths for men and women. For now, graffiti and abandoned metallic buckets litter the site. One regular "relief seeker" was Ahmed al Kaabi, a 65-year-old Emirati who used to drive from Dubai with his family of 12 to stock up on the water and bathe in the spring. It was a "family ritual", he said.

"It really worked well on my knees and helped clear all of our skin problems," he said. He was disappointed when, two summers ago, he visited the spring and found it all but dried up. "It was like a natural jacuzzi, and helped even the young among us with the stresses in their shoulders and their backs," he said. "Better than any massage I ever received." Upon hearing that there was a new hot spring on the same mountain, he said: "All good things come from nature. I hope this time around, we don't take this gift for granted."

rghazal@thenational.ae

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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.”

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