Fishing boats moored at the harbour overlooking the Old Town area of Umm Al Quwain.
Fishing boats moored at the harbour overlooking the Old Town area of Umm Al Quwain.

In UAQ Old Town, past and present collide



UMM AL QUWAIN // It is not hard to find the oldest neighbourhood in Umm Al Quwain - its name gives it away. Al Madeena Al Qadeema - the Old Town - stands at the very edge of this northern emirate in an area shaped like a teardrop, surrounded by sea and creek.
Overlooking an old harbour that features a dhow-building yard and fishing boats surrounded by piles of nets, the Old Town is a collection of small, coral-stone houses that have, for the most part, been turned into shops.
Showcasing traditional architecture such as barajeel (wind towers) and intricately designed draft windows in the shapes of stars and moons, most of the buildings have benefited from at least minor renovations. And yet, some of the wind towers have begun to crumble, giving in to the merciless onslaught of time.
"This area is better known as Al Souq or market village, as it is all shops and services and not residential anymore," says Abdul Jaber, from India. He opened a khatat, or printing business, called New City about six years ago in one of the old houses.
The area features several such companies. The Arabic word khatat traditionally means to write calligraphy, but in today's world such businesses tend to provide printing services and signage for roads, police stations and private homes.
"Emiratis have long moved out of here - late 1970s and 1980s - into newer villas in other areas, and we moved in and are running different businesses that they and expat residents need," says Mr Jaber, adding that most Old Town residents now come from India, Pakistan and other parts of South Asia.
Some of the buildings in the area are thought to be more than 150 years old, with the best maintained structure that of the Umm Al Quwain Museum.
Standing at the entrance of the old town, the museum is housed inside a fort built in 1768 that once provided a home for the emirate's ruling family. A watchtower that stood guard over the town remains to this day, overlooking the sea on one side and the creek on the other.
The fort was used as a police station for a time before it opened as a museum in 2000. A wall that once surrounded the Old Town and includes a handful of watch- towers has also been renovated and opened as part of a public park in 2006.
Originally, the people of Umm Al Quwain lived on Al Sinniyah Island - a 10-minute boat trip away - before moving to the mainland more than 200 years ago when the island's drinking water ran out. First they built the fort and then the Old Town.
The museum houses a collection of weapons used throughout the emirate's history, as well as artefacts found at archaeological sites on nearby islands such as Ed-Dur.
The National Council of Tourism and Antiquities has submitted the Ed-Dur site for inclusion on Unesco's world heritage list. According the submission, Ed-Dur is the only known site between Qatar and the Strait of Hormuz with a first-century temple dedicated to the worship of a "sun god".
Elsewhere in the Old Town, in the midst of chaotic and somewhat uncreative signs on old buildings in dire need of painting and renovation, stands a spotlessly white modern building that was once a home but now houses Al Souq Emirates Post.
Unlike many post offices, the popularity of which has waned in the modern age, this one still receives plenty of visitors - though many come simply to chat.
"People come here to pay bills and buy phone cards more than to send letters or buy stamps," says Abdullah Attar, who was a mailman in India before moving to Umm Al Quwain in 1998 and taking a job at the post office.
"There is one Indian man who lives in the Old Town who is a dedicated letter writer and sends a letter back home almost each month."
With modern utilities, clean floors and newly painted walls, the post office stands out in the Old Town.
"A post office must maintain its image and its dignity, regardless of where it is located," says Mr Attar.
Other buildings, particularly the rundown and abandoned ones, receive far fewer visitors, at least of the human kind.
"They are haunted by jinn, so we don't go near them," says Ahmed, an Emirati in his 20s shopping at a grocery store, as he looks towards one such house.
The store owner nods his head in agreement. "Old towns always have one or two haunted houses," he says. "It is part of their charm."
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.”