A shanty town, home to a community of fishermen, at the fishing harbour in Jumeirah One.
A shanty town, home to a community of fishermen, at the fishing harbour in Jumeirah One.

Investing in an historical way of life



DUBAI // For 16 years Mobeen Ibrahim has lived in a small wooden shack at the fishing harbour in Jumeirah One. He and 200 other fishermen, mainly from India, have no electricity, running water or air conditioning during the searing heat of the summer. Their shacks are small, airless and dingy. Some are made of cardboard boxes bearing the logos of electronic goods, some from planks salvaged from construction sites. The lucky ones live in small, windowless concrete boxes built more than 30 years ago and once inhabited by Emirati fishermen. Mr Ibrahim and the others get up each morning at 4am and head 40 to 50 kilometres out to sea to fish with equipment that would not have looked out of place 200 years ago, when Dubai became a thriving centre of fishing and pearling and its economy began to tick. Fishing was once deeply rooted in Dubai's culture and tradition and although Emiratis have taken to the sea in other emirates such as Umm al Quwain and Ras al Khaimah, none of Mr Ibrahim's colleagues are locals. In a bid to address the imbalance the Dubai Ports, Customs and Free Zone Corporation has announced a Dh300 million (US$82m) development and renovation project to attract young Emiratis back to the industry and improve the living standards of fishermen. The aim is to save the ancient legacy that once offered the Bani Yas tribe economic stability after the uncertainty of the desert. The four historic harbours along the Dubai coast - Jumeirah One, Umm Sequim One, Umm Sequim Two and Hamriyah fishing port in Deira - will undergo major development and infrastructural improvement. "We need to salvage this industry and bring it to the modern age as the whole city is changing and we need to get Emiratis back into the tradition of fishing, which is part of our history and culture," said Mansour Bou Saeba, the project director. He said improving the quality of life for the fishermen was an important factor in sustaining the traditional profession. For the fisherman, the news could not have been more welcome. "For 16 years I have been living in that box over there. There is no air conditioning and we have just run out of space to house new people," said Mr Ibrahim, who has two brothers working with him and three children in his native state of Kerala in India. Taj ul Deen, another fisherman from India, has been living at the Jumeirah One harbour for three years, sharing a shack with his friend Ramesh because there is nowhere else to go. "It's a small place, but it is only for sleeping. We work long hours, make food and then play cards. We need running water and we need electricity and good equipment, but the pay is good and we are generally happy with that," said Ramesh, who earns Dh1,700 (US$465) a month. Less experienced fishermen earn Dh300 to Dh500 less on average. The plan for the four harbours has several sections, including a dedicated community for fishermen with the tools of their trade, facilities including shops selling fishing tools, workshops for repairing fishing boats, a fish market, mosques and tourist and recreational facilities such as yacht basins, restaurants and shopping malls that will cater to the fishermen and residents as well as tourists. "If we sell our fish here instead of going to Deira it would be better for us," Mr Ibrahim said. He seemed happy that his ice box would be replaced by an ice maker to keep the fish fresh after the catch. Ahmed Butti Ahmed, the executive chairman of the Ports, Customs and Free Zone Corporation, said the fishermen would stamp the character of their profession on the harbours, making them attractive to tourists. "The project will be a tourist landmark identified by the fishing profession and its development, supporting fishermen and creating a respectable life for them and their family members," Mr Ahmed said. "In addition to this it will support the tourism industry by attracting visitors from all over the world and enable Emiratis to go fishing as a hobby and practise other sea sports thanks to the modern ports facilities. This will bring considerable economic benefits for the welfare of the local community of Dubai," he added. He said the project followed the directives of Sheikh Mohammed bin Rashid, Vice President of the UAE and ruler of Dubai, on preserving the national identity and the heritage of Dubai by reviving an old vocation that had started to die out as a result of lifestyle changes and the rapid advances of modern civilisation. Emiratis who became inhabitants of Dubai at the turn of the century became hunters, fishermen and, most of all, pearlers. For Bin Seyf al Mansouri, the head of the UAE Fisherman's Association, the prospect of Emiratis returning to basic industries was welcome news. "I am absolutely delighted that we have recognised and acted upon the tradition of fishing in Dubai. This will improve the living standards of current fishermen and encourage Emiratis to go back to the age-old tradition and keep our culture going." He said the investment would benefit generations to come. According to the Government, fishing and traditional boat building techniques date back 200 years or more. Local historians say the industry is much older and goes back a thousand years. @Email:shafez@thenationa.ae

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

THE SPECS

Jaguar F-Pace SVR

Engine: 5-litre supercharged V8​​​​​​​

Transmission: 8-speed automatic

Power: 542bhp​​​​​​​

Torque: 680Nm​​​​​​​

Price: Dh465,071

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid