ABU DHABI // Marina al Yakhoot is usually filled with the chatter of its patrons, but during Ramadan nights silence falls and all eyes are glued to the cafe's television playing popular soap operas.
Hesham al Zouby, the manager of the cafe, near the Marina Mall, tries to worship as much as he can during Ramadan. But once he goes to the cafe after Taraweeh, the prayers after Isha, all people want to do is watch TV or play cards.
"The only time we put on something religious is when we wait for the athan [call for prayer]," he said. "Other than that, people want entertainment the whole time."
Ramadan has been considered as the high season for soap operas and TV shows for the past 20 years, a fact that remains a moot point for some members of the Muslim community.
Dr Khaled Abdelalim, an Islamic preacher who has a show on Ajman TV, argued that Ramadan should be the high season for worship because it is a time when the rewards are unlimited compared with the rest of the year.
"During Ramadan the doors of heaven are open and the doors of hell are closed," he said. "So not a single breath should be wasted with anything that does not please Allah."
He said people do need to release their stress with some "fun" but suggested they focus on positive, "halal" fun.
"For example, one could play sports, go out and enjoy nature, visit relatives," he said. "These activities are fun and are encouraged in Islam, which makes them a form of worship as well."
Watching soap operas during Ramadan not only wastes time, but no true joy can come from doing so as real happiness comes from doing what pleases God and helping others, he said.
"Even those who watch comedy shows are not truly happy, they are just laughing hysterically," he said.
"The problem is that people lost the value of fasting and turned the holy month from a month of hard work and feeding the poor into a month of laziness and overeating."
According to Ammar al Kateeb, an independent soap opera production manager, the situation was unlikely to change because Ramadan has become the most important time of the year for soap opera production.
"The owner of the company, or the producer, is a businessman at the end of the day," he said, "and his highest profit is in Ramadan because the channels pay the highest rate during that period."
However, there are certain guidelines that some producers try to keep to for their Ramadan productions.
"There should be a level of decency and respect to traditions so no one is offended," he added.
Although Nabeel al Hilwani, a Syrian actor, is acting in three soap operas this Ramadan, he opposes the trend of launching all the new shows during the holy month. Al Hilwani does not watch any television during this time, instead he spends his day fasting, reading the Quran and praying at the mosque.
"I don't see why Ramadan was chosen as a season for new releases," he said. "But we need to earn our living, so we conform anyway."
Aya Drubi, a 23-year-old consultant from Syria, defended those who watch soap operas. They give her a chance to gather with her family at the end of the day and enjoy some "quality time" with them.
"Our main focus in Ramadan is doing more prayers and reading Quran, but after Taraweeh, there are a number of shows that are decent and address important social issues that are nice to watch," she said.
"The problem is some people get addicted to the TV in Ramadan. For example, my aunt has a notebook with the schedule of all the soap operas' timings and channels. This is a problem, because in that case the whole day is wasted."
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Real estate tokenisation project
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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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
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
