ABU DHABI // When the Marina Mall's long-delayed "Snoworld" ice rink finally opened last week, it spelt a thaw in business at the surrounding retailers.
On Friday, the mall had a record 80,000 visitors, which Mukhalad al Asadi, the operations manager, attributed to the opening the previous Monday of the skating rink, following months of tests, delays and lost shopping revenue.
"Traffic was huge, it was really increasing in this area," Mr al Asadi said. "If you wanted to stand and watch your kids, we were advising parents to go up and see because you cannot find a place to stand."
Meanwhile, some store managers and employees in the area said it was only in the past week that customers had begun to discover their shops and cafes, cloistered in the back of the building.
"Some customers did not know there was a Charles & Keith here until five days ago," said Regina Portin, a saleswoman at the shop, which sells shoes and accessories.
"They're saying, 'Oh, when did this one open?' Then I told them, 'Actually, we opened in September 2007'."
Samer Shannat, the supervisor of Gentleman Farmer menswear next door, had a similar experience.
"Customers are saying to us that this is the first time they see this shop," he said. "I hope [the skating rink] will bring more business because this area is weak."
Although the store was launched in April last year, Mr Shannat said few shoppers realised it existed 15 months on.
Business was still slow on weekdays, with only one or two patrons wandering in each day.
"Sometimes we see zero," he said.
Marifor Rovero, the manager of Kekos children's boutique, hoped the rink would draw fresh buyers, and blamed the Snoworld delays for losing potential customers over the course of more than a year.
"Right now we're getting some people who come in and they're telling us they didn't know about this place; when did this place open?" Ms Rovero said.
"More people are seeing us. We saw some kids were so excited about the skating area."
Like many of the Snoworld shops, Kekos opened in September 2007 to capitalise on what was to have been the building's centrepiece - an indoor ski slope and skating rink.
The facilities were originally expected to open in December last year, according to retailers.
Yesterday Mr al Asadi could still not confirm when the ski hill would open.
"It is already constructed," he said. "We will continue. We hope by next year."
Shop owners doubted the hill would be operational any time soon, speculating on a host of possible technical problems ranging from faulty glass walls to a possible ventilation leak that caused the snow to melt.
In the meantime, at least, nearby cafes are already benefiting from the skating rink, which is open from 10am to 10pm.
Marwan Kattan, the owner of the Cinnamon City cafe next to the rink, said that although it was still too early to gauge whether business had improved dramatically, he was optimistic.
"All we need is to get these people to try us once, come enjoy excellent food, try our coffee while watching their kids skating, and we'll see something really good," he said.
Over at the Cafe de la Paix, Paul and Karen Drury, from Britain, watched their daughter Emilia skate while they enjoyed a tea and mineral water.
"She was quite excited to see a skating rink in a mall," said Mrs Drury. "She's seven now, but she has been skating for about a year and loves it."
The physical benefit for children aside, "it's also nice because the kids get bored when we take them shopping and this way we keep them happy", said Mrs Drury.
"I've got my eye on a bag upstairs, so I'll probably end up going to buy it while she's skating."
The still-closed ski hill, however, would be a more attractive option for the couple's nine-year-old son Henry, who much prefers ski racing to skating.
"Do you know when that skiing area will ever open?" Mrs Drury asked.
mkwong@thenational.ae
UAE currency: the story behind the money in your pockets
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.”
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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