ABU DHABI // What used to be a dangerous pit stop off Sheikh Zayed Road has been renovated – much to the delight of the motorists who use it.
For more than 25 years, thousands of motorists stopped at the Ghantoot cafes for a rest and bite to eat during their journeys. In January 2014, Abu Dhabi Municipality announced plans to build a motorway rest stop there.
The restaurants were not replaced, but streets, lighting, fences and parking bays have sprung up to offer drivers a reprieve from long hours on the road. Barriers and a slip road to the cafes were built to address safety concerns.
Lorry drivers said they were delighted with the new facilities. Exits that used to be muddy, uneven and haphazard have been improved.
Drivers had complained that there were no proper parking places, so motorists would pull over beside the motorway to take tea or mince rolls – posing a danger to other road users. “Accidents happened, that’s why the authorities fenced the area near the restaurant,” said Nadeem Khan, a pick-up driver. “That was to stop motorists from parking on the highway.”
Mr Khan, who has slept in his vehicle at the restaurant area, said drivers could not park for long hours at petrol stations as they could in Ghantoot. The food was also cheaper.
“For Dh20, we can eat properly, including laban, tea or cold drinks,” he said.
It was refreshing for drivers to have a place to nap before resuming their journey, said Mohsen Akbar, a minibus driver.
“We can’t stop more than 15 minutes at petrol stations. It’s not allowed, but here, we can stop as much as we want and grab a karak chai [tea],” he said. “We don’t like dip tea at the petrol stations.”
Drivers can spend as little as Dh10 for a filling meal, which is not possible at petrol stations, and they get the food they prefer, he said.
The area has three restaurants – Al Saha, Qasr Al Jabal, and Al Miftah. At the latter, a chicken or mutton kadai with rice is Dh10, while vegetable curry with Afghan bread is Dh6 and a karak tea is Dh1.
“At petrol stations, we don’t get biryani, kadhai ghost [a mughlai mutton dish] and other gravies that could suit our tastes, but here it’s all available at affordable rates,” Mr Akbar said.
Abdul Razzak, who runs a cafeteria in Ras Al Khaimah, agreed.
“We are working people and can’t afford expensive food, but here we get food of our choice and get sufficient amounts. In fact, we don’t like sandwiches and burgers,” he said during his stop.
The only tyre-repair shop at Ghantoot is run by Mohammed, a mechanic, who said he responds to calls from motorists “around the clock”.
“Many people whose vehicles break down on the motorway call me to fix the problem, so we rush to them, even if it’s in the middle of the night,” he said. “Living here in the middle of the highway is not easy in all weather conditions, particularly in sweltering summers. I consider this as a service to the road users.”
Sometimes, police officers called his shop at night to fix a vehicle or a punctured tyre.
“The police and people both have my number,” the mechanic said.
Qutubuddin, who works for a courier service in Dubai, stopped at the area on his return from Abu Dhabi. “I like this place because it soothes the mind and gives peace from the city’s hustle and bustle,” he said.
“We just stop here to have lunch, pray and take a rest.”
anwar@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.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Fixtures
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