A passenger pays his fare after being chauffeured by an independent driver to Manai Mall in Ras al Khaimah.
A passenger pays his fare after being chauffeured by an independent driver to Manai Mall in Ras al Khaimah.

Independent taxi drivers feel hounded



RAS AL KHAIMAH // Transport officials have denied fining drivers of older taxis thousands of dirhams to force them off the roads and give the new private companies more business. Angry drivers of the independent yellow and white taxis have said they were being fined Dh300 (US$82) to Dh400 at a time. The drivers, who spoke on the condition of anonymity, said they did not dispute the fines because they feared it could jeopardise their licence renewal or have them branded as troublemakers, making it hard to find new jobs. But the RAK Transport Authority said its inspectors mainly issued warnings rather than fines and were trying to make taxi travel safer. The authority has been encouraging independent drivers to work for the private Al Hamra, Al Arabiya and Cars companies, which introduced 1,600 taxis to the emirate last year. But most independent drivers refuse to sign with the new company, saying it would cut their income by up to Dh4,000 a month. Many people prefer the older taxis, whose drivers are better acquainted with the city and give illegal discounts to low-wage workers. Drivers from private taxi companies earn a percentage of the meter fare and complain that they cannot make a decent living. One independent driver said he was recently charged Dh300 by the Transport Authority for soliciting customers while leaving a restaurant with his friends. "My friends and I came out of the restaurant after we finished eating," he said. "We were talking together and a man came up, took our [ID] cards and fined us. "I said, 'Why did you fine us?' He said, 'Standing here is not allowed.' I said, 'We are not allowed to come out of the restaurant from eating?' He said, 'Don't stand in this area, it is not allowed.' Then he said, 'If you talk more, I will make the fine more.' "They are jealous of the old taxis. They want people to go in the new taxis." Another driver charged with soliciting customers said: "Like me, so many taxi drivers are getting fined. I am so unhappy and I don't understand why they are doing this." A senior official said the RAK Transport Authority was working to resolve transitional problems with the taxis and that drivers were welcome to lodge complaints if they felt they had been unfairly treated. "We are not here to make money of out fines but we need drivers to be aware of the law," said Jason Farhat, the authority's director of commercial and investment affairs. "Sixty to 70 per cent of the time our inspectors only give warnings. We want to change the practices people are accustomed to. We don't want a driver getting hurt. We want the practices to be legal and safe." Mr Farhat encouraged independent drivers to join the new taxi fleets. "They are well aware of RAK, so we can use their labour instead of importing people," he said. "We will give them brand new cars, insurance, visas, and they can show RAK in its best image." A driver with one of the private companies said: "They made a law so old taxis won't be seen and people must use a new taxi. Since they raised the meter last year, there are less passengers. "Before a ride was three dirhams but now it's almost double. And now the recession has started, how can the new taxis survive? They can give us everything, but where's the work?" Drivers who work for the new taxi companies said they had struggled with their low wages. An employee for a private taxi company said he worked 12-hour shifts six days a week and still could not afford rent and food. "In a month I make 500 on commission and 500 on basic [salary]. I cannot live like this. One thousand dirhams a month? It is just not enough." azacharias@thenational.ae

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Scoreline:

Barcelona 2

Suarez 85', Messi 86'

Atletico Madrid 0

Red card: Diego Costa 28' (Atletico)

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 
How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

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.”

Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now