Malls across the UAE are starting to get up and running again after a month of closures to help stem the spread of Covid-19.
And residents in Abu Dhabi will find an exciting new addition to The Galleria on Al Maryah Island, as the long-awaited Kinokuniya has finally opened its doors.
Already a firm favourite with book lovers in Dubai, Japanese-founded Kinokuniya is one of the UAE’s most expansive bookstores, bringing more than 150,000 titles to its flagship in the capital.
It was announced last year that Kinokuniya would be joining the expansion of The Galleria, to much excitement from Abu Dhabi residents.
And it officially opened its doors on Wednesday, May 6, on level 3 of The Galleria extension.
Open daily from noon to 9pm, the store provides a space for customers to browse its shelves for hours on end, with plenty of spots to pull up a chair and get lost in one of its many titles.
Announcing the news on Instagram, Kinokuniya said: “Over 150,000 Books, huge Arabic and Children's book section, manga and collectibles, the best stationery from around the world.
“Books Kinokuniya Abu Dhabi is finally OPEN. Only in the fabulous The Galleria Al Maryah Island.”
The news was met with much excitement from followers. “Finally. This is such great news,” wrote one user, while another added, “Can’t wait to visit.”
Kinokuniya also boasts an expansive store at The Dubai Mall, which has now re-opened in line with the new coronavirus regulations for malls across the city.
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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.”
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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
