There is cold weather and then there is “jou wathbawy".
Meaning Al Wathba weather, this term was coined by friends when referring to the special kind of chill encountered in the suburb on the outskirts of the capital.
A 50-minute drive from the Abu Dhabi Corniche, Al Wathba is home to a varied landscape of desert, residential communities and wetlands.
Most of the year, the area quietly thrives off the spirit of its close-knit communities and ecotourists visiting the wetlands for sunset snaps of flamingos. However, in the winter months, Al Wathba truly comes into its own.
Running until Saturday, February 20 and located on a purpose-built site resembling a fort, Sheikh Zayed Heritage Festival invites not only the country, but indeed the world to Al Wathba for a colourful spectacle packed with international cultural pavilions, eclectic music performances, delicious bites and amusement park rides.
But you need to rug up first.
Jou wathbawy is desert cold – the kind of chill that is tough, probing and unable to be shrugged off with a long-sleeved shirt. Only a jacket or sweater will do when entering the vast complex, after paying a Dh5 ticket fee at one of the numerous entry points.
Mishal Al Mansouri is dressed for the occasion.
Clad in a thick, dark winter kandura and jacket, I find him among an enclave of pavilions when I arrive in the late afternoon.
The area is a purely regional affair with cosy-sized sections dedicated to Lebanon, Jordan and Oman – all home to a number of retailers selling everything from winter jackets, sweaters, rugs, coffee and tea sets to various types of Levant cheeses, olives and spices.
The queen of the block, however, is the Egyptian pavilion, which comes with its own replica of the Great Sphinx of Giza. It acts as a great background to the central stage, which hosts various musical performances and dances throughout the evening.
A Sudanese folk group is playing as Al Mansouri explains why he visits the festival every year.
“It's great to have a festival that is mostly dedicated to tradition and not just shopping," says the Abu Dhabi resident. "Yes, there are things to buy but the spirit is about knowing our culture and those from elsewhere. This is why I take my kids here, so they can have fun and maybe benefit from some knowledge.”
His annual visits also serve a practical purpose.
"We stock up on things for the house," he says. "Some of the furniture you find here you really can't see at the malls. They are traditional and sometimes handmade. So many Emirati families come here to get new things. It is a good chance to upgrade the living room every year."
Stepping back in time
For an insight into the festival’s keen cultural focus, I venture to both the Heritage Village and Al Wathba Souq.
Standing side by side, they are two of the many sections dedicated to Emirati history and traditional practices.
The Heritage Village recreates an Emirati square filled with majlises, stands selling home-made ouds and spices, as well as a falcon display. At the centre is a commanding stage on which a troupe perform the traditional Ayala dance.
A more immersive step back in time, however, is found in the sprawling Al Wathba Souq. Full of snaking paths and alleyways, this place resembles a television set from a historical Emirati drama.
That nostalgia is further accentuated by the local shopkeepers, whose own works are steeped in tradition.
"All of this is made at our farm that's not too far from here," says the Emirati woman – who prefers I call her "auntie" – behind the Yadooh stand.
With products ranging from fresh butter and chami cheese (Emirati cottage cheese) to zaatar, all the items sold are “fresh from the earth and flesh”.
It is the raw cow's milk she urges me to try. Sensing my initial discomfort, auntie's eyes soften as she proposes to drink it in front of me to quell my fears. I take a hearty swig: it is lukewarm, lightly fermented and surprisingly smooth. I buy the small bottle for Dh5.
Not far away is Umm Muhammad at her Al Burqa'a Al Emarat stand, home to a wide selection of oud, perfumes, jewellery and handcrafted Sheikh Zayed medallions.
She explains that the village vibe of the souk is not only cosmetic.
"We all know each other or make the effort to," she says. "All of us ladies greet each other, inquire about our families and ask if we could help in any way."
More Emirati history is found at sunset.
For Al Maghrib prayers, traders and visitors gather at the festival mosque, which is a wonderful replica of the 15th-century Al Badiyah Mosque, named after the small village in Fujairah where it is located.
After the service, we are immediately snapped back to the present, or maybe even the future, with the festival’s signature Emirates Fountain revving into action.
Located within a lagoon at the centre of the festival, the LED tower is home to a dazzling light and laser show which runs frequently throughout the evening.
From Uzbekistan with love
One person not too fussed by the spectacle is Komoliddin Abdullayev.
He doesn’t even notice when I step into his corner stand, so immersed is he in a chess game played on a hand-carved board.
It is one of the many beautiful pieces of art encountered at the Uzbekistan pavilion, easily the most lavish and culturally enriching of the festival.
Abdullayev's Art Anor shop is one of half a dozen decorated stands showcasing the best of the former Soviet bloc country's heritage.
There are secular and religious artworks, national clothing including intricately embodied dresses, tunics and velour pants, and, of course, a stand selling the mighty pichak – a traditional Uzbek knife renowned for its versatile and acute blade.
Putting the chess game on hold, Abdullayev tells me Uzbek art is underrated both at home and abroad.
“We are only beginning to appreciate it now,” he says. “In my country there is a revival of the arts, particularly when it comes to miniatures and engraving. Inshallah, this will become popular internationally one day.”
What also needs to become more popular is Uzbek food.
The pavilion is home to an authentic kitchen serving traditional meals.
After asking for the chef’s recommendation, myself and two companions share a hearty meal of manti (steamed dumplings with sour cream), Uzbek pilaf (a rich dish cooked in beef stock and topped off with spices, veggies, onions and sultanas) and skewers of lamb, chicken and meat. It is delicious and comes at a cool price of Dh105.
A festival with heart
Satiated and content, I exit the festival convinced it’s one of the UAE's hidden gem.
Al Mansouri, the Emirati family man I met earlier in the day, was spot on. The Sheikh Zayed Heritage Festival’s focus on culture rather than commerce makes all the difference.
While the place is particularly busy and vibrant during the weekends, there is none of the chaotic wheeling and dealing associated with a market place.
Everyone involved, from the performers to the traders, seem to work in unison to preserve and present cultures new and old to a curious crowd.
This all makes for a fascinating evening out … just don’t forget your jacket.
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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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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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