This week’s travel news, from new flights to a brand new trek through Armenia


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Shaolin kung fu Master Hu offers classes in Bodrum

The Spa at the Mandarin Oriental hotel in Bodrum, Turkey, will offer a holistic retreat by the international expert Shaolin kung fu Master Hu. With more than 20 years of experience studying tai chi, qi gong and the traditional zen tea ceremony, Master Hu will offer a two-day training retreat when guests book into the hotel from October 12 to 16 or October 19 to 22. This will include tai chi classes, qi gong, meditation, the tea ceremony, an Essence massage and more. Prices start at €725 (Dh3,344) per person, per night and include breakfast. Visit www.mandarinoriental.com/bodrum/.

Treat yourself to breakfast in Barcelona

The Hotel Arts Barcelona is offering guests its bed-and- breakfast package from now until December 31. The package includes overnight accommodation in a deluxe room for two, breakfast at Cafe Veranda and two drinks at Frank's Bar. Starting from €400 (Dh1,845) per night, including taxes. Visit www.ritzcarlton.com or call 0052 551 102 2136.

Trek in the Armenian highlands

Secret Compass, a group known for organising expeditions to remote regions, has announced a high-altitude trek across the southern highlands of Armenia, from August 28 to September 6, 2015. The eight-night trek will be relatively strenuous, and guests can expect to trek up to 25 kilometres and carry up to 15 kilograms a day, and experience summit ascents exceeding 3,200 metres. The route will include passing dozens of ruined fortresses, including Baghaberd Fort and the Unesco Tatev monastery. The package will include the full services of a Secret Compass expedition leader, a local guide and drivers, all meals, all transport as outlined in the itinerary, all specialist and safety equipment, all accommodation (including tents) and all local permits. International flights to Armenia, local airport taxes and international visas, tips to local guides, beverages, any costs of a personal nature and personal equipment are not included. Prices start at £1,499 (Dh8,800) per person. Visit www.secretcompass.com for more details.

Family staycation at Rotana

Guests looking to stay closer to home can spend a weekend at Al Ghurair Rayhaan by Rotana in Dubai. The package includes buffet breakfast and lunch at Liwan restaurant, unlimited internet access and a 60-minute massage or facial from Zen spa. Starting from Dh600 per room, per night, including taxes. Visit www.rotana.com or call 04 293 3000.

New flights to Uganda with Flydubai

Flydubai has started flights from Dubai to Entebbe and Bujumbura in Uganda. Dubai to Entebbe direct will depart Tuesdays, Wednesdays, Fridays and Sundays. Dubai to Bujumbura, via Entebbe, will depart on Tuesdays and Fridays. A return economy ticket to both locations starts at Dh1,470, including taxes, and departs from Dubai International Airport, Terminal 2. Visit www.flydubai.com.

alane@thenational.ae

The specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 849Nm

Range: 456km

Price: from Dh437,900 

On sale: now

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

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.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The Specs

Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now

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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag