UAE twitter round-up: Where to cook and what to wear

Every week, Felicity Campbell rounds up the best of the UAE's tweets. This week: keep your house safe over the summer, where to go for cooking lessons and enter our poll over #UAEDressCode.

Felicity Campbell

12 June, 2012

Around the UAE

We've been asking ourselves this @jarofjuice, let us know when you find out the answer. "Why is Middle Earth a fertile soil for conflict?"

As you get ready for your summer jollies you might want to take this advice from @ExpatWomanDubai about your home security. "Summer In Dubai - Home Security Tips: Don't leave home without reading our vacation tips! It is very common... http://bit.ly/Mti8Zq".

News

Here at @lifeNationalUAE we've got together a summer treat for you. "A dab hand in the kitchen or barely able to make toast? We round up the best #cooking classes for all skill levels http://shar.es/qUTlM".

Also "Working women in UAE most ambitious globally http://bit.ly/LAEwEC."

And lastly, a surprising bust at DXB International: "That ol' black magic leads to bust at #Dubai airport http://bit.ly/LigfSH vials of blood, sorcery incantations, you know the usual".

Promotions

@dxbdiva needed a little help. "Just bought this haha well needs must! Professional Home Cleaning via //www.cobone.com/deals/dubai/professional-house-cleaning-4hrs/10260?ref=1hmq7c8g799".

Go to @TheDubaiMall to "grab the classiest of collection for ladies and kids from M&Co, The Dubai Mall, at its FANTASTIC SALE of up to 50 http://twitpic.com/9v83s3".

Trends

This week we see a return of #BringTimmyHome and the #UAEDressCode.

Timmy MacColl, a British Royal Navy sailor, went missing in Dubai two weeks ago. The 27-year-old, from Scotland, has not been heard from since leaving Rock Bottom Cafe in the Regent Palace Hotel at 2am on Sunday, May 27. Despite reports that the Scot had been put in a taxi by his fellow sailors, there is a possibility that he got into a cab with two other people, neither of whom have been named.

@ukinuae "Have you seen Timmy MacColl ?? British man who has been missing in Dubai since 27 May 2012. http://www.bringtimmyhome.co.uk #findtimmy #bringtimmyhome".

@carolineindubai: "RT @missingabroad: Please RT Timmy Maccoll is still missing in Dubai http://www.missingabroad.org/missing-profile/timmy-maccoll #bringtimmyhome #FINDTIMMY #Dubai #missingpeople".

While the debate on #UAEDressCode rages on, the FNC Council was scheduled to meet today to address whether to make covering everything between the shoulders and knees mandatory. We think that while living in or visiting an Islamic country, this is not too much to ask.

@UAEDressCode "#UAEDressCode UAE is well known as Arabic & Islamic country & its welcoming environment. Kindly respect & apply the dress code in public."

@Audiomonkee "FNC to argue tomorrow to make @UAEDressCode a law... to support respectful dress- what are your thoughts?"

@rod_ster "UAE culture minister to be quizzed on dress code http://bit.ly/KuBzzZ I think giving leaflets at the airport maybe a bit late. #UAEDressCode."

[ Click here to go The National's poll and tell us what you think ]

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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.”

WHY AAYAN IS 'PERFECT EXAMPLE'

David White might be new to the country, but he has clearly already built up an affinity with the place.

After the UAE shocked Pakistan in the semi-final of the Under 19 Asia Cup last month, White was hugged on the field by Aayan Khan, the team’s captain.

White suggests that was more a sign of Aayan’s amiability than anything else. But he believes the young all-rounder, who was part of the winning Gulf Giants team last year, is just the sort of player the country should be seeking to produce via the ILT20.

“He is a delightful young man,” White said. “He played in the competition last year at 17, and look at his development from there till now, and where he is representing the UAE.

“He was influential in the U19 team which beat Pakistan. He is the perfect example of what we are all trying to achieve here.

“It is about the development of players who are going to represent the UAE and go on to help make UAE a force in world cricket.” 

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5