Business

Hatta mall a part of Aswaaq expansion

Aswaaq on Sunday opened its first Aswaaq Mart Hatta grocery store, as part of its new 'marts' concept.

Lucy Barnard

December 18, 2016

Aswaaq, the supermarket and mall operator owned by Investment Corporation of Dubai, is developing a new community shopping mall in Hatta as part of a Dh110 million expansion plan.

The retail brand, which aims to increase the number of Emirati nationals working in retail, said on Sunday it is building a 60,000 square foot community mall in the mountain town, which it plans to open by autumn 2018.

Aswaaq said its plans were in direct response to last week’s announcement by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, for a Dh1.3 billion development plan for the Dubai enclave, which will include a hydroelectric power station, 400 homes for Emiratis, tourist accommodation and sports facilities.

On Sunday, Aswaaq opened its first Aswaaq Mart Hatta grocery store, as part of its new “marts” concept.

“As Aswaaq continues to grow, our key aim is to retain our position as an industry leader, by developing retail concepts that truly serve each neighbourhood’s needs and become a heart of these communities,” said Yousuf Sharaf, the chief executive of Aswaaq.

“Both of our new developments in Hatta will bring residents even closer to the highest quality retail experience and international levels of service.”

The expansion plan revealed this month includes the opening of three more community malls and three stand-alone supermarkets in Dubai next year.

The company currently owns and operates 11 community malls and supermarkets in Dubai. The expansion will increase its retail space by about 100,000 square feet.

The company wants to open 50 supermarkets across the UAE by 2021. Aswaaq was founded in 2008 to increase the number of Emiratis working in retail. The company offers Emirati entrepreneurs, members of the Mohammed bin Rashid Fund for SMEs and the Khalifa Fund, a 20 per cent discount on rent for three years in its stores and help with establishing their businesses.

lbarnard@thenational.ae

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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.”