Zinedine Zidane and Emilio Butragueno, the former football stars,attracted adoring fans when they played for Real Madrid in Spain. Now they are attracting property developers.
Last week, the two sports heroes were chauffeured to a large tented venue on a vast expanse of reclaimed land on the coast of Ras Al Khaimah.
The purpose of their visit to the sleepy industrial emirate was for a proposed US$1 billion (Dh3.67bn) Real Madrid resort.
Zidane, now a director of football at Real Madrid, and Butragueno, the director of institutional relations at the club, were there to promote the development, designed to include a theme park, hotel and stadium.
The project is expected to be financed through the private sector after a series of high-profile regional and global roadshows.
"It is without doubt the best advertisement we could have," says Khater Massaad, the chief executive of the RAK Investment Authority. "We look forward to opening our doors … as Ras Al Khaimah takes one step further to making its mark on the world map."
Such fanfare and international attention surrounding an ambitious announcement is a familiar occurrence in Dubai and Abu Dhabi. But the UAE's other five emirates are often left in the shadows, although they all demonstrate tourism ambitions of their own as they, too, strive to diversify and expand their economies.
Travel and tourism's direct contribution to the UAE's economy is expected to grow by 4.2 per cent a year to reach Dh132.4bn, or 7 per cent of GDP, by 2022, according to the World Travel and Tourism Council.
"There is a conscious effort by other emirates to promote themselves as attractive business and leisure destinations," says Gaurav Sinha, the managing director of Insignia, a brand communications firm which specialises in travel.
In the case of Ras Al Khaimah, it is hoping that tourism will make up 20 per cent of its economy by 2021 and generate in excess of $1bn a year.
The plan for the Real Madrid resort is just part of this. The emirate is already building a Dh700 million Waldorf Astoria hotel, which is Hilton's most luxurious brand.
It is also set to open an all-inclusive Dh500m luxury resort to be managed by the Turkish operator Rixos later this year.
"We are looking in Ras Al Khaimah not just to have hotel management, but also investment opportunities," says Fettah Tamince, the chairman of Rixos Hotels.
Sharjah is another region that considers tourism vital to its economy. The emirate actively promotes itself as a tourism destination at trade fairs all over the world, advertising its museums and cultural heritage as its main attractions.
Khor Fakkan, a town on the east coast, which is geographically separate from the main city, hopes to develop into a resort hub.
"We need to promote it more aggressively," says Mohamed Ali Al Noman, the chairman of the Sharjah Commerce and Tourism Development Authority. "It's still like unexplored territory. We have to tap its immense potential. [We are] constantly exploring ways and means to boost the tourism industry in the emirate."
Fujairah is doing the same thing. The emirate, with its rugged mountains and location on the Gulf of Oman, is a popular weekend escape destination for UAE residents. Three years ago, it set up Fujairah Tourism & Antiquities Authority as it stepped up its efforts to attract more visitors and investment in the sector. Ajman and Umm Al Quwain have also joined the growing queue to lure visitors to their regions.
But if they want to be successful they will all need to invest in building the right image.
"It is a matter of branding," says Chiheb Ben Mahmoud, the head of hotel advisory at Jones Lang LaSalle Hotels, Middle East and Africa.
"Sharjah, Fujairah and Ras Al Khaimah are already tourism destinations in their own rights in terms of number of tourists received and tourism activity. It is, however, the branding side of the destination that is understated."
This is by no means an easy process, he explains.
"Branding a destination is a long and costly process," he says. "Consistency is key."
While destinations such as Ras Al Khaimah and Fujairah have strong attributes and propositions, the initiatives taken so far have not seemed to get the message fully across.
"It is hoped the strategies in place and being implemented will achieve the desired results and the objectives. Iconic and exclusive hotel developments could play a role, but are no substitute to a full and comprehensive marketing strategy," says Mr Mahmoud.
And the other emirates are not established as aviation hubs.
"The Northern Emirates of the UAE follow, normally, the lead of Dubai and Abu Dhabi with new property, aviation and hospitality projects," says Omer Kaddouri, the chief operating officer at Rotana Hotels,one of the largest hotel operators in the UAE.
"According to our recent research, travelling within the UAE, the GCC and, more widely, across the Middle East and Africa, is definitely catching on, especially after the Arab Spring last year," he adds. "Our resorts in the Northern Emirates are fully booked at weekends. With more budget airlines operating in this region, local travel is becoming even better value."
Industry experts say what is needed now is a more united approach to tourism by the different emirates.
"The UAE would benefit exponentially by promoting the nation at a federal level," says Mr Sinha.
To some extent there have been steps toward this, he explains, with the National Council for Tourism & Antiquities developing marketing initiatives under the slogan of "Seven Emirates, One Destination".
"We need more international awareness about the easy access to some of the neighbouring emirates and what they offer, says Mr Sinha.
"It is in the interest of Dubai and Abu Dhabi, as people want to know what else there is to explore and discover in the UAE. The country offers unique Arabian experiences that await international visitors beyond the city lights of these burgeoning metropolises."
In the meantime, Zidane and Butragueno are not doing a bad job raising the profiles of emirates outside of Abu Dhabi and Dubai
rbundhun@thenational.ae
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COMPANY%20PROFILE
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
The five pillars of Islam
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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.”