Malls are in full swing for the holy month, shoring up their activities lists to counteract the drop in shopper numbers and decreased food and beverage revenues.
For example, Dubai-based Majid Al Futtaim Malls, which has in its portfolio Mall of the Emirates as well as City Centre malls in Sharjah, Ajman and Fujairah, has extended opening hours by four hours on weekend nights.
Across the country, the hours are extended to 2am throughout the week, with food and beverage outlets open as late as 3am to accommodate those who are fasting during Ramadan.
The company's properties are running a regional charity campaign, Make a Difference this Ramadan, where visitors can donate funds, clothes, books, food and mobile phones through Red Crescent UAE. Donation boxes are in the malls.
“Mall visitors can also donate goods at Magic Planet, where they can give toys won in-store to less privileged children,” said a Majid Al Futtaim spokeswoman.
At Mall of the Emirates’ Ski Dubai, visitors can donate their Dh20 locker deposit, and Dh1 from every ticket sold at Vox Cinemas is being donated to the campaign.
In Al Bahia, Abu Dhabi, the Deerfields Mall is closed between 1pm and 7pm. To attract shoppers, it is holding calligraphy, ceramic, glass painting, and fanush-making classes for children (fanush are paper balloons that rise by hot air).
Emaar's The Dubai Mall is hosting Afghan master weavers at The Souk Atrium, where they spin wool and make carpets. The exhibition is in partnership with Afghanistan's Tanweer Investments, which works to empower women through job opportunities in carpet production. Also, the Emirati artist Mattar bin Lahej is displaying three pieces of stainless steel and engraved calligraphy.
During Ramadan, the mall’s extended hours are from 10am until 2am, while the dining outlets will be open until 3am.
Dubai Marina Mall is displaying art from Authentique Art and Design, ProArt Gallery and Monda Gallery.
ABU DHABI
Deerfields Mall
10am to 1pm and 7pm to 1am. Carrefour is open throughout the day from 10am to 1am, with all food and beverage outlets open from 7pm to 1am.
Marina Mall
10am to 1pm; branded shops such as Gucci, Prada, Chanel are open 10am to 3pm and 8pm to 1am. Food outlets: 7pm to 1am.
Al Wahda Mall
Shops are open from 10am to 1am; food outlets are open from iftar to 2am. Lulu hypermarket: 9am to 1am.
Abu Dhabi Mall
Stores are open 10am to 1pm and 8pm to 1am and on Fridays from 8pm to 1am; food outlets are open from 7pm to 1am. Abu Dhabi Co-op Hypermarket: 10am to 1am.
Dalma Mall
10am to 1pm and 8.30pm to 1am all week; food outlets are open for dine-in from 6.30pm to 1am; Carrefour open from 10am to 1am.
Yas Mall
10am to 1am all week; restaurants are open from 6pm to 1am; Géant hypermarket from 10am to 1am.
DUBAI
Majid Al Futtaim malls
Weekdays 10am to 2am; Weekends 10am to 3am. Northern Emirates: Saturday to Thursday retail shops 10am to 1am; food and beverage: 10am to 2am; Friday 2pm to 1am. Oman: Daily 10am to 1am.
The Dubai Mall
10am to 2am daily; dining outlets until 3am. Ice Rink: 10am to 2am, Sunday to Thursday. Sega Republic: 10am to midnight, Sunday to Thursday. KidZania: 10am to 1am, Sunday to Thursday.
Dubai Marina Mall
10am to 1am. Njoi playzone: 10am to 6pm; Sunday to Thursday.
SHARJAH
Mega Mall
Saturday to Thursday 11am to 3pm and 8pm to 1am; Friday 8pm to 1am.
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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
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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.”
