Indian travellers comprised the largest nationality checking into Abu Dhabi's hotels and hotel apartments in the first half of the year. Christopher Pike / The National
Indian travellers comprised the largest nationality checking into Abu Dhabi's hotels and hotel apartments in the first half of the year. Christopher Pike / The National
Indian travellers comprised the largest nationality checking into Abu Dhabi's hotels and hotel apartments in the first half of the year. Christopher Pike / The National
Indian travellers comprised the largest nationality checking into Abu Dhabi's hotels and hotel apartments in the first half of the year. Christopher Pike / The National

TCA looks to double subcontinent interest


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The Abu Dhabi Tourism and Culture Authority (TCA) has roped in a global travel company to showcase to India the Emirates' capital city .

The London-listed TUI Travel will promote Abu Dhabi destinations, such as the Yas Island attractions and Sheikh Zayed Mosque, through packages from three nights to a week.

As part of the partnership, TCA is holding a month-long campaign at TUI India's office in Select Citywalk Mall in New Delhi's well-heeled neighbourhood of Saketuntil August 31.

"India is one of the important destinations for us as it is close - only a three-hour flight away - there are daily flights and lately more Indians have been coming to Abu Dhabi," said Mubarak Al Nuaimi, TCA's director of promotions and overseas offices.

"But India is a big country and we have to do it in more destinations, such as Mumbai and Ahmedabad."

Indian guests look for hotels with access to golf courses, beaches and shopping malls, he said.

In the first half of the year, Indian travellers comprised the largest nationality checking into Abu Dhabi's hotels and hotel apartments, pipping British travellers who long held the top position as a source market.

Of the 1.3 million guests who stayed in Abu Dhabi during this period, more than 80,000 were Indians, a rise of 22 per cent during the same period last year.

They stayed on average for four nights, longer than last year.

"We hope to double that number for the rest of the year," Mr Al Nuaimi said.

TUI India is one the travel companies that TCA is in partnership with to tap the market. The others include Thomas Cook and Lama Tours. The capital will also have increased air access to India through Etihad Airway's 23 per cent stake in Jet Airways.

Etihad flies to nine destinations in India, including Ahmedabad, New Delhi, Mumbai and Chennai.

Besides promoting the Western Region with its desert islands, TCA Abu Dhabi is also positioning Abu Dhabi as a cultural hub, citing the planned Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi.

Listed on the London Stock Exchange, TUI Travel reported an operating profit of £87 million (Dh498.1m) in the second quarter, up by £13m over the same period last year.

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Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)

Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)

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FINAL RESULT

Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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5pm: Maiden (PA) Dh 80,000 1,400m

National selection: AF Mohanak

5.30pm: Handicap (PA) Dh 90,000 1,400m

National selection: Jayide Al Boraq

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Match info

Wolves 0

Arsenal 2 (Saka 43', Lacazette 85')

Man of the match: Shkodran Mustafi (Arsenal)

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.”

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What are the regulations?
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The years Ramadan fell in May

1987

1954

1921

1888