Beachgoers shelter from the rain outside their beach hut in Broadstairs, Kent. Getty Images
Beachgoers shelter from the rain outside their beach hut in Broadstairs, Kent. Getty Images
Beachgoers shelter from the rain outside their beach hut in Broadstairs, Kent. Getty Images
Beachgoers shelter from the rain outside their beach hut in Broadstairs, Kent. Getty Images

Soggy summer leaves UK's seaside businesses floundering


Matthew Davies
  • English
  • Arabic

The school holidays that sit astride most of July and August are the linchpins of the fortunes of Britain's seaside towns. That's when families come to stay and enjoy themselves. That's when they go to the piers, wander around the shops, eat out at restaurants and enjoy ice cream cones.

But they don't if it's raining.

This year, the June weather raised the British tourism industry's hopes of a profitable summer season. It was the warmest June on record, with a mean temperature of 15.8°C, 2.5°C higher than average.

But just as the crucial July period dawned, the weather took a turn for the worse.

Last month was the UK's sixth-wettest July and the wettest July in Northern Ireland since records began, according to provisional figures from the Met Office. The start of August was also a damp squib.

For Miles Jackson, an entrepreneur in the English coastal town of Scarborough, most summers bring a roaring trade.

Mr Jackson owns three businesses in the famous North Yorkshire seaside resort, including a joke shop and outlets that sell ice creams, buckets and spades and many other beach necessities.

Following downpours in Scarborough, which according to the local council played host to 2.24 million visitors last year, the drains overflowed outside The Scarborough Joke & Magic Shop.

Trade at the Scarborough Joke & Magic Shop has suffered during the wet July. Photo: The Scarborough Joke & Magic Shop
Trade at the Scarborough Joke & Magic Shop has suffered during the wet July. Photo: The Scarborough Joke & Magic Shop

“We do OK through most of the summer months, from Easter to September,” Mr Jackson told The National.

“But our main moneymaking time is the six weeks of summer [school] holidays when people do day trips and weekend trips. That's what Scarborough has been known for the past 50 years. We had a really good June, a very wet July and also now a very wet start to August.”

'Huge knock to trade'

While an average of 140.1mm of rain fell across the UK, the sixth-highest total for July since records began in 1836, Scarborough had 146.3mm during the month.

“Scarborough needs the weather, England needs the weather for people to come and spend,” Mr Jackson told The National.

“I sell ice creams, buckets and spades and crabbing gear. You don’t sell this stuff online.

“People want to have an ice cream; they want to have a stick of Scarborough rock. So we absolutely need people to come walking around and buy.

“When the weather is terrible, it’s a huge knock to trade,” he added.

Holidaymakers brave a downpour in Skegness, Lincolnshire. Weather-dependent businesses in the UK's seaside towns had a dismal July. Getty Images
Holidaymakers brave a downpour in Skegness, Lincolnshire. Weather-dependent businesses in the UK's seaside towns had a dismal July. Getty Images

Bernard Donoghue, director of the Association of Leading Visitor Attractions, which has the National Trust and English Heritage among its members, said many outdoor attractions have been struggling.

“Where a destination is quite weather-dependent, like seaside destinations, they're having quite a tough time at the moment,” he said.

Even if, as the forecasters at the Met Office predict, the weather improves by mid-August, it may be too late to save the summer for some.

Mr Jackson says the damage is already done because the Scottish school holidays finish earlier than in England. Indeed, most school holidays in Scotland are over by August 21.

“Our huge Scottish holiday trade is gone. Last year, we had a really good summer – it was really hot from day one and it took us all the way through.”

But it's not only Scarborough and it's not only the weather that's made this a particularly cruel summer for English tourism and associated businesses.

Eyes on the ball at Hastings Adventure Golf. Photo: Hastings Adventure Golf
Eyes on the ball at Hastings Adventure Golf. Photo: Hastings Adventure Golf

A recent report from MRI Springboard showed that for the first time since the retail analysts began compiling their monthly reports 14 years ago, there were more shoppers on the UK high streets in June than there were in July.

As well as the rainy weather, the survey claimed strikes on the railways and the cost-of-living crisis were to blame.

But Britain's coastal towns were particularly badly affected, with footfall falling by 4.6 per cent as the damp July weather put people off going to the beach.

Reports of sewage leaks near some of the most popular beaches have deterred visitors as well. A poll carried out in mid-July showed that nearly a quarter of people who would usually swim in the sea while on holiday would not do so this year.

“The entire season has been challenging,” Simon Tompkins, director at Saris Leisure, told The National.

“The cost-of-living crisis is hitting the leisure industry very hard. The weather is making it even more of an uphill battle.

Saris Leisure, which owns adventure-golf courses, trampolines, fish and chip stalls and ice cream parlours in Hastings in East Sussex, registered a 32 per cent drop in visitor numbers in July. For Mr Tompkins, the weather is always a worry.

“Being a seaside attraction we rely heavily on the summer months,” he told The National.

“If the sun shines, we are very busy. If the weather is like what it has been, we struggle – to a degree, it's all or nothing.

“Over the past 25 years I've been with the company, the weather seems to even itself out over the course of the year or a couple of years.

“Fingers crossed this is the bad one and next year the great British summer will return!”

There seems to be that common thread of optimism among Britain's storm-battered seaside businesses. In Bournemouth on the south coast, hotel bookings are about 12 per cent below where they would normally be at this time of year, according to the Bournemouth Coastal Business Improvement District.

“Our hoteliers are a pretty resilient bunch. Their staff are all there, all waiting and ready to welcome everyone back to sunny Bournemouth when it is sunny,” said Fiona McArthur, operations manager at the business improvement district.

Eight kilometres along the Dorset coast in Lyme Regis, Jason and Lyn Martin, who run the Dorset House Bed and Breakfast and the Poco Pizza restaurant, are feeling pretty resilient.

“Over the last couple of years everything booked really quickly and there was excess demand in both businesses,” they told The National.

“This year is definitely slower, although still busy. The bed and breakfast feels a bit harder to fill the rooms, so there is last-minute availability, but this is still tending to fill.”

'We never cancel coastal cruises due to rain,' says the marketing director of Stuart Line Cruises in Devon. Photo: Lauren Clark
'We never cancel coastal cruises due to rain,' says the marketing director of Stuart Line Cruises in Devon. Photo: Lauren Clark

Some outdoor businesses were able to shelter their customers from the persistent rain in July. Stuart Line Cruises operates boat trips in and around the mouth of the River Exe.

The company's marketing director Lauren Clark told The National that while bookings for special events like weddings held up because they were made far in advance, public day trips in July saw passenger numbers well below those in the same month last year.

“We have covered lower decks and open upper decks, so during inclement weather we tend to limit capacity so that all passengers can be under cover, ensuring comfort whatever the weather.”

Situated at the estuary of the River Exe, Stuart Line Cruises operates sea trips up the Jurassic Coast, the 150km stretch of Dorset and East Devon coastline of such importance that it is England's only natural Unesco World Heritage Site.

However, when the sea gets too rough, the company has the option of changing the route and taking its passengers up the River Exe instead.

“We never cancel coastal cruises due to rain but there have been occasions during July where it has been necessary to alter the route of our coastal cruises, due to unsuitable sea conditions.

“Fortunately, we have the River Exe and therefore on the rare occasion that we are unable to go out to sea we are always able to offer river cruises instead,” Ms Clark added.

People on Bournemouth beach in Dorset this summer. PA
People on Bournemouth beach in Dorset this summer. PA

Lost days

The wet July weather dampened the UK retail sector as a whole, especially in clothing as shoppers found little reason to upgrade their summer wardrobes.

According to the British Retail Consortium, total UK retail sales increased by only 1.5 per cent in July, even taking into account high inflation. That compared to 2.3 per cent growth in July last year and was well below the three-month average of 3.5 per cent.

“The slowing pace of retail price inflation fed through into slower sales this July,” said Helen Dickinson, chief executive of the consortium.

“Spend was further depressed by the damp weather, which did no favours to sales of clothing and other seasonal goods.”

Like all retailers in Britain, those in seaside towns were already struggling with the cost-of-living crisis – rising interest rates, high inflation, soaring energy costs and so on. Rail strikes during July were also an issue. The wet weather simply added to their woes.

For Colin Burt, who owns and runs the World Famous Brighton Rock shop in the south-coast city, July brought a triple-whammy.

The shop has been in his family for 50 years, selling the sticks of boiled confectionery synonymous with British seaside holidays.

The World Famous Brighton Rock shop sells ... well, the clue's in the name. Photo: Stacey Burt
The World Famous Brighton Rock shop sells ... well, the clue's in the name. Photo: Stacey Burt

In the middle of the month, the 200-year old Royal Albion Hotel in Brighton caught fire. As a result, some of the surrounding roads on the seafront were closed for several days.

At the same time, strikes by rail workers seriously reduced the number of potential day visitors to Brighton in July.

And, of course, it rained.

“We’ve been hit three ways – weather, trains and road closures,” Mr Burt said.

“I believe August will get better and takings will increase. But you cannot make up for lost days.”

The void of July is a real issue in seaside towns where seasons matter, said Mr Donoghue at the Association of Leading Visitor Attractions.

“Any loss of summer business will affect their year-round profitability,” he said.

“The weather forecast for the rest of August suggests the weather will significantly improve and September may be sunny and warm, which outdoor attractions and seaside businesses are banking on.”

Waves crash over the pier at Tynemouth on England's north-east coast. PA
Waves crash over the pier at Tynemouth on England's north-east coast. PA

Fewer staycations

For many seaside businesses, a brighter and warmer September will be too little, too late. Holidaymakers will start to drift back home to prepare for the new school year.

But those who run tourist-dependent businesses in Britain's seaside towns and cities have been battling against cheaper holidays in warmer climes for at least 40 years.

They enjoyed a brief boom a few years ago as pandemic lockdowns were lifted but overseas travel was still fraught with complications.

Nonetheless, a survey by American Express showed that 27 per cent of adults in the UK were planning a staycation this year and that tourist spending would hit £25.9 billion.

However, that research study of 2,000 people was carried out in mid-June, which according to the Met Office was the warmest June since 1884.

A roller coaster at Blackpool Pleasure Beach. Blackpool Council leader Lynn Williams said this year's wet July weather was a disappointment. Getty Images
A roller coaster at Blackpool Pleasure Beach. Blackpool Council leader Lynn Williams said this year's wet July weather was a disappointment. Getty Images

The July rain seems to have put a dampener on that. The latest Bloomberg Reed Jobs Report shows the drop in job vacancies is now considerably steeper in seaside towns than across the UK as a whole.

“Given how heavily reliant many of these coastal towns are on strong summer trading, it is certainly concerning that the usual summer boost in job postings hasn’t materialised,” said James Reed, chairman of the employment agency Reed.

“The ‘staycation boom’ has come to an end.”

Likewise, figures from airlines like Ryanair prove demand for foreign travel has renewed strength.

But business owners in the UK's coastal towns like Scarborough are a hardy lot, Mr Jackson said from North Yorkshire. He doesn't think one exceptionally wet July will prove to be the final nail in the coffin for many a struggling seaside business.

“I don't think they’re at risk of closing,” he told The National.

“I think they’re at risk of having to dip into savings from previous years but I don't think anyone’s going to close down. I’m absolutely not going to close for one bad year. That's just bad business management.”

THE SPECS

GMC Sierra Denali 1500

Engine: 6.2-litre V8

Transmission: 10-speed automatic

Power: 420hp

Torque: 623Nm

Price: Dh232,500

The specs
Engine: 2.0-litre turbo 4-cyl

Transmission: eight-speed auto

Power: 190bhp

Torque: 300Nm

Price: Dh169,900

On sale: now 

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Race card

5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m

6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m

7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

While you're here
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

THE SPECS

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed dual clutch

Power: 710bhp

Torque: 770Nm

Speed: 0-100km/h 2.9 seconds

Top Speed: 340km/h

Price: Dh1,000,885

On sale: now

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press

UAE currency: the story behind the money in your pockets
RESULTS

2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m

Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)

2.45pm Handicap (PA) Dh40,000 (D) 1,200m

Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam

3.15pm Handicap (PA) Dh40,000 (D) 1,200m

Winner AF Thayer, Tadhg O’Shea, Ernst Oertel

3.45pm Handicap (PA) Dh40,000 (D) 1,700m

Winner Taajer, Fabrice Veron, Eric Lemartinel

4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m

Winner Jawaal, Jim Crowley, Majed Al Jahouri

4.45pm Handicap (TB) Dh40,000 (D) 2,000m

Winner Maqaadeer, Jim Crowley, Doug Watson

MATCH INFO

Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')

Morecambe 0

RESULTS

6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.

8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.

8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.

9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
Bullet%20Train
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Leitch%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brad%20Pitt%2C%20Aaron%20Taylor-Johnson%2C%20Brian%20Tyree%20Henry%2C%20Sandra%20Bullock%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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.”

MATCH INFO

Mainz 0

RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')

Man of the Match: Timo Werner (RB Leipzig)

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

UAE currency: the story behind the money in your pockets
MATCH INFO

Day 2 at Mount Maunganui

England 353

Stokes 91, Denly 74, Southee 4-88

New Zealand 144-4

Williamson 51, S Curran 2-28

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

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Arabian Gulf Cup FINAL

Al Nasr 2

(Negredo 1, Tozo 50)

Shabab Al Ahli 1

(Jaber 13)

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

Updated: August 11, 2023, 6:03 PM