The Department of Culture and Tourism – Abu Dhabi has announced the 15 recipients of its fourth Urban Treasures initiative. The annual celebration honours long-standing businesses that have played a key role in shaping Abu Dhabi’s cultural and social landscape.
Launched in 2020, the list highlights cafes, perfumeries and other establishments that have operated for more than 20 years in Abu Dhabi and Al Ain. Winners are awarded an Urban Treasures brass plaque to display in their storefronts. They will also be showcased in a year-long social media campaign aimed at encouraging more visitors, highlighting each establishment’s role as a vital part of its neighbourhood’s urban and social fabric.
The 15 recipients this year are: Khulood Club, Gulf Pastry, Zahrat Al Khaleej Nabulsi Sweets, Orchid Tailoring & Embroidery Shop, Mohammed Farooq Perfumes, Al Jumaira Studio & Stores, Al Yahar Modern Restaurant and Kitchen, Three Star Watches Shop, Shawarma Ala Alragef Cafeteria, Happy Yemen Restaurant, Ahmed Sultan Al Salami Trading and Importing, Al Ain International Medical Polyclinic, Nauras, Baqala Cheese & Pickles Centre and Al Sidr Natural Honey.
During the announcement, Mohamed Khalifa Al Mubarak, chairman of DCT Abu Dhabi, said the Urban Treasures initiative continues to shine a light on businesses that have “added to Abu Dhabi’s character over the decades”.
“These establishments are enduring community pillars that reflect the spirit of our emirate and, by celebrating them, we honour these human stories and traditions. With each successive edition, we celebrate businesses that are recognised for having a lasting impact within our community and inspire future generations to cherish their legacy.”
Often family-owned, past honourees have included everything from hole-in-the-wall eateries and local bakeries to textile shops and pharmacies.
Awardees are selected through public nominations, which are reviewed by DCT Abu Dhabi to confirm that each business has been operating for a minimum of 20 years. Following this screening, a dedicated committee conducts on-site evaluations of the shortlisted businesses, including interviews with owners, managers and customers.
With the completion of its fourth run, the Urban Treasures initiative has now recognised a total of 60 cherished local establishments throughout Abu Dhabi. Last year, the list included the UAE’s first pharmacy that opened in 1965, a Persian carpet shop from 1989, and two restaurants that have been open since the 1990s.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Honeymoonish
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Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
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THREE
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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.”
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