Abu Dhabi, United Arab Emirates, March 10, 2020. Lulu Hypermarket going plastic bag free and cleanliness-conscious to combat the Covid-19 outbreak. A green checkout line at LuLu Hypermarket, Khalidiyah Mall. Victor Besa / The National Section: NA Reporter: Haneen Dajani
Abu Dhabi, United Arab Emirates, March 10, 2020. Lulu Hypermarket going plastic bag free and cleanliness-conscious to combat the Covid-19 outbreak. A green checkout line at LuLu Hypermarket, Khalidiyah Mall. Victor Besa / The National Section: NA Reporter: Haneen Dajani
Abu Dhabi, United Arab Emirates, March 10, 2020. Lulu Hypermarket going plastic bag free and cleanliness-conscious to combat the Covid-19 outbreak. A green checkout line at LuLu Hypermarket, Khalidiyah Mall. Victor Besa / The National Section: NA Reporter: Haneen Dajani
Abu Dhabi, United Arab Emirates, March 10, 2020. Lulu Hypermarket going plastic bag free and cleanliness-conscious to combat the Covid-19 outbreak. A green checkout line at LuLu Hypermarket, Khalidiya

Grab your own bags and join the capital in helping the environment


Farah Andrews
  • English
  • Arabic

"Life in plastic, it's fantastic," chime the lyrics of Aqua's seminal 1997 hit, Barbie Girl. And while there are an abundance of messages in that song that jar with controversy, in 2020, it is the implication that anything plastic is "fantastic" that may just rustle the most feathers.

Abu Dhabi this week announced that it will be gradually phasing out disposable plastics in the next two years, in a bid to protect the environment. To begin with, it will introduce a compulsory charge for ­disposable plastic bags, before banning them completely within two years, the plan outlines. A bottle-­recycling programme will also be ­introduced, alongside initiatives for other ­single-use plastic ­products, including cutlery, plates and straws.

“An estimated 13 million tonnes of plastic enter the world’s oceans annually, altering vital habitats, endangering marine wildlife and impacting the food chain by releasing toxic chemical compounds,” said Dr Shaikha Al Dhaheri, secretary general of the Environment Agency – Abu Dhabi, when announcing the new measures. “This issue is a grave concern for the preservation of our local species, posing a threat to our marine wildlife, sea turtles and seabirds, among others. Our policy responds to this global issue. If we do not take bold steps to contain the use of single-use plastics ... there will be more plastic than fish in the oceans and seas by 2050.”

Hopefully, people will notice just how easy it is to eliminate the material, particularly in its disposable form, when we adopt simple new habits.

I am absolutely delighted by the initiative. The roll-out of these kinds of measures is likely the only way that eschewing ­convenient single-use plastic products for their more environmentally friendly ­alternatives will become common practice among all.

For many, life in the UAE is incredibly convenient. People can order in from restaurants ­country-wide for breakfast, lunch and dinner, they order their ­weekly supermarket hauls to their door and online shopping is almost de rigueur. Sure, it’s convenient, but most of it comes wrapped in non-recyclable plastic.

In the past two years, I have tried to be very strict with my plastic use. I am definitely not perfect when it comes to my ­consumption, but disposable bottles are firmly on my banned list, I have reusable shopping bags in my car boot at all times and a keep-cup in my handbag (if I forget it, I forget about buying my coffee). But I do also buy toiletries in plastic bottles, order lunch in from time to time and chastise myself when garments bought in an online shop are ­delivered in individual bags.

For now, the city-wide plan to ban disposable plastic is limited to Abu Dhabi, but I hope the rest of the country follows the capital’s example. It had already begun, as Dubai International Airport and Dubai World Central Airport also both recently pledged to roll out a ban ­on single-use plastics from January this year.

In my native England, a plastic bag charge of 5p (25 fils) was introduced in 2015 and, by 2019, sales (and therefore use) of single-use bags had fallen by 90 per cent. As of July 2018, India, Germany, China, South Africa, Uganda and Denmark are among the 127 countries to have adopted some form of legislation to ­regulate plastic bags globally, be it a ban, charge or tax.

Hopefully, the main change people will notice is just how easy it is to eliminate the material, particularly in its disposable form, when we adopt simple new habits. If budgets don’t extend to buying new canvas bags for life, many will currently be housing a cupboard or draw full of plastic bags we’ve already collected. Keep a stash of them in your car or in handbags, and make them work a little harder than a single stint at the supermarket.

Selfishly, I will mourn the loss of a quiet eco-queue at Carrefour. That’s the till reserved for customers who have brought their own bags to pack, which never seems to be attended by a soul, while the others boast queues that have at least three or four piled-full trollies trailing behind each other. But if it means that in the next year we’ll see less plastic in the UAE’s seas, littered on the beach and out in the desert, it will be absolutely worth waiting in line.

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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.”

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

UAE currency: the story behind the money in your pockets
The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

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Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Match info

Uefa Champions League Group C

Liverpool v Napoli, midnight

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking