Saturday and Sunday brunches have been cancelled by some, while others will serve brunch sans music or entertainment. AP Photo
Saturday and Sunday brunches have been cancelled by some, while others will serve brunch sans music or entertainment. AP Photo
Saturday and Sunday brunches have been cancelled by some, while others will serve brunch sans music or entertainment. AP Photo
Saturday and Sunday brunches have been cancelled by some, while others will serve brunch sans music or entertainment. AP Photo

Some brunches cancelled in respect of mourning period for UAE President Sheikh Khalifa


Panna Munyal
  • English
  • Arabic

While many restaurants will remain open as usual, albeit with low or no music, a number of brunches have been cancelled this weekend across the UAE in respect of the mourning period following the President, Sheikh Khalifa's death.

The cancellations come in line with an announcement by the Ministry of Presidential Affairs, stating that there will be an official mourning period of 40 days with flags to fly at half-staff, as well as three days of closure of ministries and official entities at the federal and local levels, and the private sector.

Atlantis, The Palm has confirmed that brunches at all of its restaurants are cancelled on Saturday and Sunday. There will also be no background music across the resort and in Aquaventure water park at the weekend.

Fi'lia was meant to host a special Saturday brunch this weekend to mark its first anniversary. However, the female-led Mediterranean restaurant at SLS Dubai has cancelled all brunches for the three days of mourning.

Fi'lia is located on the 70th floor of SLS Dubai. Photo: Fi'lia
Fi'lia is located on the 70th floor of SLS Dubai. Photo: Fi'lia

Other restaurants that will not host brunches this weekend include: Caviar Kaspia, Tandoor Tina and High Note Pool & Sky Lounge.

Hari Kaimal, chief executive of Goldmead Hospitality, said: "We are not holding brunches at High Note at Aloft Al Mina Hotel this weekend. We are serving food as per usual, but with no form of entertainment or music or a background score. We will just be screening the IPL at a minimal volume."

Meanwhile, Sky 2.0, a nightclub in Dubai Design District, announced it would close the venue for two days. "In respect to the sad passing of the UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan, our doors will be closed on Friday, May 13, and Saturday, May 14," read an announcement on Instagram.

Brunches that are operating this weekend

The indoor brunch at two.0 Cove Beach Abu Dhabi will be served, albeit without music. A representative said: "We are yet to get confirmation about withholding the serving of alcohol".

Palazzo Versace in Dubai has confirmed brunches are still serving food and alcohol as usual; however, no entertainment will be on hand. These include: La Famiglia picnic brunch at Amalfi on Friday from 3pm to 8pm; The Prusiana brunch by Enigma on Friday from 7pm to 11pm; and Into the Jungle brunch at Giardino on Saturday from 1pm to 5pm.

As of Friday evening, many restaurants were yet to confirm whether or not they will be operating as usual over the next few days.

The National has contacted more than 70 restaurants and this story will be updated as more are verified.

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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.”

Updated: May 14, 2022, 6:17 AM