Fruitful Day delivers fresh, in-season fruit from around the region right to your office. Courtesy: Fruitful Day
Fruitful Day delivers fresh, in-season fruit from around the region right to your office. Courtesy: Fruitful Day
Fruitful Day delivers fresh, in-season fruit from around the region right to your office. Courtesy: Fruitful Day
Fruitful Day delivers fresh, in-season fruit from around the region right to your office. Courtesy: Fruitful Day

Fruit delivery company launches in Dubai


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In the UAE, you can find fruit from every corner of the globe in any supermarket throughout much of the year, but peaches you pick up in July won’t taste the same as the ones you grab in January. It’s difficult to keep track of what fruit is in season – especially when those seasons are so different from country to country. But that task just got easier with the launch of a new fruit box delivery company called Fruitful Day.

Based in Dubai, Fruitful Day’s business model is simple: delivering seasonal fresh fruit straight to your workplace. The company was founded by a group of friends who partnered with Baker & Spice founder Yael Mejia to gain industry insight and to cultivate relationships with local and regional suppliers. Fruitful Day founders have done the research for you so you can be sure the boxes are filled with fruit at its nutritional peak.

Mejia says: “We source our fruit from across the region, choosing the best of what each country has to offer. The region has a rich history of fruit that many people don’t have the opportunity to experience and enjoy. We have some fantastic farms here in the UAE producing strawberries, watermelon and kale and we are surrounded by countries with amazing fruits such as Lebanon, KSA, Iran and Afghanistan.”

Choose from the “staples” box, which includes regionally sourced, in-season bananas, apples and citrus fruit; or the “discovery box”, which is packed with a wider variety of in-season fruit, but you won’t know just what you’re getting until you open the box. This week’s discovery box includes 18 kinds, including watermelon, blueberries, figs and pears.

Fruitful Day delivers throughout Dubai, Sunday through Thursday, on a weekly, bi-weekly or monthly basis. A small box has 25 servings of fruit and starts at Dh95. A large box has 50 servings and starts at Dh125.

• Boxes can be ordered online. For more information or to subscribe, visit www.fruitfulday.com

sjohnson@thenational.ae

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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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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