Coffee shop owner Gerard Reymond has died at the age of 68. The news of his death was announced on Thursday.
“In our remembrance of a legend in Dubai. Our great Gerard who touched so many hearts. We already miss you. Love you papa,” posts on Facebook and Instagram read.
The owner of the popular Gerard Cafe chain, which was founded in 1978, was known for his cappuccinos, pastries and cakes, as well as his friendly rapport with customers. Many people credit him as a stalwart in helping to establish the roots of the vibrant cafe scene in the UAE today.
Gerard arrived in the UAE from France in 1978 after receiving an invitation to visit from a friend. He opened his first coffee shop in Sharjah the same year. Over time, he expanded his reach, opening branches in Dubai, Abu Dhabi, Ajman and Ras Al Khaimah.
Since news of his death was announced, people from across the country have paid tribute to the man. Emirati writer Sultan Al Qassemi shared a photo of Gerard and himself at the cafe.
“RIP Gerard Raymond, founder of Gerard Cafe, who passed away aged 68. Gerard arrived in the UAE in 1978 setting up his famous French cafe carrying his name first in Sharjah at the Flying Saucer and later expanding to Dubai's Al Ghurair Centre & Magrudy's complex in Jumeirah,” tweeted Al Qassemi.
The exact cause of death has not been announced. His son Anthony Reymond thanked those who had offered kind words, as well as the medical professionals who treated his dad.
“On behalf of my father, I’d like to thank the doctors and nurses that did their best during and after dad’s heart surgery," he wrote on social media. "I’d like to also thank the healthcare system of the UAE, and the blood donors that have made the donations.
"Finally, I’m grateful for all the love and support sent to my dad during these past few days. Means a lot to us. Thank you all.”
Kirsty Heaton, a teacher at Mindful ME in Dubai, said her family have been visiting the Gerard Cafe for more than 30 years.
“For many years Gerard's in Jumeirah was the place to meet. It was always buzzing in the mornings, afternoons and evenings," she said.
"You would always see familiar faces, the staff were so welcoming and everyone knew each other. It was the 'hub' of the city and Gerard himself was always there, welcoming guests and chatting to his customers. The cafe had a family feel and the smell of freshly baked croissants was always in the air,” she said.
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Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
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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.”
