• Team members gather at designated tents during the Hong Kong Dragon Boat Festival 2022 at the Waterfront Market in Deira. All photos: Khushnum Bhandari / The National
    Team members gather at designated tents during the Hong Kong Dragon Boat Festival 2022 at the Waterfront Market in Deira. All photos: Khushnum Bhandari / The National
  • The Waterfront Market team ready to race.
    The Waterfront Market team ready to race.
  • The Hong Kong Economic Trade Office team.
    The Hong Kong Economic Trade Office team.
  • The Hong Kong Economic Trade Office team in action.
    The Hong Kong Economic Trade Office team in action.
  • The Hong Kong Economic Trade Office team, centre, race against Waterfront Market, DP World 2 and Cortex at the Hong Kong Dragon Boat Festival.
    The Hong Kong Economic Trade Office team, centre, race against Waterfront Market, DP World 2 and Cortex at the Hong Kong Dragon Boat Festival.
  • Dragon boat racing originated 2,500 years ago in China.
    Dragon boat racing originated 2,500 years ago in China.
  • The teams were divided into five race categories: open, mixed, women, corporate and community.
    The teams were divided into five race categories: open, mixed, women, corporate and community.
  • The Waterfront Market team celebrate at the finish point.
    The Waterfront Market team celebrate at the finish point.
  • More than 60 teams took part in 200-metre-races during the two-day event.
    More than 60 teams took part in 200-metre-races during the two-day event.
  • Crowds were able to cheer on teams throughout the day from the market’s promenade.
    Crowds were able to cheer on teams throughout the day from the market’s promenade.
  • DP World 2 in action at the Hong Kong Dragon Boat Festival.
    DP World 2 in action at the Hong Kong Dragon Boat Festival.

Lifestyle

Things to do

Hong Kong Boat Festival takes place at the Waterfront Market in Deira

Dragon boat enthusiasts made their way to the popular souq for a two-day event

Evelyn Lau
Evelyn Lau

October 09, 2022

  • English
  • Arabic

Participants and fans of dragon boat racing made their way to the Waterfront Market in Deira as it hosted the first Hong Kong Dragon Boat Festival at the weekend.

More than 60 teams took part in 200-metres-races during the two-day event where crowds were able to cheer on teams throughout the day from the market’s promenade. The teams were divided into five race categories: open, mixed, women, corporate and community.

The event is hosted by Siren Dragon Boat, which also have a number of other activities throughout the year.

Dragon boat racing originated 2,500 years ago in China. Dragons, alongside the sun, are traditionally revered in Chinese culture and dragon boat races are meant to pay homage to these ancient beliefs.

The event was sponsored by the Hong Kong Economic and Trade Office in Dubai.

The bustling market, one of Dubai’s most popular souqs, is home to hundreds of vendors. It opened in 2017, having taken over from Deira’s famed Fish Market. The new sprawling site is a covered market with air-conditioning.

As well as being one of the largest fish markets in the Gulf, with about 400 vendors selling their fresh catches every single day, the market is home to a fruit and vegetables market, a meat market, and a spice and dry food market.

Click below to see images from the Dragon Boat Festival in Abu Dhabi

  • A dragonboat team paddles with the Sheikh Zayed Grand Mosque in the backdrop. All photos by Leslie Pableo for The National
    A dragonboat team paddles with the Sheikh Zayed Grand Mosque in the backdrop. All photos by Leslie Pableo for The National
  • Teams get into their boats to race at the Dragon Boat Festival in Abu Dhabi.
    Teams get into their boats to race at the Dragon Boat Festival in Abu Dhabi.
  • Dozens of teams took part in the festival.
    Dozens of teams took part in the festival.
  • One of the teams gets ready to race.
    One of the teams gets ready to race.
  • Teams prepare for a programme of racing.
    Teams prepare for a programme of racing.
  • The Emirates Team at the Dragon Boat Festival Abu Dhabi.
    The Emirates Team at the Dragon Boat Festival Abu Dhabi.
  • The Dragon Boat Festival Abu Dhabi takes place in the Between Two Bridges area of the capital. Leslie Pableo for The National
    The Dragon Boat Festival Abu Dhabi takes place in the Between Two Bridges area of the capital. Leslie Pableo for The National
  • High fives as the Emirates team win a race.
    High fives as the Emirates team win a race.
  • A team gives out instructions to his team before a rac.e
    A team gives out instructions to his team before a rac.e
  • Spectators watch in the shade on a warm day in Abu Dhabi.
    Spectators watch in the shade on a warm day in Abu Dhabi.
  • Two participants warm-up before the race.
    Two participants warm-up before the race.
  • Time for a group photo.
    Time for a group photo.
  • Teams prepare for the big race.
    Teams prepare for the big race.
  • Out on the water.
    Out on the water.
  • A man congratulates a team after they finished their race.
    A man congratulates a team after they finished their race.
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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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What: Emirates Airline Festival of Literature

When: Friday until March 9

Where: All main sessions are held in the InterContinental Dubai Festival City

Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.

Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 

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 three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Tomorrow 2021
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Tickets

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

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Updated: October 09, 2022, 2:14 PM
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