The Eid break has kick-started, with all schools and most offices closed from day one of the week. If you're not travelling – and have kids who've been cooped up all spring break long – here are some entertaining activities to sign up for with the family.
Monday, April 8
Take toddlers to Dubai's latest play area, MiniBounce, which opened in the Springs Souk this month. Open to children from walking age up to six years old, the sister brand of trampoline park Bounce features ball pits, netted soft-play structures and a trampoline section custom-built for little feet. The venue also has a cafe offering snacks, mains, desserts and drinks for parents to unwind.
Daily; 10am-10pm; from Dh80; Springs 7, Dubai
Tuesday, April 9
Al Hudayriyat in Abu Dhabi is transforming into an Eid market, complete with themed Instagrammable signs scattered across the island. Fireworks at Marsana aside, the area will be home to an outdoor cinema with plush sofas and surround sound; an all-day henna station; and live music courtesy of a DJ. Children will be well entertained too, with a game zone full of inflatables, slush and candy floss machines and roaming carnival-style performers.
April 9 and 10; all day; free to enter; Al Hudayriyat Island, Abu Dhabi
Wednesday, April 10
Head to the custom-built Eid Wonder Souq at Global Village, which is studded with stalls offering souvenirs and gifts, as well as food trucks and themed kiosks. The open-air park will also host daily firework displays at 9pm from Wednesday to Sunday. If you haven’t visited already, check out new seasonal attractions, including the Cyber City stunt show, a fire and laser show at Dragon Lake and Mini World, in addition to the various country pavilions, Ripley’s odditorium and all manner of rides and rollercoasters. The park closes for the summer on April 28.
Until April 14; 6pm-2am; from Dh22.50; Exit 37, Sheikh Mohammed Bin Zayed Road; www.globalvillage.ae
Thursday, April 11
Take the children to Abu Dhabi’s original amusement parks, Ferrari World and Yas Waterworld, for a chance to immerse themselves in the endearing local tradition of Eidiya. Kids can collect stamps valued at between Dh5 and Dh25 and use them to participate in fun activities set up within both venues. Other Eid-themed activities include Ayala dance performances and henna art, plus face painting and hair braiding.
Eid Al Fitr; Noon-7pm on Monday, 10am-8pm from Tuesday-Sunday (Ferrari World) and 11am-6pm on Monday and Tuesday, 10am-8pm from Wednesday to Sunday (Yas Waterworld); Dh345 for general-entry ticket; Yas Island, Abu Dhabi
Friday, April 12
In Dubai, families can head to Riverland at Dubai Parks and Resorts, which is putting on hourly laser shows three times each evening, starting at 7.30pm. Eid also marks the launch of the theme park’s latest show Alien Parade, which features space-themed characters and acts, including dancing astronauts. Meanwhile, Al Mashowa restaurant is offering an Eid dinner buffet with traditional Arabic dishes, priced at Dh149 for adults and Dh75 for children between five and 10 years, complete with an oud player and Tanura dance performances.
April 10-12; 10am-11pm; Dh15 (redeemable against dining and attractions); Sheikh Zayed Road, Dubai
Saturday, April 13
Take the family to Hatta for overnight glamping or a spot of adventurous activities. The picturesque mountain town is a two-hour drive from Dubai city and three hours from Abu Dhabi. For Eid, visitors can avail themselves of a 30 per cent discount on various activities at Wadi Hub, including ziplining, archery, wall-climbing, axe-throwing and net walking.
Eid Al Fitr; prices and timings vary; www.visithatta.com
Sunday, April 14
Check out Dubai's latest family-friendly brunch, titled Imagination, kicking off on Sunday with a one-time launch offer of 50 per cent off per guest. Mowsem in Hilton Dubai Palm Jumeirah promises an afternoon filled with mystical creatures – from singing unicorns to dancing wizards and magicians – plus arts and crafts stations, face painting with glitter, and a magic potion show. Food comes buffet-style, with international dishes courtesy of Danish chef Christian Pedersen.
Sundays; 1pm-4.30pm; from Dh299 for adults and Dh100 for children aged 6-11; (50 per cent off on April 14); Palm Jumeirah, Dubai; 04 230 0073
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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.”
