The spectacular underwater sights at Dibba rock have, in recent months, included whale sharks, which can grow up to 18 metres long.
The spectacular underwater sights at Dibba rock have, in recent months, included whale sharks, which can grow up to 18 metres long.

Time to take the plunge



Where does one go to escape the heat at this time of year? By this point of the summer, we're bored of our apartments, tired of sitting in the car with the air-conditioning on full blast and trawling the malls seems a bit old hat too. Most options elicit a weary sigh, but all is not lost. What about heading underwater for a spot of scuba diving? "Just think, the world is two thirds water," says Sam Joffe, an instructor and manager at Al Boom dive centre on Al Wasl Road in Dubai.

The sweltering UAE summer means big business for the dive centre and it is currently peak season for them in all three of their UAE centres ? one in Dubai, one in Al Aqah and one that opened earlier this month in Jebel Ali. Every Friday, Joffe says, they have about 120 divers in the water at various locations, so despite the recession and cost of diving (the four day learner's course, for example, costs Dh2,350) it seems that business for Al Boom is, well, booming.

"At the moment there are quite a few advanced courses going on, lots of residents advancing their skills, but then tourists discover scuba here too" says Joffe. "Then there's also our residents' course every third week of the month for those who want to learn and finish work early in the afternoon." All of Al Boom's courses are designed by PADI (Professional Association of Diving Instructors), the world's largest diving training organisation, which has handed out more than 17 million diving certificates since it was founded in 1966. Nowadays, it has a vast global reach and trains more than 50 per cent of all those who learn to dive worldwide ? stiff competition for its smaller rivals such as BSAC (British Sub Aqua Club) and the American NAUI (National Association of Underwater Instructors).

Al Boom is recognised by PADI as the UAE's number one diving centre and it is carefully manned by Francis Uy, the course director and operations manager who has been a diving instructor for 11 years and has worked at Al Boom for six of them. PADI, however, has had various criticisms levelled at it in recent years - detractors say the acronym stands for "Pay And Dive In." One of the most common complaints is that its learner courses are too short, designed simply to churn as many divers through as possible for the cash. The result, the critics say, is that seas are increasingly full of divers who don't know what they're doing. They put themselves and fellow divers at risk, while also crashing about into coral and causing damage to the sea's delicate ecosystems.

In 2006, following three diving deaths off the British coast in Cornwall and Devon, a diving expert slammed various training courses and singled out PADI in particular for their advanced open water course, which allow a novice to take just nine dives before qualifying as advanced. "That is madness, end of conversation," said Dr Philip Bryson, the head of the Diving Diseases Research Centre in Plymouth.

PADI replied that their system is tried and tested. "We have a lot of data about the efficacy of our system and the vast majority are out there diving quite happily," said Mark Caney, the organisation's vice-president. Others say that PADI's courses are dangerous because they never demand any kind of refresher class. You can take the course while on holiday, have a break of many years before hopping in again, having forgotten all about buoyancy, how to gauge your oxygen levels, how deep to go and a whole host of other technicalities.

I know something of this because the last time I went diving was on the day the 2004 tsunami struck. I happened to be on holiday just off the coast of Kenya, on an island called Lamu. It was Boxing Day and my family set out in the morning for one dive, to be followed by lunch on the boat and another dive afterwards. "The water is being very strange today," said the wizened Kenyan boatman as we clambered aboard that morning - one of those throwaway statements that seemed so prophetic afterwards.

I hadn't been diving for three years, since I first qualified in Thailand, and the disorientating currents pushing us in all manner of directions scared me. Sulky teenagers, my brothers and I refused to go back down again after lunch, so my parents left us sunbathing on deck and went without us. Radio announcements soon alerted the captain to the disaster unfolding along Asian coastlines. My parents were hurriedly brought up and the boat raced ashore, for no one knew then how the African coast would be affected. In the end, compared with the devastation elsewhere, it was barely touched.

Despite my having taken PADI's advanced course, I haven't been diving since and realise how little I can recall of my original training. Though it is not compulsory according to PADI, Uy points out that Al Boom offers and recommends a refresher course to those who have not dived for six months. It is, he says, something that many PADI centres do. The onus, he adds, is for divers to be sensible and gauge what their capabilities are.

As for the claim that the courses have become too short, Joffe says that is a misconception. "It's a marketing campaign because people say: 'I don't have time to learn.' You can then say to them it only takes four days, but it's only ever taken four days." Then there's the debate about diving in general, with increasing numbers flocking to areas such as the Red Sea, the Great Barrier Reef and islands off Thailand, leaving pollution and damage in their wake. The subject was raised last month in The Times in a piece written by Cavan Pawson, a diver with 10 years experience who said that he had decided to hang up his dive mask after becoming "sickened" by diving practices he has witnessed in recent years. These include woefully inexperienced instructors, overcrowded dive sites and divers who care little for the environment.

Actually, says Joffe, divers tend to be very eco-aware. "You get exceptions to the rule of course, but usually the divers watch one another or the instructor does. They become ambassadors for the ocean." "Around here it's definitely not at the point where it's damaging the environment," says Uy, who talks proudly of the sites that the UAE has to offer. The country's coastlines are not listed among the world's very best sites, but in some ways that's an advantage because there aren't the vast number of dive boats here one finds at popular destinations such as Sharm el Sheikh.

The best site? Both Joffe and Uy say it depends. On the east coast, there is Al Aqah in Fujairah, with good visibility and marine life such as rays, grouper and various small species of fish. More exciting still, the pair say there have been sightings of whale sharks off nearby Dibba Rock in recent months. Whale sharks, the largest of the species, can grow up to 18 metres long and have mouths that can stretch to 1.5 metres (happily they mostly only eat plankton and fish).

"The Gulf's become a breeding ground for them," says Joffe, adding that turtles are a common sight too. Then there is the lesser-visited northern tip of Omani Musandam, which is occasionally afflicted by strong currents but where the water and stunning coral reefs remain "pristine", says Uy. "It's one of the best there is and I've been diving for some time," he adds, before reeling off Egypt, Djibouti and Malaysia's Sipidan as his top diving spots, while loyally insisting that his homeland, the Philippines, remains his favourite. "But I'm very open minded at every dive site," he says. "I never compare things.

"For instance, if you dive here right now there have been sightings of sea horses. Imagine, people travel the world to see sea horses and they're right there off Jumeirah Beach." Instructors at Al Boom's new centre in Jebel Ali lead people out on wreck dives. The most interesting and preserved wreck, according to Uy, is the Zainab lying almost 30 kilometres off the Dubai coast. Originally a cargo ship, she had been modified to illegally carry oil from Iraq to other countries. It was scuttled by her crew in 2001 to avoid an inspection from the coastguard. The Zainab was carrying 1,300 tonnes of oil and its sinking threatened to lead to an environmental disaster. But authorities contained the slick and now she lies 30 metres deep, often surrounded by barracuda.

"I was there yesterday," says Uy. "She's beautiful, perfect." "We are also very proud because we have what I call the new area of diving in Dubai Mall, the aquarium," he says. There, onlookers can don a suit and tank and jump in with the tiger and leopard sharks. It has been hugely popular since being launched earlier this year. "It's the new kind of dive centre, in a shopping mall with Starbucks next door," says Joffe.

"A very Dubai type of diving?" I joke. "Yes," they both say, laughing. What on earth would Jacques Cousteau think about that? For more information visit www.alboomdiving.com.

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
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