A suite at Aloft Al Ain. Courtesy Aloft Al Ain
A suite at Aloft Al Ain. Courtesy Aloft Al Ain

Travel news: A first for Hilton in Jordan and more



A first for Hilton in Jordan

Visitors to Jordan can now stay at Hilton Hotels & Resorts' first hotel in the country, the new Hilton Dead Sea Resort & Spa. The 285-room property is on the north-east shore of the Dead Sea, next to the King Hussein bin Talal Convention Centre, also managed by Hilton since 2010. The hotel's spa is due to open in September. Rooms cost from 93 Jordanian dinars (Dh481) per night including taxes. For more information, visit www.hilton.com.

Al Ain gets lifted Aloft with new hotel

The Aloft Al Ain, which has opened as part of the city's new Hazza bin Zayed Stadium district, is offering 50 per cent off a second room for families with children under 21. The first room is available from Dh483 per night, including taxes. For more information, visit www.aloftalain.com.

New luxury dhow sails from Six Senses

Travellers used to roughing it on overnight dhow cruises off the Musandam Peninsula can now book a luxury vessel costing from US$22,000 (Dh80,804) for a three-day, two-night trip from Six Senses Zighy Bay. The boat is a 27-metre-long restored Omani dhow capable of cruising at 10 knots. It can accommodate up to six guests in three cabins, and itineraries are tailor-made and fully catered, with a butler and spa services and an on-board cinema.

Kerry Hotel opens in Hong Kong

The first hotel to be built on Hong Kong's Kowloon Waterfont in the past 20 years has opened. A 16-storey structure with interiors designed by André Fu, the Kerry Hotel features a waterfront terrace and rooms with direct views of Victoria Harbour. There's currently an opening offer of 20 per cent off the best available rate, with double rooms from 2,090 Hong Kong dollars (Dh987) per night, including taxes. For more information, visit www.shangri-la.com/hongkong/kerry.

Thailand halal app launched in Arabic

A halal travel app launched by the Tourism Authority of Thailand is now available in Arabic. The TAT said it was responding to the growing number of malls, health and wellness facilities, restaurants, attractions and other services catering to the Muslim Market. To find the app, search for “Thailand Muslim Friendly Destination” in the iTunes App Store.

rbehan@thenational.ae

PAKISTAN SQUAD

Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah. 

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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.”

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.