As the UAE experiences a cold snap, with temperatures dropping to lows of 2ºC in the mountains of Ras Al Khaimah, several residents have headed to the highest peak to experience the winter chill and possibly a chance to see frost.
Towering 1,934 metres above sea level, Jebel Jais has become a star attraction as temperatures drop to an average of 10°C lower than the rest of the country.
Many residents were either camping overnight in the mountains or driving up in the early hours to have breakfast against the stunning backdrop.
Emirati Mohammed Khalil told The National that the winter season is the best time to go camping in the mountains.
He and his friends head to Jebel Jais three or four times during winter. "We got here around 7pm last night and pitched our tents," said the Dubai resident, 23. "We got a campfire going and cooked burgers for dinner."
Dressed in heavy winter clothing, Mr Khalil said it was exciting to experience the cold weather in the UAE. "We are so used to the hot weather, so it's a refreshing change to experience the drop in temperature, and if we are lucky, even spot frost or snow."
The temperatures dipped to 3°C after midnight on Monday, he added.
For Pakistani expat Mehak Zaman, the camping trip to Jebel Jais is a welcome break from the hustle and bustle of city life. "We had come to Jebel Jais 10 days ago and had to rush back as we weren't prepared for the cold," she said. "This time, however, we came wearing three layers of clothes. It was very chilly in the night ... this is possibly the coldest winter I've experienced in the UAE so far."
Junaid Munawar, from Pakistan, came armed with thick blankets and lit fire soon after pitching his tent. “It was super cold. I wish more people would camp in the mountains to experience the winter weather,” said the 29 year old. “The views, especially at sunrise and sunset, are stunning and shouldn't be missed."
Raymark Sarmiento, 34, from the Philippines, drove to the mountains at 5am on Tuesday hoping to see frost, but settled for a breakfast with a stunning view.
"I came here after seeing social media videos of ice crystals in Jebel Jais," he said. "Unfortunately, I didn't see any. But having breakfast while watching the sunrise in the cold weather turned out to be magical."
Inspired by other campers, Mr Sarmiento is planning to return to spend another night in the mountains.
Rain forecast for the week
Cloudy conditions are expected until Friday, with rain forecast by the National Centre of Meteorology on Wednesday, Thursday and Friday, and noticeably cooler weather across the Emirates, with lows of 14ºC forecast every day until Friday in Dubai and 15ºC in Abu Dhabi.
It follows a cold weekend, with temperatures in Jebel Jais dropping to 1.8ºC on Sunday, according to the NCM. The mercury rose slightly on Monday morning, with the UAE's lowest temperature of the day being 3.4ºC, recorded in the Raknah area of Al Ain at 7.15am.
Temperatures have dropped significantly since the turn of the year, NCM data shows. For comparison, the lowest temperature in the UAE on December 31 was 10.7ºC, in the vast desert region of Al Dhafra, in Abu Dhabi.
The current chilly conditions and frost at the UAE’s tallest peak may be no surprise, but elsewhere in the Emirates there has also been a distinct feeling of winter in the air. Clear skies have coincided with temperatures dropping to 13ºC overnight in Al Ain, and 14ºC in Abu Dhabi and Dubai.
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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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Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
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For more information: www.koreafestivaluae.com
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