ABU DHABI // Hamad Kassab Bachi says his business is a reflection of the city he grew up in.
Born here in 1973, Mr Bachi has seen the capital grow up around him, changing from a sparse collection of temporary housing on sand to a modern metropolis of glass and steel.
The values that brought that together - passion, commitment and perseverance or what he calls the Abu Dhabi approach - have made his two-year-old shipbuilding business, Emocean Marine, successful, he said.
"My upbringing is similar to everyone else here: you grow up with friends from Iraq, Lebanon, Vietnam and the UK, to name a few, and everywhere else in the world," he said. "I went to the same school as my driver's kids and wore the same uniforms and ate the same food. Growing up here I did not have that concept of living in a rich neighbourhood means I have to go to a rich school, like in other parts of the world."
His father originally came to the UAE in 1967 to open the Dubai office of Armstrong Contracting, a British firm.
"Upon his arrival at Abu Dhabi airport, he ran into a Dhibiani [a pre-union Emirati from Abu Dhabi] acquaintance who offered to help him set up a business and he stayed in the city since," he said.
Like the city, his father's business started small but grew quickly. His food-supply firm soon expanded into contracting, technology and telecommunications.
"Our home was a house on Hamdan Street - yes, a house - there were no buildings. Just villas and houses were scattered across the beaches then," he said.
Mr Bachi's love for boats stemmed from his father's enthusiasm and adventurous spirit, he explained.
"Back then, we did not have malls or cinemas. Cartoons only came on TV from 4pm to 4.30pm every day. So we fell in love with the sea and going out on the boat," he said.
His father purchased his first boat in 1977, when Mr Bachi was four years old. Since then, he has spent almost every weekend out on the water.
"By age seven I became a skilled boat driver, and with my mother and father we navigated across the many channels and lagoons around Abu Dhabi," he said.
Abu Dhabi has the most boat-friendly waters in the world, he said, based on the proximity of the islands surrounding it and the abundance of channels and lagoons to navigate.
"The weather also is perfect for boaters, nine months of great weather if not 10," he said. "The UAE tradition for over 100 years in boat building has always been the use of state-of-the-art materials to create the best possible vehicle for the job, which was wood and sails then.
"We incorporated the ethos of UAE heritage and brought Italian style, American technical expertise along with Emirati conceptualisation, which resulted in what we have."
After developing an advertising business in 1998 from four employees to 84, Mr Bachi decided to pursue his passion for boats. So he started a company that built them.
"After my father's business grew with the city and my business grew, I realised that out here, anyone can do spectacular things," he said.
Emocean Marine was launched in March 2009. Its first boat, the Voodoo 27, was designed and built for the Abu Dhabi Yacht Show.
"Everything comes unexpectedly in Abu Dhabi - this is what you learn when you land here," he said.
amustafa@thenational.ae
First Person
Richard Flanagan
Chatto & Windus
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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.”