A fisherman lands his catch last Friday morning, down by the breakwater near the Corniche and Marina Mall. Sometimes the fish are biting and sometimes they're not, but for many of the regulars, the gentle pleasures of the ritual are a reward in themselves.
A fisherman lands his catch last Friday morning, down by the breakwater near the Corniche and Marina Mall. Sometimes the fish are biting and sometimes they're not, but for many of the regulars, the geShow more

Breakwater hooks capital's fishermen



ABU DHABI // Close to the Marina Mall, next to the Abu Dhabi Theatre, the breakwater attracts people of all nationalities on Friday mornings.

They have come to start their weekend by enjoying the old rituals of fishing.

In comfortable clothes and carrying their gear, they come alone, in couples, in families or in groups. Some try their luck from behind a fence, others sit on rocks at the water's edge.

The breakwater area is one of the oldest places in Abu Dhabi, and many people who grew up in the capital have fond memories of fishing there, or just relaxing with family and friends.

Mohammed al Sadani, an engineer in Abu Dhabi, goes there with his sons.

"My boys like fishing, so I try to get them here every weekend. I find it a nice a hobby and I'm glad they enjoy it." he said.

People start to arrive around 8am, and keep coming throughout the day. It is not unusual to see all ages fishing - hammour and shaari are the main catch - and enjoying the seaside.

Some people go there only when they cannot use their boats because of the weather. Salah Suleiman, a Jordanian manager at an internet technology company, said "we usually go on our friend's boat and fish in the sea, but on rainy days like this one we come here."

He said that in his view fishing is not boring, no matter what some people believe. "It's really fun and relaxing. We love putting on music when we start fishing, usually very early. And after we catch a lot of fish, we take them to the Mina fish market, where they clean them for us. Then we're off to a barbecue and we'll have a feast."

Joe Mindanao, a Filipino salesman, said he goes there every Friday, and sometimes on other days too, in the morning before work. "Life can get hard sometimes, and coming to fish here, hearing the waves crashing on the rocks, gives me a feeling of relief."

Mohammed Tayeh, a Jordanian manager for a tracking system company, is informally known as the best fisherman in the area. He has been coming to the breakwater on Friday mornings for the past 10 years.

"I love this place, I know I can have other choices of fishing places in Abu Dhabi, but I've been doing this here at the breakwater for so long, and I feel a connection to the fish in this area," he said.

No matter the weather, Mr Tayeh said, he comes every Friday, and most people there know him.

"Sometimes people come asking me for help," he explained. "I also taught a lot of my friends about fishing, and now they're addicted to it too.

"Sometimes when I wait too long for a fish I'll be doing something else, like reading a book or socialising with other people here.

"I remember when I was a kid I used to come here with my family," he added, "and buy delicious koshary and we'd just hang around in this area."

Mr Tayeh recently became engaged, and now he brings his fiancée with him sometimes.

"For some reason, this place gives us a peaceful, romantic feeling, and she enjoys it too," he said.

When the sun gets too hot, people start to leave the breakwater. Some come back in the afternoon for some more fishing.

Whatever the time, all the breakwater fishermen interviewed agree that spending their Friday mornings there has become part of their life.

"If we don't come here each weekend, I feel like there's something missing," said Mr Tayeh.

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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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