Ali Murat Guven, a Turkish journalist and filmmaker, stands before the monster that caused all the trouble.
Ali Murat Guven, a Turkish journalist and filmmaker, stands before the monster that caused all the trouble.

British tourism officials irked as UAE adopts hoax



ABU DHABI // A photograph of a purported monster, said to be lurking in the mountains of Ras al Khaimah and snapped by an unfortunate hiker seconds before it killed him, has irritated English tourism officials since it appeared in the mid-1990s. The supposed killer, now a part of internet folklore, is actually a plaster goblin hanging in a tourism grotto at the ancient Cheddar Caves and Gorge in Somerset, England.

"This whole thing has been hijacked from us," said Bob Smart, the marketing manager at the caves. "One thing that irritates us is when people photograph our goblins and then pretend they're from somewhere else." Mr Smart, who has worked at the Somerset attraction for 18 years, said the plaster goblin was hanging in the site's Crystal Quest grotto, and was sculpted by a Bristol magician named Richard Pavey.

Mr Smart said the photo appeared in an e-mail that described how UAE police found a dead hiker's camera and developed the film. "It started out as a thoroughly British hoax and then somehow it became an Arab hoax," Mr Smart said. "Somebody took the photograph and sent it as a joke to a friend. At some point, it seems somebody thought it would be good to shift the whole thing to the Emirates and the Arabian Desert."

News outlets in England and Turkey were even publishing the account as fact, said Ali Murat Guven, a Turkish journalist. "This picture is a legend that millions believed in the virtual world," said Mr Guven, also known in his homeland as the "Mystery Hunter" for debunking hoaxes. "In the Islamic world, they said it was a 'jinn'. In England, they call it a 'demon' or a 'cave monster' from the UAE. In some other places it was a 'chupacabra'."

Jahir Hussein, a research analyst for RAK Tourism who is familiar with the e-mail, said: "Four or five years ago there were these stories because there was nothing here. "But now there's a lot of development and business people are coming and all the old areas are being occupied, so there is no talk of this mountain story." Mr Smart said that at least two or three times a year, he received enquiries from around the world asking if a "jinn" haunted the UAE, or whether it is his Crystal Quest goblin.

"Some refuse to believe the truth when I explain it," he said. "I accept that people like to be hoaxed and like to believe the hoax rather than the truth." mkwong@thenational.ae

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.”

The Killer

Director: David Fincher

Stars: Michael Fassbender, Tilda Swinton, Charles Parnell

Rating: 4/5 

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

COMPANY PROFILE

Company: Mascotte Health

Started: 2023

Based: Miami, US

Founder: Bora Hamamcioglu

Sector: Online veterinary service provider

Investment stage: $1.2 million raised in seed funding

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

Imperial Island: A History of Empire in Modern Britain

Author: Charlotte Lydia Riley
Publisher: Bodley Head
Pages: 384

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Getting there

Etihad Airways flies daily to the Maldives from Abu Dhabi. The journey takes four hours and return fares start from Dh3,995. Opt for the 3am flight and you’ll land at 6am, giving you the entire day to adjust to island time.  

Round trip speedboat transfers to the resort are bookable via Anantara and cost $265 per person.  

Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

In Praise of Zayed

A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?

What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.

Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.

History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known

- Roderic Fenwick Owen

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

The essentials

What: Emirates Airline Festival of Literature

When: Friday until March 9

Where: All main sessions are held in the InterContinental Dubai Festival City

Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.

Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 


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