An RBS branch without power in the Aldurrah Centre Offices.
An RBS branch without power in the Aldurrah Centre Offices.
An RBS branch without power in the Aldurrah Centre Offices.
An RBS branch without power in the Aldurrah Centre Offices.

Businesses tally Sharjah blackout toll


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SHARJAH // Businesses were counting the cost of Sharjah's power cuts yesterday as electricity was finally restored after three days of blackouts. Hotels without power were the worst hit. A spokesman at the Firdous Hotel said all their guests had checked out because of the recurring blackouts. Seif Mohammed of the Al Majjarah Hotel said the power failures had cost them more than Dh200,000.

"Before the power outage the hotel was full, the occupancy rate was at 100 per cent, but now it is completely empty," he said. Wholesalers and retailers were also suffering. Houshang Khonji, who owns a garment shop in the Sharjah industrial area, said he had lost about Dh35,000 in the past week while the power in his store was going on and off. "In the evenings we just closed the shop as no one can buy without lights," he said. "During the day few customers were patient enough to stay looking for clothes in a shop with no air conditioning."

Mr Khonji was affected at home as well. He had to take his family to a 24-hour hypermarket in Dubai to stay cool on the first day of the power cuts. On Wednesday night they went to the hospital in al Qassimi and sat in the reception area until morning prayers. "My children could sleep on the hospital benches as we sat with other affected families watching a television set," he said. Other businesses, however, were not complaining. Stores selling portable generators and lights did a brisk trade, as did hotels with power, and in nearby emirates, were booked to near capacity as families tried to keep cool. Petrol stations also experienced an upswing in demand as motorists refuelled to use their cars as rolling refuges.

Shoppers seeking both air conditioning and lighting were coming to see Faisal Ejjaz, who said his shop had sold more than a dozen portable generators in the past few days, far more than usual. He believed that any move by the Sharjah Electricity and Water Authority (Sewa) to announce when power shortages would occur and their expected duration would help him to make more money.

"The problem is that people keep on thinking that the power problem is being settled soon but it isn't," he said. "If Sewa could release a load-shedding schedule that showed the crisis would last for a week or more, many people would buy our generators." Anwar Kanana, of Kanana Electronics Trading in the Nabba area, said he had sold rechargeable lights worth Dh6,000 in the past three days. Those left in the dark were also stocking up on lighters, matches and candles at local supermarkets.

"It would take me more than a month to sell the same amount of lights without the power outages," Mr Kanana said. Hotels that still had power during the cuts elsewhere also did well. The Sharjah Rotana Hotel in the Nabba area was about 80 per cent full during the blackouts, well in excess of usual off-peak summer demand, as residents seeking to escape the heat checked in, said Tariq Hassan, its deputy director.

"We had more families checking in after their homes were left in dark," he said. The Ajman Beach Hotel was doing even better than the Sharjah Rotana, with 100 per cent occupancy on Wednesday as families fled their homes. "By 10pm on Wednesday the hotel was full," a spokesman said. "Our staff could just apologise to those families that kept coming in after that time." There was some hope yesterday after power had been restored in most of Sharjah. Most areas previously without power had their service restored by 9am following a long night's blackout in areas including al Nabba and Abu Shagara. Power was also restored to most of the industrial areas, which are usually hardest hit by the shortages.

Many residents rejoiced as their air conditioners and refrigerators began functioning again but remained sceptical of how long they would stay that way. "I think we shall have it for some few weeks before it blacks out again like it has done recently," said Ahmed al Hajj, 34, an Emirati resident of al Buhaira Corniche. Sewa could not confirm whether the crisis was over. "All areas have power today, that's all I can tell you," a spokesman said.

ykakande@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.”

If%20you%20go
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Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

MATCH DETAILS

Chelsea 4 

Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)

Ajax 4

Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55) 

COMPANY%20PROFILE
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About%20My%20Father
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELaura%20Terruso%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERobert%20De%20Niro%2C%20Sebastian%20Maniscalco%2C%20Kim%20Cattrall%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%26nbsp%3B%3C%2Fp%3E%0A
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5