One night in late January, news broke of the first coronavirus case in the UAE.
Inside Al Safadi Restaurant on Rigga Street, patrons continued to smoke their shisha pipes and share platters of grilled meats.
When patrons stepped outside, Rigga Street was transformed. Within two hours of the news, everyone wore a face mask and the street’s relaxed atmosphere turned sombre.
In late March, the boulevard known for its street life and restaurants, in the older part of Dubai, grew dark as a four-week lockdown started and businesses closed.
But the lifting of movement restrictions, unseasonable cool weather and Ramadan iftars have brought people back to the boulevard’s famed restaurants and cafes.
In the evening, people gather on benches in small groups to sip tea and chat under leafy trees.
On Tuesday night, a street artist gathered onlookers as he sketched portraits. Near by, a young girl played the wooden flute.
Life had returned to Rigga Street.
Saeed El Orabi and his cousin Mustafa sat down at a busy restaurant on Tuesday night to share an iftar of stewed potatoes, molokhia and chilled hibiscus juice.
Mr El Orabi returned home to Rigga Street a few days earlier after a month’s duty as a security guard at a field hospital on the outskirts of Abu Dhabi.
To celebrate, he invited his cousin to Rigga Street.
“We took a chance because of this amazing weather,” said Mr El Orabi, 38. “And we cannot cook. I only know how to cook tea.”
He has taken a 30 per cent pay cut because of the pandemic and three of his cousins went home to Egypt in late March on the last flight out.
Mr El Orabi has not considered leaving the UAE because the pandemic’s consequences are global.
“It’s around the world, not only here,” he said.
Tens of thousands of residents have gone home after losing work.
Dark shopfronts punctuate Rigga Street’s bright lights – florists, travel agencies, shisha cafes, small hotels and nightclubs that may never reopen.
Others are open, waiting for customers who never appear.
“There is no business all day,” said Akshay Korwani, 24, a clerk at Mega Star Jewellers.
“We call customers and tell them about offers. They’re not even interested. They don’t even have a salary right now.”
At the entrance of Rigga Street, the gates of the Port Saeed mosque remain shut.
During Ramadan, the mosque usually fills with 1,700 worshippers and hundreds more spill on to the surrounding streets to break their fast and pray together at sunset.
This year, the call to prayer commands worshippers to stay home.
“We pray in our homes and, praise to God, the rewards will be the same,” said Mohammed Al Hasan, 27, son of the mosque’s imam.
“Allah is testing us right now and the whole Earth is a place for prayer.”
On Tuesday evening, Mr Al Hasan stood beside his father at the mosque’s mihrab as his father made a call to prayer that reverberated through the empty hall.
They broke their fast with water and dates at the back of the vacant mosque.
Mr Al Hasan is also an imam, at a nearby mosque, and a chemical engineer.
These days, he counsels members of his congregation over WhatsApp and performs prayers with his family of five in their home behind the mosque.
They considers it a moral obligation to stay home.
It is a busier scene down the road outside the Diva Gents Saloon, where half a dozen barbers wait for customers.
Business is down 70 per cent. Few people have the disposable income for a haircut.
“Their wives are doing it,” says Ammar Abdul Qadr, 32, a Syrian barber. “They’re watching programmes on YouTube.”
Mr Abdul Qadr was reluctant to return to work. His wife, children and father live in Umm Al Quwain and he has stopped visiting them to keep them safe. He stays with four Syrian colleagues on Rigga Street.
The barbershop chairs were empty but clients will return, Mr Abdul Qadr said.
“They’ll come back because people miss socialising," he said.
"A barber is a friend and they’ll come to say hello and socialising will bring them back. They love kinship and need friendship.”
His colleague, Ali Talib, nodded: “You’ll come back here one day and you’ll feel the atmosphere of Rigga again.”
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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Off-roading in the UAE: How to checklist
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape