ABU DHABI // When Mohammed Malik walked into the Pakistan embassy yesterday evening, he was given a hero’s welcome.
For it was no ordinary journey the Dubai-based Pakistani was completing. He arrived at his final destination after having walked the length of the country – taking in 13 cities in 12 days – covering 1,050 kilometres.
And it is not the first time the 55-year-old carpenter, who began the walk on National Day leaving from Hatta in Dubai, has carried out the arduous task.
“The first two years I covered 500km. This year I covered 1,050km,” said Mr Malik, who has lived in Dubai for a decade.
Setting off with nothing more than a sturdy pair of shoes and backpack filled with clothes and other basic necessities, it was, the Punjab native said, no easy feat.
“I used to walk every day for about 20 hours,” said Mr Malik, who slept on roadsides and showered at mosques or petrol stations.
“I had to tear off my joggers from the front to avoid sweating. I also kept one sponge pad in my shoes, but even then it was not comfortable.”
The mild weather helped, but also offered challenges of its own after sunset.
“I was OK during the day but walking and sleeping in the night was really difficult, especially when I was crossing mountainous regions.”
Despite the hardships, he had strong support every step of the way.
“Police were a great support. They not only provided me with security all the way, but also gave food and shelter.”
Others, too, showed their gratitude when they came across him carrying a UAE flag.
“Whoever saw me walking along with the UAE flag, they asked lots of questions. When I told them about my journey, it made them really happy. They took selfies with me, gave me food and money.”
Although the walk earned Mr Malik several scars, it was a journey full of positives.
“This morning, when I was crossing the Corniche Road in Abu Dhabi, a car stopped and an Emirati couple got out.
“They asked me why I was carrying the national flag in my hand. When I told them about my journey they became so happy. The husband hugged me and said the UAE was so proud of me. They also gave me food, which is the most delicious I ever had.
“I felt so good and proud with their love and honour that I started crying. No wonder the UAE and Pakistan are brother countries.”
Mr Malik’s compatriots were also proud of his accomplishments, said Asif Durrani, the Pakistani ambassador to the UAE, one of several officials who welcomed him at the end of his journey.
“Pakistanis living in the UAE are so proud of him. It reflects the strong relationship between the UAE and Pakistan.”
For Mr Malik, who spent Dh500 of his Dh3,000 monthly wage to finance the walk, it strengthened his love for the UAE.
“All the countries in the world should learn from the UAE and its people. This is the only country, perhaps, where I can walk freely all day and night and I wasn’t hurt by anyone.”
Mr Malik was thankful that his next journey would involve little walking as the Pakistani airline airblue gave him a free return ticket.
“Unfortunately, Pakistan is in the news mostly because of wrong reasons, which hurts its image worldwide,” said airblue official Abbas Dar.
“People like Mr Malik bring pride to the country. Such positive stories will help in improving the image of Pakistan.”
akhaishgi@thenational.ae
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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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