FUJAIRAH// Tales of sea wonders, abandoned ships and remote islands were the only source of entertainment after an iftar meal decades ago, says Ali Al Samahi.
The Emirati fisherman, 75, used to sit in the majlis after iftar with his friends, family and neighbours and listen to the stories of the older fishermen.
Most of the tales were made up but they were riveting to listen to, says Mr Al Samahi.
“It was like watching the television nowadays. Each day they used to tell us new stories and sometimes one of them repeats the same story but with different events,” he says of the 1940s and 1950s.
“We knew that most of the stories were unreal, yet we still enjoyed it a lot.
One such story was about catching a huge fish that no one had seen before and having to return it to the water because they could not bring it to the shore because of its size.
“There was another story about how one fisherman found a remote island with unique fruit and landscape, but he couldn’t get any closer because it was guarded by a haunted abandoned ship,” says Mr Al Samahi.
“When I remember those stories now I laugh at myself, as we used to dream about them. But they gave us something to look forward to, helped us to expand our imagination and love what we do as fishermen.”
To Mr Al Samahi, Ramadan brings people closer to God and to each other.
“We used to share the iftar meal with our neighbours as we gathered every day and shared food, prayers and talk – all six families of the neighbourhood,” says the father of eight and grandfather of 15.
“We had strong ties with everyone but, unfortunately, nothing stays the same.”
He laments that online communication has replaced face-to-face dialogue while television has supplanted imaginary tales.
“Still, we gather as family members around the table for iftar, but only for a few minutes before they all get busy with their own lives,” says Mr Al Samahi.
Today, he still works as a fisherman and owns two boats.
“In the past, we used to break our fast after sunset with dates and water until we reached our homes and ate together,” says Mr Al Samahi.
“The weather and lack of air conditioning used to make our fasting difficult. But nowadays, air conditioning is a blessing that the youth should appreciate like we do.
“Now during Ramadan, we start fishing after sunrise and, depending on the catch, either we stay till 11pm or until sunset. If we do stay till sunset, I order food and have iftar with the rest of the workers.
“Ramadan is not only about fasting, it’s about worshipping, bonding and sharing. It’s my favourite time of the year.”
rhaza@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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