A stone's throw from the Fujairah coast, millions of meaty oysters are being harvested in the Sea of Oman.
Located 500 metres offshore, Dibba Bay Oysters takes pride in being the first and only shellfish farm in the UAE that produces gourmet oysters.
Bright white and orange buoys speckled with barnacles bob in the open water and act as markers for the 3,700 square-metre aquafarm. Within the next few months, it is set to expand to 4,200 square metres.
There is so much natural food and algae in the open waters here, which makes it the perfect environment to harvest fat, juicy oysters
On the day The National visited, about 10 million Pacific cupped oysters of varying sizes swayed in a series of lantern nets metres below the surface of the water.
“We have an abundance of algae bloom on site and the oysters gorge on that,” said Ramie Murray, the seafaring farmer who set up the underwater garden in 2017.
“There is so much natural food and algae in the open waters here, which makes it the perfect environment to harvest fat, juicy oysters.”
The lanterns look simple but they play an important role in the harvesting process.
The nets work to keep the oysters out of the muck so they can feed in the water column and avoid being smothered by sediment.
The extra shelter also helps keep predators such as crabs and stingrays at bay.
Typically, oysters are farmed close to shore, where there is a lot of tidal movement. Mr Murray said his stock was farmed offshore because the warmer climate made for a great harvest.
“What enables us to farm in this environment? Well, traditionally, people tend to think oysters can only be farmed in cold climates. That’s not the case,” he said.
“Generally, in cold climates, there’s an upwelling of water which brings food to the surface.
“Here, we farm a little deeper but have a good upwelling of cold water and a constant supply of natural food. Fujairah is one of few hot places with an abundant algae supply.”
Each month, about 70,000 oysters are plucked from the waters and sent to local and global markets.
By the end of 2021, Mr Murray wants to harvest up to 500,000 each month because there is high demand, especially in Russia.
Owing to the undercurrent, the layered nets, which are like mesh tubes, sit at an angle and allow food and water to pass through easily.
More than 70 workers at the farm tirelessly monitor the stock. Nearly every hour they are required to lift out and hose down the nets to ensure the oysters have a constant flow of food.
"We have 3,000 lanterns in the water and depending on the size of the oyster, each can hold a different capacity,” he said.
“When they are babies, we can fit between 5,000 and 10,000 oysters in each lantern. When they are bigger, that number drastically reduces to about 400 or 500.
“Each oyster starts and finishes its growing process on land.”
As filter feeders, a large oyster can suck in up to 170 litres of water a day. And from baby to fully grown, it takes about eight months to harvest. They can reach weights of up to 100 grams and lengths of 8 centimetres.
Mr Murray, a Scot who has been living in the UAE for more than two decades, said he bought baby oysters, which are only 2 millimetres long, from international hatcheries in places such as the UK and France.
The same species of oyster can hold a different taste and texture, depending on where they are harvested.
“That is the real beauty of this shellfish, it is totally unique. Oysters take their characteristics from their surroundings,” Mr Murray said.
“You’ll notice with our oysters they have a distinctly white shell. That is from the calcium in the water from the nearby limestone mountains.
“The algae is what gives them their taste and they are a vitamin and nutrient powerhouse.
“A big oyster can have up to 2 grams of protein in it and its full of magnesium, zinc and B vitamins, as well as some vitamin C and D.”
After passing through the offshore farm and processing platform, the oysters are cleaned and individually weighed at the onshore sorting centre before being packed and shipped.
Dibba Bay is the only oyster farm in Middle East and Mr Murray said he hoped it would one day be among the biggest in the world.
“We are one of the only farms in the world which is harvesting continuously,” he said.
“We harvest twice a week, every week, throughout the whole year.
“Shellfish farming is one of the only environmentally positive forms of aquaculture because we create environments.
“The hanging lanterns are like a hanging reef, so all the seaweed and food grows on the outside and all the baby fish can hide in the baskets from predators.
“We are also totally organic and only use saltwater to clean the oysters and lanterns.”
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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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
COMPANY%20PROFILE
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Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo