FUJAIRAH // The metal roof on Hasan Al Yamahi’s house offers his family little protection from the elements. Summers are hot, uncomfortable and sticky, while the winter rains seep in with ease.
The Emirati’s two-room house, which he shares with his wife, son and daughter, is typical of homes in the mountain village of Al Taween. His neighbours’ properties all have the same basic pebble flooring and separate outdoor kitchens.
“The house has cement walls and a metal ceiling. We can’t turn off the air conditioning at all as the room won’t stay cool,” said Mr Al Yamahi, 57. “Cooking in the kitchen is considered a punishment, especially during summer as its located in the yard.
“Each season has its own problems, in summer the heat is intolerable and in winter, water comes from everywhere. The municipality gave us a house but we couldn’t live in it as it was poorly built and started collapsing many years ago and it’s now scheduled to be demolished.”
Mr Al Yamahi has been approved for a housing loan but is waiting for a plot of land to be allocated to build another home.
Improvement plans are in the pipeline for infrastructure and services, although the municipality has not said when that will happen.
Many of the Al Yamahi tribe who live in Al Taween, about 85 kilometres from Fujairah City, feel they have largely missed out on the development that has swept over the east coast emirate in recent years. Although the area has schools and a clinic, residents complain about poor roads and a lack of services. Shopping for food and other essentials means a 40-minute drive to Dibba down poor roads with no street lights.
Mariam Al Yamahi has lived in the same house with 10 members of her family for almost 35 years. She said both her home and village need repairs.
“All the rooms needs maintenance. We didn’t have any problems in the past as the children were small but now they are big and need their own rooms and privacy which we can’t provide,” said the 50-year-old.
“Our house is old and we only have three rooms and a majlis. We submitted a request at the municipality but no one contacted us until now.”
The Ministry of Infrastructure Development promised to build 16 homes under a citizens’ housing project but people are still waiting, said Ms Al Yamahi.
“We were looking to have a house in the new project, but nobody contacted us as they need to do an inspection first to decide if we are eligible. Nobody showed up.
“The area needs many facilities and services like a hypermarket or a big supermarket as we have only a few markets that don’t have everything we need, so we have to drive to Dibba. Roads needs to be paved and one school needs to be reconstructed as the building is very old.”
With her children approaching adulthood, Ms Al Yamahi would like a wedding hall built in the village. “There is no such thing here and we need to drive for a long period to reach the nearest one.”
Ahmad Al Yamahi shares his home with his two wives, their children and his married son’s family. The 65-year-old said space is always an issue.
“Our house was built in 1981 and requires regular maintenance, which is something we can’t afford. Three families are living in this house. We added one big room for my son to stay with his wife and kids and now the roof needs maintenance the we also can’t afford.”
Mohammed Al Afkham, director general of Fujairah Municipality, said there are plans to improve the area and add more services.
“We are working along with Fujairah Natural Resources Corporation and Fujairah Public Works Department to upgrade all the emirate’s roads and add lampposts. We reached Al Siji and Thoban and are now moving to Al Taween.”
rhaza@thenational.ae
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
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Scoreline
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The Settlers
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Rating: 5/5
BMW M5 specs
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The biog
Name: Samar Frost
Born: Abu Dhabi
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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.”
Killing of Qassem Suleimani
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
MISSION: IMPOSSIBLE – FINAL RECKONING
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