ABU DHABI // Emirati residents in Al Shamkha have welcomed news that a Dh125 million community shopping mall will open in the area next year.
Many of them say they lack facilities, the few existing shops overcharge and they have to travel long distances for groceries and other services.
The mall will have 60 outlets – including an Abu Dhabi Co-Operative Society branch – banks, car wash facilities, payment services for government departments, prayer rooms and family entertainment centres, all geared towards the Emirati community.
It is part of a larger Dh3 billion Abu Dhabi Municipality plan to build about 40 community centres across the city with private investors.
“It’s great respite for us that a big mall opens just in front of our home. We don’t have any supermarket in the area except small groceries. And they charge about Dh3 and Dh4 more on products,” said Al Shamkha resident Mohammed Al Hashmi.
“Basically these small groceries exploit us as we don’t have options here. Nearby Baniyas markets also have small outlets but they also charge more and it takes over half an hour to go and come back,” Mr Al Hashmi said.
Mall Al Shamkha will be operated by Cornerstone, Abu Dhabi Cooperative Society’s real estate division, and will be located about 40 kilometres from the city centre.
Thought to open its doors in the second half of next year, it will be spread over 39,000 square metres.
There are about 40,000 residents in Al Shamkha, 66 per cent of which are Emirati families.
Another Emirati resident, Abdul Majeed Al Junaibi, said it would be beneficial to have all shops in the same building as they frequently have to drive to Baniyas.
“We end up in small groceries in Al Shamkha or drive to Baniyas, which takes half an hour. But this mall will be really great to have things under one roof.”
Mr Al Junaibi said he was happy that Abu Dhabi Co-Operative Society was opening a branch in the centre, which he believes normally offers better deals to consumers.
Aayath Malik, also an Emirati resident, was also delighted with the opening of the mall. He usually has to travel to Abu Dhabi city as there is no central place in the area to shop.
“We have to rush from one grocery to another,” he said.
Cornerstone said the mall will serve residents in Al Shamkha, Baniyas North, Khalifa City A and Al Falah.
Andrew Goodwin, director of real estate at Cornerstone, said it was the first centre of its kind catering to the Emirati community.
"Mall Al Shamkha will be Abu Dhabi's first true community mall to cater for modern and traditional demands.
“It is the first of these new generation shopping centres to be delivered in Abu Dhabi. The mall has 60 outlets in which six will face the car parks so that residents can come, park in front of the shop, buy products and leave. The outlets are to be leased out in the coming six months. There will be 700 parking spaces,” he said.
“It will also offer exceptional services like car washing, typing centres, payment services for government departments, banks and a family entertainment centre. The food court has been designed to suit Emirati families,” he said.
The municipality's plans for 40 community centres were announced in March and, depending on population density, will include shops, educational facilities, libraries and restaurants.
Cornerstone said it is working to secure an additional four development sites across Abu Dhabi.
anwar@thenational.ae
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
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.”
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
