Sport and activities – everything from kayaking to kitesurfing – are booming partly on the back of the global recession, but mostly because more and more residents now prefer the exercise to weekend dining and because it is just plain good fun.
Sport and activities – everything from kayaking to kitesurfing – are booming partly on the back of the global recession, but mostly because more and more residents now prefer the exercise to weekend dining and because it is just plain good fun.
Sport and activities – everything from kayaking to kitesurfing – are booming partly on the back of the global recession, but mostly because more and more residents now prefer the exercise to weekend dining and because it is just plain good fun.
Sport and activities – everything from kayaking to kitesurfing – are booming partly on the back of the global recession, but mostly because more and more residents now prefer the exercise to weekend d

Great outdoors puts bite on brunch


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DUBAI // Expatriates are moving away from five-star Friday brunches and opting to work up a sweat with outdoor sports.

And they are being joined by recent arrivals who want to explore the great outdoors, seeking the myriad options made available by the country's natural resources.

Conventional sports such as tennis and football are being overtaken by hiking, kayaking and kitesurfing.

"If you look internationally the outdoor scene is booming," says Daniel Birkhofer, the managing editor of Outdoor UAE magazine. "It was a little bit delayed here but people are getting tired doing the regular stuff."

Jim Falchetto, the manager of Traks Pro, a company that specialises in rope rescue, rope access and climbing, says: "People are getting more adventurous and there has been a radical change in the people that come here.

"They are no longer turning a quick buck by buying and then flipping an apartment. They are looking for value."

The global recession, Mr Falchetto says, has made people look to less expensive pastimes with more adrenalin rush.

"It's not expensive to go trekking on Fridays," he says. "If you stay here for more than a year there are only so many brunches you can do and afford."

Andy Whitaker, who organises weekend bike rides for like-minded enthusiasts, says there has been a noticeable increase in the number of people seeking outdoor pursuits.

His group, Hot Cogs, is for more advanced riders but beginners can join a group of about 200 who ride on the ruts made by four-wheel drive vehicles in the mountains.

"All the people who come to ride with us, they've contacted us before they move to the UAE," Mr Whitaker says. "They ask what they need to bring and ask what [bike] shops are like."

Thomas Gundaker, of the Abu Dhabi Alpine Club, says he has seen an enormous increase in visits to his group's website.

In April 2009, the site had a monthly high of 250 hits, the highest number that year. The site had more than 1,000 hits last March and has yet to drop below 600 this year.

"It is not really a club. It's just some people who have better things to do on weekends than eating and drinking in fancy restaurants and clubs," Mr Gundaker says.

Expenses are shared by groups of up to 25 who go on treks or caving in the mountains of Oman. Yet the main challenge for most people is finding a group that will help them get started.

Many groups are for advanced participants and beginners may be intimidated, says Sam Whittam, the manager and founder of Adventure HQ, a new outdoors shop in Dubai.

Mr Whittam says his company is valuable "not just for the product but it's for the community we are creating, so hence the adventure club".

He adds: "We have the website and a Facebook page, and it's all about putting like-minded people together so we can create sub-communities like a mountain bike community, yoga or whatever it might be."

When Mr Whittam arrived in Dubai two years ago, it was difficult to find people who had the same interests. A seasoned mountain biker, he says he found specialist groups that catered to on and off-road biking, but there was nowhere for people to who wanted to learn and advance.

"There was nowhere that was a magnet for me," Mr Whittam says.

Mr Birkhofer says there has been an increase in available information in the past two years. But he says: "If you don't know who is climbing and don't know how to get into it, it's very difficult to do so."

Mr Birkhofer says he also found it difficult to find a place to meet like-minded people.

"I was always interested in outdoor pursuits and I do more now because I know where to go and how to do it," he says.

Mr Birkhofer's magazine's website, outdooruae.com, was conceived for this purpose.

"If you don't know who is doing a certain activity, it's very difficult to get in touch," he says.

But now there is more information and finding the activity is easier. Outdoor sports are "developing and the opening of stores gives more access to equipment", Mr Birkhofer adds.

Mr Whittam says his store plans to offer tours and trips in adventure sports.

"There is as much interest in us providing the service and taking people out as there is to provide products," he says.

Mr Falchetto says the rush of adrenalin is the main attraction of outdoor sports - and in this case, the best things in life are free, or close to it.

"Even for bouldering you just need some shoes and chalk," Mr Falchetto says.

"It's cheap thrills. You get more bang for your buck in climbing."

The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

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UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

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.”

While you're here
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings