Millions of Indians in the UAE are preparing to welcome Diwali next week, and one factory is making sure that the holiday will be all sweetness and light.
The festival of happiness, prosperity and light begins on Monday and is one of the most joyous times of the year for those who celebrate.
One of the most beloved traditions of the holiday period is the chance to spread a little cheer by giving out Diwali sweets, known as mithai.
With an Indian population of about three million in the Emirates, business is booming for traders such as Bikanervala, which this year will have produced 50 tonnes of sweets in the run-up to the holiday.
“We still struggle to meet the demand,” Pankaj Agarwal, director of international operations at Bikanervala, told The National.
“Diwali is the most important festival for Indians. Every year, it is getting bigger as expats wants to stay connected to their culture.
“Diwali is also synonymous with big parties and gifting of sweets. So, the demand starts a month ahead and peaks to the last day of Diwali.”
A mammoth effort for Diwali
At the Bikanervala factory in Dubai Investment Park, a team of 150 cooks and helpers prepares a mind-boggling variety of sweets from scratch daily.
The sprawling 20,000 square foot facility is a hive of activity, with groups of workers busy hand-rolling sweetened dough into perfect balls, squares and cylinders.
Some are supervising the grinding of gram flour while others are making sugar-soaked pistachio and almond fillings.
In a separate corner, milk barfis — a dense milk-based sweet — are coated with chocolate while a helper smears a tray full of pedas — a doughy sweet — with thin silver film.
“This is pure silver that we buy from India,” said Mr Agarwal.
He said the team is divided into four sections — dry fruits, Bengali sweets, ghee and syrup — and each takes care of their respective variety.
“We start at 6am. The first thing we make is laddus [sweets made of flour, ghee and sugar]. The first truck will leave the factory at 8am and will reach our bakeries before 9am.”
Sweet dreams are made of this
Bikanervala has built a flourishing empire from its humble beginnings, when its first small sweet shop was founded in 1905 in Bikaner, a city in the north Indian state of Rajasthan.
It is now a $350 million company with more than 150 outlets in India and other countries such as Singapore, Nepal and New Zealand, in addition to its flagship Bikano packaged sweets and snacks.
There are 18 Bikanervala outlets in the UAE.
During Diwali, thousands of kilograms of dried fruits are imported to the Emirates from the company's warehouses in India, Mr Agarwal said.
About 6,000kg of cashews and 5,000kg of pistachio and almonds are needed per week.
“We use around 3,000 to 4,000 litres of milk daily,” he said.
“Our signature recipes that have been passed down through generations. The Motichoor laddu or the Kajukatli recipe has not been changed in the last 100 years.”
Apart from the traditional varieties, Mr Agrawal said the company also introduces new products every year.
“You have to keep innovating to stay ahead of the game. For instance, this year, we have rose laddus made with fresh rose petals, and chocolate laddus, which are big hits.”
The prices of the sweets vary between Dh50 to Dh300 per kilogram.
One of the most expensive varieties is the Pista Log, which costs about Dh220 per kilogram. Cashew laddus and chocolate laddus cost Dh167 per kilogram, whereas Motichur laddus cost Dh56 per kilogram.
“What Indians [living abroad] miss the most is their culture,” said Mr Agarwal.
“And Indian culture is all about festivals, good food and music. They can never get enough of it.”
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.
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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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Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
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9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
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Arsenal 4
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West Ham United 1
Arnautovic (64')
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Fuel consumption: 11.7L/100km
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