DUBAI //A pearl diver wearing the traditional, light-coloured costume used by generations of Emirati treasure hunters reaches out for an oyster shell on the seabed off Jebel Ali.
Only his modern diving mask shows that the scene did not take place many decades ago, before the pearl industry collapsed in the 1930s.
It actually happened yesterday, thanks to a new initiative by the Emirates Marine Environmental Group (Emeg) and Jumeirah.
From tomorrow, members of the public can take part in a traditional pearl diving trip on a dhow, using authentic clothing and techniques.
Pearls were gathered in the Gulf for centuries and the industry was the only source of income for the seven emirates. But the development of much cheaper cultured pearls in Japan killed off the trade.
The new venture intends to draw attention to this important part of the UAE's heritage.
"This is a great thing. If you don't think about your traditions, you will lose all your future," said Major Ali Saqar Al Suweidi, the president of Emeg and the son and grandson of pearl divers. He said the Gulf's oyster beds had deteriorated greatly since the end of pearl diving.
"The old people believe that the oyster is like a plant," he said. "If you cut the plant it comes again, but if you leave it then it will be destroyed. This is what has happened - I've dived at many places and there are not as many oysters as before.
"I teach children to pearl dive. One said, 'I can't go pearl diving because a shark will eat me', and his grandfather was a pearl diver. I taught him, and in the end he loved pearl diving. This is in their blood."
At the industry's peak there were 500 pearl diving boats in Dubai and the fleet spent three months at sea each summer without returning to port.
Jumeirah hopes the trip will attract hotel guests and other tourists, expatriates and Emiratis, many of whom have family links to the pearl industry.
Des Cawley, the director of sport and leisure at the Jumeirah Beach Hotel, said: "What we're doing is looking to revive this experience for our guests so they can get a flavour of the history and heritage.
"There are many different oyster beds and we'll rotate them, they range from three to five metres deep. Historically, the pearl divers used to dive to depths of up to 40 metres."
The initiative has been welcomed by Juma'a bin Thalith, the director of the heritage department at the Emirates Diving Association.
He said: "This is a good initiative that will support Eda's efforts to document the pearl diving heritage and promote it."
The National had a preview of the pearl diving experience yesterday, joining a group that met at the Jumeirah Beach Hotel.
A bus took the novice pearl divers to a chalet on the beach next to the trunk of the Palm Jebel Ali, where they changed into the traditional costume, which gives protection from jellyfish stings.
They then boarded a dhow that took them to an oyster bed a few hundred metres offshore.
Major Ali demonstrated the diving technique, which involves placing a foot in a loop fixed to a weight and then releasing an attached rope, allowing the weight to drag the diver to the seabed.
The treasure seeker then swims off and grabs as many oyster shells as possible before running out of breath and returning to the surface.
For safety reasons, only two pearl divers are allowed in the water at a time and each is assisted by a helper on the boat.
Two scuba divers from the Pavilion Dive Centre are ready to help out if needed.
Afterwards the divers are shown how to open the shells with a special knife, known as a mafligah.
At first it seemed that none of the shells contained any treasure but closer examination of one revealed two tiny silvery pearls attached to the inside.
The pearl diving experience costs Dh700 for adults and Dh500 for under-12s, including breakfast and lunch. Details can be found at www.jumeirah.com/Pearl-Diving.
[ csimpson@thenational.ae ]
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First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
+1 L Westwood (Eng), J Spieth (US)
+3 R McIlroy (NI)
+4 D Johnson (US)
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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