As Indian fishmongers shout out the going rate of the day's haul of hammour and jesh, Mohammed Al Nuaimi looks disappointedly at his catch, dumped at Ras Al Khaimah's morning fish market.
It is the second day in a row that the 62-year-old Emirati's boat has not delivered quite what he had hoped for the auction that signals the start of morning activities in the oldest part of the emirate.
By 8am, older Emiratis, some hunched with walking sticks, head to the bustling market that sits on the tip of the western creek in Old Ras Al Khaimah.
On display are the finest offerings from fishermen who took to the seas at dawn to land the best possible catch.
For Mr Al Nuaimi, who came to the profession late in life after working in healthcare for 22 years, the matter is one of prestige rather than profit.
"It all depends on chance," he says. "Today it was less but sometimes we get hundreds."
Taking stock on his boat Mulla that bobs along with several others on the creek, he thinks of what he will tell the majlis he will be attending afterwards, and reminisces about his first experiences in the trade which he took up full time in 2002.
"My father would take me out after school and taught me how to do this. It created a bond between us," he says. "At that time this used to be work and everything was manual."
Mr Al Nuaimi does not expect any of his six boys to continue the tradition.
"They all are big officials, working for the government. They don't want to do this. They don't like it."
Old Ras Al Khaimah, which dates back 500 years, was once the core residential and trading hub of the emirate.
Opposite today's fish market, is a road leading to the emirate's highest and oldest area.
This is the site of the 150-year-old Mohammed bin Salim mosque, which was open to worshippers until recently. In April, it was stripped to its foundations of gypsum, coral-stoned walls and thatched roof by archaeologists hoping to uncover evidence of an even older mosque thought to have been the emirate's first building.
For the aged population that continues to frequent the locality long after most families moved to more developed areas, the area offers a welcome respite from modernity, a place where the most important conversations revolve around their families and the freshness of that day's catch.
The fish market and mosque stand on opposite sides of one end of Mohammed bin Salim Street. At the other end of the street, a group of Bangladeshi workers are busy making bait out of a mound of stale bread that the fishermen will use the next day.
They toil away outside the air-conditioned Majlis Al Aabaa where retired army, media and health officers gather daily to exchange anecdotes, opinions and memories. The front of the white cabin is adorned with images of the Emirates rulers, a gesture of gratitude and loyalty to the country.
The majlis was built on the orders of Sheikh Saqr bin Mohammed, the former Ruler of Ras Al Khaimah, who was passing through the neighbourhood when he noticed a group of elders outside a coffee shop who appeared troubled by the heat.
Seated on its diwan-style cushioned sofa is Salim Otthman, 60, who is in the middle of a disagreement over what preceded the assortment of garment shops and restaurants that stand in the market today.
"It was a market for women only," he says, only to be cut off midway by Jassim Al Ghassab, 62, who remembers it as being a fruit and vegetable bazaar.
Also attending the majlis is its youngest member, Mohammed Ahmed Kandar, 40, who has come to hear stories about his father from the other men.
"My father owned the first coffee shop here," says the retired air force pilot as he accepts a cup of kahwa and dates from an attendant. "They tell me how he was, what he did."
He says the wisdom of the other men has helped him be a better person. "I trust their advice on how to live and raise my children."
A block away, guffaws from a rather less traditional majlis at a shop in the Iranian market break the silence that engulfs the neighbourhood in the afternoon.
At the end of the line of shops, which sell everything from khanjar (daggers) to household decorations and fishing equipment, is the hardware store of Rashid Abu Al Hamam Al Shams, a 70-year-old Emirati trader and former pearl diver who is rapidly losing his eyesight and hearing but knows he can count on his friends for amusement.
"He is a well-respected businessman and is known for his charity," says Yaqaub Yousef, a 55-year-old Kuwaiti, who has been living in the UAE since 1980. Mr Yousef is one of a group of five men who cram into the shop's office on a daily basis to offer Mr Al Shams their company.
"We have nothing to do all day, so we just talk. We all have two wives," he laughs. "It gives us an opportunity to complain about them."
aahmed@thenational.ae
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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.”
The%20specs%20
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
MO
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Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
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
THE%20FLASH
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020