Older shops along the Hatta-Oman road have been affected by the opening of a mall in the village.
Older shops along the Hatta-Oman road have been affected by the opening of a mall in the village.
Older shops along the Hatta-Oman road have been affected by the opening of a mall in the village.
Older shops along the Hatta-Oman road have been affected by the opening of a mall in the village.

Hesitant Hatta grows up fast


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DUBAI // Snug in its ring of protective mountains, Hatta has long been a haven of tradition, a village largely overlooked by the busy progress in Dubai and the nearby border region of Oman. But with the rest of the UAE in a state of furious transformation, Hatta could not hold out forever. Now, the area's old-fashioned house covered in white plaster, set out around untidy courtyards and alleyways, are being cleared away and the residents given spacious modern villas in orderly suburbs on the slopes. New hospitals, schools, and a multi-storey mall have added a neon and concrete skyline to a once-uncluttered landscape. The fruits of traditional practices such as date farming and animal husbandry have come under -pressure from mass-produced imports that line supermarket shelves. The village's location close to the tranquil Hatta Pools and rugged Hajar mountains have also made it a booming tourist destination. For some, this is a double-edged sword. While many of the changes are inevitable and welcome, others risk destroying Hatta's character, which is appreciated by residents and visitors alike. One resident, Omar Obdi, 19, said government housing projects had improved the standard of living and given the younger generation the chance to make lives for themselves in the village. "Hatta was unchanged for hundreds of years and the elders like to retain the traditional way of life. But the younger generation has new ideas and they are demanding modern amenities and job -opportunities so that they can stay in the village. A growing population needs more services and the Government has recognised this." However, Mr Obdi admitted too much modernisation could threaten Hatta's popularity with tourists. "With the new houses and amenities there is an incentive to stay in the community but if they build too many it will change the nature of Hatta and the tourists will go." Most Hatta residents have government jobs, in local offices of the health department and the military. However, many come from families that have been market traders for generations. Some still ply their trade in the village square or in the small shops that have sprung up around the main road. Wahab Abdul Ratif, owner of an electronics store, said such traders were feeling the squeeze of the new competition, but that an increasingly profitable Omani market was keeping them in business. "There are larger shops in Hatta now, with the mall offering a greater range of products and international brands. This has been popular with local residents and this has affected custom at the smaller stores. "However, business is still good in the street markets, especially in electronics, because many people come over from Oman to get cheaper prices on goods." Hatta has also become a commuter satellite of Dubai as some dwellers of the city try to escape sky-high rents. While a three-bedroom flat in Dubai Marina costs about Dh11,000 (US$3,000) a month, a similar place to live in Hatta costs only around Dh1,500. While such commuters represent only a small percentage of the population, residents fear their numbers could increase when a new road from Abu Dhabi is completed. The opening of fast-food delivery outlets 18 months ago and a local taxi service last month suggest Hatta is indeed changing. Haitham Layous, the manager of the Hatta Fort Hotel, one of the community's main gathering places, described the rising standard of living as positive, but sounded a note of caution. "The appeal of the village is its tranquillity. We have found that most of our guests come here to -escape the city and to find out more about traditional ways of life and the history of the UAE. Guided tours of the heritage village are very popular, as are trips to local sites such as the Hatta Pools and wadis." Mr Layous added that the area is seeing more "adventure tourism". "One of the current trends in the tourist industry is that people are demanding activities and adventures. We greet lots of groups who have lunch with us and then head into the mountains." Lewis Godinho, the hotel's recreation manager and a local history expert, said the village had doubled in size over the past six years and that the community had become less isolated. "Years ago you would only see one or two buses pass through the village a day. Now there is a permanent bus station and an hourly service to Dubai, Ajman and Fujairah. Locals used to farm dates and tobacco or sell goat meat at the market. This is less common now as people can work farther afield. But residents have an easier, more comfortable life now with new houses, a park and jogging track. A new school will welcome students in September." Driving through the narrow streets of the old district, Mr Godinho pointed to his old house, a crumbling shack, smaller than the garages of the villas on the new estates: "This will be cleared soon, they are building 300 more houses by 2011." He spoke with an emotion in his voice that suggested regret for something lost: a simpler life, age-old traditions and pride in his village's independence. tbrooks@thenational.ae

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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The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

MATCH INFO

Schalke 0

Werder Bremen 1 (Bittencourt 32')

Man of the match Leonardo Bittencourt (Werder Bremen)

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Sukuk

An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

HOW TO WATCH

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Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

MATCH INFO:

Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

Entrance is free

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Specs%20
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The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

RACECARD

6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m

6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m

7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m

7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m

8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m

8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m

9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m

10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m 

Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

UAE currency: the story behind the money in your pockets
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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UAE currency: the story behind the money in your pockets
if you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes. 

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes. 

More info

To keep up with constant developments in Portland, visit www.travelportland.com

 

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia