The salesman and right-hand man Muin Hasan takes a break in restocking merchandise at King's Recording in the Hamdan Centre.
The salesman and right-hand man Muin Hasan takes a break in restocking merchandise at King's Recording in the Hamdan Centre.

Pause, play, rewind 30 years



ABU DHABI // The customer greets Hamzah Ansari by name.

"So what do you have for me today?" she asks the Iranian owner, her English heavy with French inflections.

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"At least seven movies you are going to love," Mr Ansari replies. "One of them is an Italian one with French subtitles."

She leaves with five of his suggestions and two CDs to boot: a selection of old classics by Fairouz and the new album by the British pop phenomenon Adele.

"She has been a customer for only five years. She is a new one," Mr Ansari says.

He says at least 80 per cent of his customers are regulars and have been frequenting his shop, King's Recording, since it opened in the early 1980s. The shop's offerings include music cassettes, CDs, BluRay discs and LPs, and all are originals.

King's Recording is a landmark within the Hamdan Centre, occupying shop number 40 on the first floor of the vibrant shopping centre.

The centre is also an institution. It was one of the first indoor shopping malls to open in the capital in the early 1980s and is a popular destination today, offering leather goods, shoes, sports equipment and tourist knick-knacks, all at bargain prices.

But bargaining is discouraged at King's Recording, where prices are fixed. CDs cost between Dh15 and Dh55, and DVDs cost between Dh45 and Dh75 - handsome prices for a stock of only originals or special editions.

When King's Recording opened its doors in 1983, the shop was not in the movie business. Its only purpose was to sell music.

"You know, at that time we are young, we like music, so why not work in the music business so we can listen to pop and rock all the time?" Mr Ansari practically yells over the Lady Gaga blasting from his shop's sound system.

Back then the shop was smaller and on the ground floor of the Hamdan Centre.

"There were a few other shops selling music and VHS in Hamdan Centre too, but we bought them all and combined them to open this big shop," he says.

Muin Hasan, from India, used to work for the competition at a shop that sold mostly Arabic video cassettes. Before long Mr Hasan joined King's Recording and became Mr Ansari's right-hand salesman. Abdul Rashid, also from India, looks after the left hand.

"When we started we had over 5,000 cassettes, only in English and Arabic," says Mr Hasan. "And in the beginning they were all copies from Indonesia, Singapore, Malaysia. We had music no one else in the city had and it is still the same now."

Customers are quick to concur. Hatem Masoud says he used to ditch school with his friends to hang out at the store and listen to music.

"It was the only shop we could find the bands we liked, like Nirvana and Metallica and Iron Maiden," says Mr Masoud, 32, an Egyptian. "And even though I can easily download music now if I wanted to, there's nothing like buying an original album."

Mr Hasan's face folds into an expression of disdain when "downloading" is mentioned.

"This is the problem now; everyone wants to download, they don't want to buy original," he says.

But Mr Ansari is unfazed: "Some want to download, but not all. Our customers love browsing in the shop, discovering music and movies they had no idea about.

"And the pleasure from buying the original is different. Even the young people - they like to read the lyrics in the pages of the original CD leaflets and they like to watch the special features in the original DVDs."

The advent of technology has made some aspects of the business obsolete but also introduced new areas, Mr Ansari says.

"Six or seven years ago, a whole year passed and we didn't sell a single VHS tape," he says. "That's when we took them all off the shelves and decided it is only DVDs from now on.

"You can't even find a VHS player if you wanted one these days. I haven't used the one I have at home in 10 years."

But BluRay technology is rising in popularity and creating a customer base that is much larger than that for VHS and DVD combined.

"Plus now we have some LP vinyl records; everyone wants to buy the Michael Jackson one," Mr Ansari says.

The flow of customers into the shop does not cease. All ages, both genders, all nationalities come throughout the day. They listen to music, ask about obscure movie titles and leave with plastic bags full of entertainment.

"There is no other shop with our selection, maybe in the country," Mr Ansari says. "I have customers from Dubai and Sharjah and Ajman come to me and ask me to prepare the titles they want.

"They are loyal, and I am loyal to them."

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MATCH INFO

Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')

Leeds United 3 (Harrison 12', Bamford 30', Klich 66')

Man of the match Mohamed Salah (Liverpool)

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.”

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

Lazio v Spezia (5pm)

Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now

MATCH INFO

CAF Champions League semi-finals first-leg fixtures

Tuesday:

Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)

Second legs:

October 23

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome