The day has begun at al Rams harbour before the first call to prayer has drifted across the water.
Fishermen have been hard at work for hours when the first streaks of sunlight hit the mountains over the north coast village. Yet at no point is the harbour empty. It has been the heart of the fishing village and its connection to the outside world for centuries.
"Every morning, every afternoon, every day we are here," says Ali Obaid, 36, a fisherman. "I feel it's very fantastic, very beautiful, very relaxing."
This, he says, is more than a place for boats. Cousins, brothers and grandfathers meet daily at the shacks that hug the harbour. Inside most are sitting rooms, decorated with portraits of sheikhs and pictures of horses and camels, while others are used as lodgings by Indian fishermen.
Ali sits outside with friends, surrounded by blue and green nets and circular cement weights drying in the shade. The sense of camaraderie grows as the morning passes and men return from the sea.
"This is culture and tradition," says Abdulla Ali, a 19-year-old student known to his friends as Chickpea. He can be found at the harbour most days, even though he has not fished for more than three years.
"Here, we are refreshed and relaxed," he says. "Sometimes we even sleep here."
For Nasser Ali al Tenaiji, a 40-year-old fisherman, things are not quite so rosy. He is quick to grumble about rising fuel costs - petrol prices can vary from Dh400 to Dh1,000 a day, he says - and the hardships of the sea.
"Fish come by chance," he says.
Still, the thrill of working on the water can be irresistible. Nasser admits he is such a keen fisherman that he was once arrested for chasing fish too far into Omani territory.
"He will kill himself for the fish," Ali teases. "When I see the fish there, I go," Nasser replies.
Fishing is a world of rules and regulations and Rams is no exception. Boats in the harbour will be given specific mooring spaces in coming weeks, another intrusion on the workforce.
For now, though, the harbour retains its feel of happy chaos, with about 250 white boats with crooked red numbers painted on their sides. Stray dhows, greying in the sun, line the opposite beach, a reminder of the great wooden ships that once plied these waters.
The harbour contains other traces of UAE history. Mangroves and camel farms mark the north end, and on the water's surface Bangladeshi fisherman harvest tens of thousands of crusty oysters from the depths for the Emirates and Japan Pearl Cultivation and Trading Company, the UAE's only cultured pearl farm.
The harbour is about recreation as much as survival. On Fridays, families load up boats for sea bound picnics and barbecues as they remake familiar surroundings.
"All people in Rams are fisherman," Abdulla says. "Some children, some men ... maybe even some women are fisherwomen. Maybe a man will go with his wife and make a journey with his family."
Flipping through the glossy pages of a jet-ski magazine, Saled Obaid assures those nearby that fishing is not always profitable: some fishermen are forced to take loans during poor seasons.
"But I will not stop fishing," he says. "What can I do?"
Most fishermen seem content despite the vagaries of their profession. At about 10am, they receive a delivery of drinks from the corner store - a cue that it is time to set out to sea and haul in the nets.
Fantas in hand, they pile into Nasser's 40ft fishing boat. From the water, the harbour is an idyllic scene of palms, creamy minarets and tattered UAE flags.
Boats begin to gather on the sandy shore later in the day as camels plod along the beach. The nets are hauled ashore with their catch of shimmering pink and green fish, still luminous from the sea. Fishermen begin to unhook stingrays' tails from their nets and hurl each one into the water like a discus. Curious cormorants, sleek and greedy, paddle in for a peek.
By noon, the day's work is almost over and the harbour is at comparative rest. Fishermen from south India stand barefoot by their boats, coiling the nets for tomorrow. Many have worked here for decades.
"It's not an easy job, in India or here," says Adhi Easwaran, 28, a barrel-chested and balding man from Chennai. "In all the countries it's hard. But I am a fisherman. I don't know another job."
[ azacharias@thenational.ae ]
The five pillars of Islam
COMPANY PROFILE
Name: Floward
Based: Riyadh, Saudi Arabia
Founders: Abdulaziz Al Loughani and Mohamed Al Arifi
Sector: E-commerce
Total funding: About $200 million
Investors: Aljazira Capital, Rainwater Partners, STV and Impact46
Number of employees: 1,200
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
UAE currency: the story behind the money in your pockets
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed+ round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Killing of Qassem Suleimani
The Roundup : No Way Out
Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5
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.”
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The five pillars of Islam
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
COMPANY PROFILE
Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
The Hunger Games: The Ballad of Songbirds & Snakes
Director: Francis Lawrence
Stars: Rachel Zegler, Peter Dinklage, Viola Davis, Tom Blyth
Rating: 3/5
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar