Sharjah merchants anxious for souk revamp to go ahead



SHARJAH // Shop owners in Sharjah's biggest and oldest traditional souk are losing patience with authorities who promised to expand the facility in a bid to help struggling businesses. The municipality said last year that it had plans to add fast-food restaurants and a children's play area to transform the souk, one of Sharjah's major landmarks, into one of its biggest tourist hubs.

The souk, constructed in 1978 on the Khalid lagoon along the Buhairah Corncihe, is one of the most noteworthy architectural sites in the Emirates. It has some 600 shops, including 80 stores on its staircases. An official said that while there had been some delays in the project, it was still on track. "Central Market is our architectural masterpiece," said the official, who asked not to be named.

"We want to restore its attractiveness to the old days and a project to expand it has already been approved by the municipality council." While the official said work on the project would begin before the end of this year, he would not say when the project would be completed. "There are still a couple of things we are finishing with the contractors before we come up with full details," he said. The sooner they start the better for shop owners such as Rasha Abdel Aziz, who has a garment store in the souk. She said that business was so poor that she could not meet her monthly expenses.

"I bought this shop last year because I heard the municipality was going to build a children's playground," she said. "I believed families would bring their children here to play as they shop with us, but up to now nothing has happened." She believed that residents were fond of the traditional souq but said they had to adapt to changing trends in the retail sector. Almost all shopping malls now have play areas and, with Sharjah being a mostly residential community, families want to shop where their children can play, she said.

Zubair Ahmed, another shop owner, said the souk should offer services including banking, money exchange, restaurants and cinemas. He also said that being in the centre of the city was not helping the souk attract shoppers and that many shops had already closed because their owners could not make a profit. Soweid Ahmed, a Syrian who sells shoes in the market, said the souk had been all but forgotten by municipal authorities.

"The building is not well maintained and its toilets are often dirty," he said. "Who do you expect to come to such a place in this modern times of shining malls? What upsets me most is that we have to pay maintenance fee every year but we never get the worth of this money." ykakande@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.”

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Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

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UAE currency: the story behind the money in your pockets
Closing the loophole on sugary drinks

As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.

The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
 

Not taxed:

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

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