DUBAI , UNITED ARAB EMIRATES , JUNE 16 – 2018 :- People enjoying with family and friends near the Dubai Aquarium on Eid Al Fitr holiday at Dubai Mall in Dubai. ( Pawan Singh / The National ) For News. Story by Patrick
DUBAI , UNITED ARAB EMIRATES , JUNE 16 – 2018 :- People enjoying with family and friends near the Dubai Aquarium on Eid Al Fitr holiday at Dubai Mall in Dubai. ( Pawan Singh / The National ) For News.Show more

UAE

Shoppers out in force for Eid offers

Consumers flock to malls to take advantage of Eid deals

Patrick Ryan
Patrick Ryan
Dubai

June 16, 2018

Dubai shoppers were out in droves to take advantage of special Eid Al Fitr offers.

Eid Al Fitr is traditionally a major date for shoppers in the Gulf hoping to catch a deal or two and make the most of indoor concerts and family entertainment.

This year was no different at Dubai Mall as bargain hunters were on the look-out for seasonal offers from retailers. Eid shoppers were at Dubai Mall early on Saturday morning to beat the crowds and be first in line for Eid bargains.

Indian expat Dan Thapa made sure he arrived at Dubai Mall early to avail of Eid discounts and get a special present for his girlfriend’s birthday.

“I came here today because of the Eid offers, it is the perfect time to go shopping for a present,” he said. “There are a number of offers that you would not get any other time so I want to take advantage of that.”

Restaurants and cafes were especially busy as they were once again free to entice shoppers with their products now that Ramadan was over.

Some retailers pulled out all the stops. At Hamley’s Toy Store, crowds stopped to watch the staff performing a song and dance routine, much to the delight of families.

“I want to take this chance to refresh my wardrobe for work,” said Marwa Abdelaziz, an Egyptian who works in Dubai. “It’s not often you get time off to relax so it’s the perfect opportunity to shop.”

While Eid is usually synonymous with time spent at home, cross-country road trips to UAE malls during the Eid sales season have become an annual ritual for many in other Gulf states.

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Read More:

Guide to Eid shopping

Huge savings for Eid

Best things to do for Eid Al Fitr

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“I am not after anything in particular in terms of shopping but if I see a good offer I will consider it,” said Hasan Ahmed, who drove from Oman to enjoy Eid in Dubai. “Eid is such an important time of the year and I wanted to spend it in a special place like Dubai.”

Maria Qassem came from Saudi Arabia specifically for Eid shopping. “There a lot of great offers on for Eid which will make shoppers happy,” she said.

She was one of many to travel great distances for Eid sales. Toni Usman came all the way from the border with Saudi Arabia to spend Eid shopping with his family. “We came down specially to pick up bargains and special offers," he said.

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

Engine: 2.4-litre four-cylinder

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On Women's Day

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Rest

(Because Music)

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

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Countries offering golden visas

UK
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Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
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Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Company profile

Date started: 2015

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By Victor Davis Hanson
 

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Results:

6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres

Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)

7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m

Winner: Silva, Oisin Murphy, Pia Brendt

7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m

Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash

8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m

Winner: Drafted, Pat Dobbs, Doug Watson

8.50pm: Handicap (TB) | $175,000 (D) | 1,600m

Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav

9.25pm: Handicap (TB) | $175,000 (T) | 2,000m

Winner: Oasis Charm, William Buick, Charlie Appleby

10pm: Handicap (TB) | $135,000 (T) | 1,600m

Winner: Escalator, Christopher Hayes, Charlie Fellowes

While you're here
THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5

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.”

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances