Sharjah // A stunning light show focusing on the UAE's seafaring heritage entertained crowds at last night's launch of the third annual Sharjah Light Festival.
Pearl diving and fishing are the themes of this year's event.
Floats of a near life-sized humpback whale and two giant jellyfish swam through the air in front of Al Qasba building as traditional Emirati sea shanties played in the background. Dr Sheikh Sultan bin Mohammed, Ruler of Sharjah, formally opened the Festival at Al Qasba by using a tablet computer to start the 13-minute light show.
It celebrated the maritime heritage of the Emiratis, from pearl diving to shipping and industry.
Over the next nine days, until February 15, 14 urban sites across the emirate will be lit up in a colourful spectrum.
The festival is adding two locations on the east coast for this year - the historical Omar bin Al Khattab mosque in Khorfakkan and Sharjah University's campus in Kalba.
Hosted and organised by the Sharjah Commerce and Tourism Development Authority (SCTDA), the festival is one of the most prestigious events to take place in the emirate.
A selection of artists and professionals will create several new shows this year, using the facade of famous landmarks and monuments to bring out the aesthetic beauty of Sharjah's architectural marvels, tourist attractions and art and culture.
"Through the Sharjah Light Festival that has been inspired by the unique heritage and grandeur of the 'emirate of monuments' which is Sharjah, we are seeking to highlight our civilisation, culture and rich diversity of our tourism," said Mohammed Ali Al Noman, chairman of the SCTDA.
"This tells the world the story of an emirate that is today recognised as the home of art and culture and which has earned itself a distinct place on the world tourism map.
"The latest feather in the emirate's cap is the recognition as the Capital of Arab Tourism for 2015."
At one point, the entire Al Qasba building began to sway, bringing to mind a ship travelling on an expansive sea.
"It was amazing," said Huda Taha, who was at the festival for the first time. "When the windows on the Qasba building were shuffled it looked so real, better than a 3D movie."
Show runs from 7pm to 11pm on weekdays and until midnight at the weekend.
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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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- Start with a simple recipe such as yogurt or sauerkraut
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Roll of honour 2019-2020
Dubai Rugby Sevens
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UAE Division One
Winners: Abu Dhabi Saracens
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The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.