Can't find a cab? Try the mall


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ABU DHABI // More taxis are being deployed to the malls at peak shopping times during Ramadan, the taxi regulator said, although hailing a cab on the street after the sunset prayer has proved to be a challenge. Last year, passengers waited in long queues at major shopping centres such as Al Wahda Mall and Abu Dhabi Mall. But this year there have been at least 25 silver cabs pulling up each hour between 8pm and midnight, said Huda al Kaabi, the senior communications officer for TransAD.

The improved service is partly thanks to a tracking and dispatch system launched last November, which allows operators at a central call centre to direct available silver taxis to waiting customers. There are now 4,000 of the cabs operating in the capital, linked with the call centre through GPS. Last year around this time there were about 2,500 silver cabs and only about 1,300 were equipped with mobile data terminals.

Each of the seven taxi franchisees has been told they must provide 25 taxis to the four main shopping centres Marina, Khalidiya, Al Wahda and Abu Dhabi malls between 8pm and midnight. Nine inspectors are at the malls during that time, ensuring there are enough cabs to meet demand and contacting the call centre if queues grow too long. "Last year we did not have this tracking system to know exactly where are the most crowded areas, where is the big demand," Ms al Kaabi said. "Now we can know each taxi, where is the driver, if he is on duty or not. So this Ramadan is much easier."

Ms al Kaabi said the regulator had not received any complaints from passengers struggling to find a taxi during the holy month. Non-Muslim drivers provide coverage around the iftar break time of 6.30 to 7.30pm, she said. "By logic, people should know if they want to go out during this particular hour, they should call the call centre to send a taxi for them," she said. "It is better than waiting."

Reporters from The National rang the call centre (600 53 53 53) shortly after the sunset prayer call to order taxis to two locations. In both instances, a cab arrived 10 minutes later. For those not in the know about the call centre, however, finding a cab in the evenings can be tough. Tommy Smith, 27, who was waiting at the taxi rank in front of Al Wahda Mall yesterday at around 8pm, said he had tried for more than an hour to flag down a taxi on the street before giving up and walking to the mall. He said he did not know you could book a cab on the phone.

"Between 6.30pm and 8.30pm it's really difficult to get a taxi," he said. "I was waiting so long and it's so hot. "It's OK here at the mall but there definitely need to be more on the street." There was a steady flow of taxis at the mall around 8pm last night, with the number of cabs sometimes outnumbering the amount of people waiting. Anil Kumar, a security guard at the mall, said queues get larger later in the evening during Ramadan, as the parts of the mall stay open until 2am.

"After 11 o'clock too many customers are coming. At that time there is too much of a rush." However, even in peak hours during Ramadan, waiting times were better than last year, he said. mchung@thenational.ae With additional reporting by Loveday Morris

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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