A Christmas shopping stall at Khalidiya mall in Abu Dhabi.
A Christmas shopping stall at Khalidiya mall in Abu Dhabi.

Turkey, iPad sales soar before Christmas



DUBAI // The Christmas frenzy is working up to a climax with just three shopping days to go as thousands of people rush to buy last-minute presents and prepare their festive dinners.

Cash tills in malls and shopping centres across the country are ringing a merry tune for retailers as people wrap up their gift searches and put up final decorations in their homes.

Electronics shops are reporting a particularly brisk trade.

"Handheld electronics are the big thing this year as opposed to large TVs and stereo systems," said Vaishali Basu, the head of corporate communications at Jumbo Electronics. "We get many individuals buying one or two items, but we are also seeing a lot of corporate interest with people buying for an office."

Portable gadgets such as iPad tablet computers, smart phones and mp3 players are at the top of many people's lists and stores are cashing in. This year's holiday spending is already expected to eclipse last year's as in-store offers attract more customers, Ms Basu said. Visitor numbers at malls across Dubai are also expected to be up compared with last year.

"We are expecting to see at least a single-digit percentage increase this Christmas period from last year," said Baiju Kurieash, the Dubai Shopping Malls Group managing director. The figures are being boosted by increased tourist numbers, many of whom have been buying gifts for friends and family while on holiday, he said.

The increase in spending may be an indication that fewer people are travelling over the festive period. While many expatriates will be returning to their home countries, Stephanie Inglesfield, who has lived in Dubai for seven years, is one of those who will be celebrating Christmas in the UAE with her family.

"This is the best time of year in Dubai," said the mother of four. "You see people singing carols, Christmas trees getting put up. It really shows how mixed and multicultural Dubai is. It's wonderful."

Mrs Inglesfield said her sons, aged from four to 13, were all asking for the latest in handheld technology.

"They all want electronic gadgets or video games for presents," she said. "We did get the oldest a bicycle last time, but generally it's electronic stuff they go for."

She will be taking her family to a restaurant for their Christmas meal to cut down on stress. Another popular alternative for those either short on time or who want their Christmas turkey to be perfect is to order it ready-made.

"We have been overwhelmed with orders this year and not just for Christmas," said Akil Ahmed, a chef at the Centre Hotel and Residence. "Last weekend we had the ovens roasting all day and night for people having pre-Christmas celebrations."

The hotel is bracing itself for calls from people who have not prepared their Christmas dinner and want to order in from the hotel at short notice.

The hotel's revenue on the takeaway Christmas turkey meals has already increased from Dh1,500 last year to Dh2,200 so far this year, with three days still to go.

"On Thursday the phones will run hot," he said. "It will be all hands on deck for seasoning, stuffing, roasting and preparing the vegetables.

"Every year we cook an extra 20 turkeys because we have on several occasions had people calling hysterically upset because they've burnt Christmas dinner or the turkey didn't thaw."

Ordering cooked turkeys has become very popular and the hotel has repeat customers who have been ordering them for more than a decade, he said. A number of hotels offer the service and people are advised to order at least 48 hours in advance.

True to the spirit of the shopping season, bargain hunters can get a good deal. A 6 kilogram turkey with all the trimmings costs Dh395 from the City Centre Hotel and Residence. A similarly sized turkey at the Media Rotana Hotel is Dh415.

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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.”

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

UAE currency: the story behind the money in your pockets
Teams

Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.

New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.

COMPANY PROFILE

Name: DarDoc
Based: Abu Dhabi
Founders: Samer Masri, Keswin Suresh
Sector: HealthTech
Total funding: $800,000
Investors: Flat6Labs, angel investors + Incubated by Hub71, Abu Dhabi's Department of Health
Number of employees: 10

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

All The Light We Cannot See

Creator: Steven Knight

Stars: Mark Ruffalo, Hugh Laurie, Aria Mia Loberti

Rating: 1/5 

Top 10 most competitive economies

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?


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