UAE a significant partner for South Africa


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South Africa is a substantial supplier of produce to the UAE and a Zimbabwe-style economic meltdown could affect food supplies into the Emirates.

By 2011, the country was the 13th largest supplier of food to the Emirates, according to South African government figures. However, this is likely to have grown as two-way trade between the countries has grown from 13 billion rand (Dh3.63bn) in 2011 to 27bn rand in 2015, according to data from the president Jacob Zuma’s office.

A 2015 CNN documentary noted that the UAE was one of the fastest-growing markets for South African food products, in part to meet the needs of the 100,000 or so South African expatriates living in the Emirates. Steak, dried meat products called biltong and, of course, the country’s beloved national sausage, boerewors, are now freely available in the UAE.

At the same time South Africa’s position in the Southern Hemisphere means it can supply summer fruit and vegetables to the UAE during the latter’s winter season. Already the Emirates is the second-largest importer of South African oranges, data from AgriSA, a farming industry representative body, show. The UAE is also in the top 10 destinations for its grape products.

The Emirates is even the largest importer of South African lucerne hay – commonly used as horse feed.

Much of the produce originates on the 30,000 or so commercial farms that dot the country. Most of these are white owned – up to 90 per cent according to AgriSA. Typically these will be Afrikaners, descendants of the original Boer settlers who spread from the Cape colony in the 19th century. The word “boer” means farmer in Dutch. Whites make up about 10 per cent of the population.

The Boers emerged badly from the war of independence against the British at the turn of the 20th century. Thousands lost their farms to a scorched-earth tactic the British used to bring the conflict to an end.

Successive white governments, however, helped them to rebuild and enacted laws to ensure white farmers had access to land, finance and other state aid. Blacks, on the other hand, were squeezed into smaller and smaller areas.

Now, with the era of white rule long over, pressure is on to return agriculture to the indigenous inhabitants of southern Africa. In neighbouring Zimbabwe most of the white commercial farms have been seized, about 4,000 or so since 2000. The result has been a collapse in food production and a stagnating economy.

South Africa is not as dependent on agriculture as Zimbabwe; and, being more industrialised, people’s aspirations tend to be toward middle-class suburbia. A census in 2011 found that 4.9 million black people owned fully paid homes compared with just over 500,000 whites. It is also becoming apparent that the nature of farming is changing. Small farms are giving way to large agribusinesses, says AgriSA. This is a worldwide trend that sees corporate style businesses replacing family-run farms.

And, if Mr Zuma has his way, it could well be that these agribusinesses will be owned and operated by a new set of corporate players.

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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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