DUBAI // They may not be able to celebrate the festive season with their family back home, but workers living in a Dubai labour camp have created their own little bit of Christmas in Al Quoz.
The labourers, who work for Specialist Services, a supplier of modular buildings and packaging solutions for the oil and gas industry, have built their own nativity scene where Christ was born in Bethlehem as well as other important events from the Bible.
"People don't have the opportunity or the ability to always go back home to their families for Christmas," said Shijo Thomas, 34, an Indian driver and resident of the camp.
"Many miss their families and the celebrations back home. In India, people have a lot of time to celebrate the occasion and decorate their homes and neighbourhoods well. But in Dubai, nobody has any time. People are always busy.
"By taking time off to do this, we feel good and gather here to feel happy. It is not just for Christians but for everyone here. It is like our pathway to peace."
Mr Thomas, who helped set up the nativity scene with 25 other colleagues after work hours, said it had taken them nearly a month to finish.
The camp's courtyard is now replete with a Christmas tree, figurines of people and animals, including Joseph, Mary and a baby Christ. This is the third year in a row the men have created this Christmas scene. Each year they try to outdo their previous efforts.
"We got the sand levelled and brought ready-made grass to set it up. We are doing it with our company's support," said Mr Thomas.
The camp, which houses nearly 300 workers from different countries, has become a popular attraction for labourers from nearby camps and even some families since it opened to the public on Thursday.
On the first day, a woman and man dressed as Christ's parents while a five-month baby played the role of Jesus. In the evenings, colourful electric lights are lit up to make it look even more festive.
"Many families and visitors are coming to see this regularly. We had a family come from as far as Ras Al Khaimah to see what we have done," said Mr Thomas.
Jacob Verghese, 30, a fabricator, said the decorations reminded him of home.
"We have left our homes and come here to work. Since my childhood, I have celebrated Christmas with my family. To forget that I am far away from home, I try to immerse myself in things here and get together with friends. It is great we can do something like this in this country."
Many of the workers at the camp said they do their bit to get involved in the spirit of Christmas, even if they are not Christians.
"I helped a little with transporting the goods to the camp," said Ashok Kumar, 30, also a driver.
"It's been done nicely. We even had a priest from the Jebel Ali church visiting us to see this. We celebrate all festivals, including Eid, Diwali and Onam," Mr Kumar said.
pkannan@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Last five meetings
2013: South Korea 0-2 Brazil
2002: South Korea 2-3 Brazil
1999: South Korea 1-0 Brazil
1997: South Korea 1-2 Brazil
1995: South Korea 0-1 Brazil
Note: All friendlies
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
UAE currency: the story behind the money in your pockets